A recap of the week’s notable news.
DeFi news from the last week
Cryptocurrency never sleeps, and neither does crypto news and content. This constant flow of information makes it difficult for investors to keep track of the most notable news. In this weekly round-up, BSC News shares some of the week’s most exciting stories and breaking events to keep you up to date on all things DeFi.
September report by Binance Research and Binance Labs
Binance Research and Binance Labs recently collaborated on a September report examining the state of decentralized finance (DeFi) in the BNB chain ecosystem, with a narrower focus on how the chain has responded to a bearish market.
The report included data on total transactions, Total Value Locked (TVL) on the BNB chain, trading volume, performance of individual leading projects, and liquid staking growth.
Read the summary of the report here.
BNB chain halts activities after attacker stole $100-110 million in BNB
In a series of events that unfolded quickly, an attacker exploited a flaw in the BSC Token Hub’s cross-chain bridge to create 2 million new $BNB and attempted to send them off-chain. The BNB chain froze all on-chain activity, limiting the damage to around 20% of the total new $BNB, putting it off-chain. This caused a bit of a panic in the community, with the price of $BNB falling as much as 13% before recovering slightly.
Read more about the first exploit report in this article. View our follow-up with more details on BNB Chain’s response here.
Here’s how to stake your Floki tokens with DODO on BNB Chain and Ethereum
Floki recently launched $FLOKI staking via the DODO exchange on both the BNB chain and Ethereum. The Floki community showed their appreciation by raising around $2 million in just 24 hours.
While staking is a very popular way to generate passive income, it can differ from platform to platform. This article explains how users can stake $FLOKI on DODO, with explanations for both BNB chain and Ethereum users.
Read how to use $FLOKI on DODO here.
How vulnerable are yield farms? Past exploits, steps to improve security
Yield farming is an excellent way to generate income from crypto while helping to keep the ecosystem running, resulting in an increase in its popularity. However, with this surge in popularity has come a slew of exploits, leading some to wonder how safe it is to use yield farms.
This article examines a common vulnerability shared by many exploited projects, a flaw in the MasterChef smart contract that the projects used as the basis for their own smart contracts. The article also goes into what projects are doing to combat these exploits and shares some of the strategies used by platforms like Curve Finance and GarudaSwap.
Read more about the vulnerabilities and how projects fix them here.
More than a memecoin? Shiba Inu launches Shiba Eternity game
Dogecoin’s sudden explosion during the latest bull run spawned a new niche in crypto – memecoins. These light-hearted projects were often marketing and community focused, which meant many projects died of lack of utility when market conditions turned sour.
It initially appeared that Shiba Inu, perhaps the most successful of these projects outside of Dogecoin, would also follow this pattern. However, Shiba Inu has taken steps to shed the “meme” label, with an example of these efforts found in the upcoming Shiba Eternity Game.
Read more about Shiba Inu’s upcoming offering here.
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