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Wormhole DeFi Bridge Rewards $10m Bug Bounty

WormHole, a Decentralized Finance (DeFi) bridge protocol, has paid out $10 million in Whitehat bounty.

As announced by ImmuneFi, the platform that helped organize the bounty program, the cash reward was paid out to a programmer known as satya0x as he was able to identify a bug that would have or resulting in the exploitation of the Wormhole Bridge.

“A whitehat who goes by the pseudonym satya0x responsibly disclosed a critical bug in the Wormhole core bridge contract on Ethereum. This bug was an upgradeable proxy implementation self-destruct bug that helped prevent a potential lockup of user funds,” ImmuneFi said in its update about the entire event.

DeFi protocols have been at the mercy of hackers recently, and Wormhole as a bridge has suffered a massive exploit that led to the loss of over $320 million.

Besides Wormhole, the Ronin Bridge, solely used by the Axie Infinity protocol, has also been exploited by what is suspected to be a group of North Korea-backed Lazarus Group. The Ronin hack drew $625 million away from the protocol, a sum that has notably impacted the bridge’s operations.

In a bid to wade off these attacks, the first required caution is to eliminate any inherent bugs that can be a gateway for cybercriminals. While bugs are notably ubiquitous and difficult to detect, the bug bounty organized by ImmuneFi on behalf of Wormhole has notably achieved its goal.

Immunefi said no funds were lost before the bug was flagged, verified, and fixed. The stakeholders involved believe related bug bounties of this nature with the whitehat community could help prevent many more attacks on DeFi protocols across the board.

“Wormhole paid satya0x a record bug bounty of $10 million for the find. It’s one thing to create a program with a really high top payout, but Wormhole has proven that they are very serious about paying top-dollar to help mitigate security issues in partnership with the whitehat community,” the ImmuneFi statement reads.

Uniswap Officially Live on BNB Chain

Decentralized exchange Uniswap has now officially launched on BNB Chain, the smart contract blockchain platform created by Binance, following a successful governance proposal. This marks a significant milestone in the growth and adoption of decentralized finance (DeFi) within the cryptocurrency ecosystem.

Back in February, more than 55 million Uniswap (UNI) token holders voted in favor of a governance proposal initiated by 0x Plasma Labs to deploy Uniswap v3 on BNB Chain. The proposal was driven by the need for Uniswap to expand its reach and potentially drive further growth and adoption of DeFi. Prior to this event, Wormhole was chosen as the protocol’s designated bridge to BNB Chain in a Temperature Check vote. This process was undertaken to gauge the level of interest in making changes to the existing status quo.

According to the official announcement, Uniswap’s expansion to BNB Chain presents several advantages, including user growth, lower fees, and tapping into new geographical markets. Furthermore, the move to BNB Chain will bolster the Uniswap Protocol’s ability to serve users within the Web3 space, marking a significant step towards increasing accessibility and liquidity for its user base.

Uniswap Protocol users can now leverage the BNB Chain ecosystem to trade and swap tokens across the network. The integration also enables Uniswap to access a pool of liquidity within BNB Chain’s decentralized finance (DeFi) developer community, which could lead to increased awareness and adoption among both retail and institutional investors.

The announcement highlights that the launch aligns with the DeFi industry’s requirement for greater accessibility and cross-blockchain compatibility. Both Uniswap and BNB Chain are expected to experience further growth as a result of this collaboration.

Uniswap is a decentralized exchange built on the Ethereum blockchain, which allows users to trade various cryptocurrencies without the need for a centralized authority. Binance is one of the largest cryptocurrency exchanges in the world, known for offering a wide range of digital assets for trading. The launch of Uniswap on BNB Chain signifies a convergence of two major players in the cryptocurrency space, potentially benefiting both platforms and their users.

As the cryptocurrency ecosystem continues to evolve, the integration of Uniswap with BNB Chain could serve as a catalyst for further innovation and growth within the DeFi space, providing users with more options and opportunities for managing their digital assets.

Uniswap Launches on Moonbeam Network, Extending to Polkadot

Uniswap’s V3 contracts have found a new home on the Moonbeam Network, a leading destination for multi-chain applications on Polkadot. With over $3 billion in Total Value Locked (TVL), Uniswap is a giant in the decentralized exchange (DEX) sphere. This integration, a first of its kind, extends Uniswap’s availability to users on the Polkadot network, opening up new avenues through an Oku front-end and Wormhole cross-chain messages.

Moonbeam: A Bridge to Polkadot

The Moonbeam network has positioned itself as a vital cog in the Polkadot ecosystem, especially ahead of a significant unlock of nearly 100 million DOT tokens later this October. This unlock event stems from the initial crowdloans conducted in December 2021. As these tokens become transferable, users are likely to explore alternative channels to leverage their DOT tokens across Polkadot and its parachains. Moonbeam, by hosting Uniswap, presents one such avenue.

Community-driven Integration

The integration journey began with a proposal from Michigan Blockchain which received a nod from the Uniswap community in May. Uniswap’s DAO selected Wormhole as the cross-chain protocol, paving the way for deployments on Moonbeam, Celo, BNB, and Gnosis. The Wormhole protocol stood out in the Uniswap Bridge Assessment Committee’s security analysis, marking a significant stride towards a secure cross-chain communication.

Expanding Multi-chain Horizons

Moonbeam’s role in Uniswap’s multi-chain strategy cannot be overstated. By supporting Uniswap v3 contracts, Moonbeam joins the ranks of Ethereum, Polygon, Avalanche, and BNB Chain, all of which have Uniswap v3 deployments. The fast finality and unique connected contracts approach of Moonbeam underline its appeal for cross-chain integration applications.

Oku: A New Interface for Uniswap Traders

A significant part of this integration is the Oku interface, designed to provide an advanced trading experience for Uniswap v3 on Moonbeam. Funded by a $1.6 million grant from the Uniswap Foundation, the GFX Labs team developed Oku to emulate a centralized trading experience akin to platforms like Binance. Oku introduces features like order books, price charts, live trading history, limit orders, and a seamless view of all available and new pools on Uniswap v3.

A Win for Liquidity Providers

Uniswap’s latest version introduces multiple fee options, enhancing flexibility and efficiency for liquidity providers. The upgrade aids in low-slippage trades, ultimately offering better prices. Additionally, liquidity providers can set specific price ranges, while the oracles in v3 are more accessible and cost-effective, marking a clear value addition for Moonbeam users.

Wormhole Announces W Token Airdrop

Wormhole, a preeminent player in blockchain interoperability, has announced a significant step towards decentralization with the introduction of its native token, W, and an accompanying airdrop. This move underscores Wormhole’s commitment to fostering an open and decentralized internet, which is the bedrock of the Web3 ethos.

The recently released W token, intrinsic to Wormhole’s suite of protocols, marks a pivotal moment in the platform’s journey. Wormhole has achieved widespread adoption, supporting over 200 applications and enabling more than a million unique wallets to conduct cross-chain transactions across 30+ blockchains. The introduction of W is set to enhance this multichain functionality further.

Tokenomics and Strategic Airdrop

Wormhole’s tokenomics reveal a strategic allocation designed to reinforce the platform’s stability and longevity. Out of the 10 billion W tokens minted, 1.8 billion will initially circulate across five blockchains, including Ethereum and Solana. The distribution aligns with the platform’s decentralization ethos, with 82% of the tokens locked and scheduled for gradual release over a four-year period.

The airdrop targets various Wormhole network participants, with 617 million W tokens dedicated to community and launch efforts. Eligibility was determined based on users’ interactions with the Wormhole ecosystem, with a snapshot capturing on-chain activities before February 6, 2024.

Governance and Community Empowerment

In alignment with progressive decentralization, W token holders will soon exercise governance rights within the Wormhole ecosystem. Token-based governance will allow the community to steer the protocol’s trajectory, fostering a more autonomous and participatory ecosystem.

Wormhole’s governance model emphasizes transparency and inclusivity, with the initial focus on treasury management and community programs. This approach aligns with a broader trend in blockchain communities where token holders are entrusted with significant responsibilities to shape the platform’s future.

Staying Vigilant Against Scams

With the advent of the W airdrop, Wormhole has issued a safety notice to its users, advising caution against potential scams. The platform stresses the importance of verifying official sources and channels to avoid falling prey to malicious actors.

Conclusion

Wormhole’s W token airdrop is not only a step towards distributing ownership and control within its ecosystem but also a testament to the protocol’s success and ambition. As the platform continues to pave the way for a connected and decentralized future, the community’s role becomes increasingly central, embodying the ideals of Web3.

Multicoin Capital invests in Wormhole to enhance crypto interoperability

Multicoin Capital, a prominent venture capital firm specializing in blockchain and cryptocurrency investments, has revealed its participation as a co-lead investor in a $225 million funding round for Wormhole, a key player in the multichain space. The funding round was completed late last year but has only been officially announced now, coinciding with the launch of Wormhole’s native token, W token.

Wormhole is widely recognized for its full-stack interoperability platform, which goes beyond being just a bridge. It serves as a development platform that enables various applications across different categories to leverage its capabilities. These include multichain decentralized finance (DeFi) protocols and applications such as Aave, Circle USDC, Hashflow, Pike, and Magpie, as well as multichain governance solutions like Uniswap. Wormhole also supports token bridges, multichain oracle feeds, in-wallet bridging, and multichain non-fungible tokens (NFTs), among others.

The diversity of applications built on top of Wormhole is a major factor that excites Multicoin Capital. Despite its early stage, Wormhole has already facilitated the bridging of over $41 billion in assets. This achievement, coupled with its support for nearly 30 disparate chains, positions Wormhole as an extremely robust and versatile bridging solution. The platform is compatible with major Ethereum Virtual Machine (EVM) chains, as well as Near, Move-based chains, and Solana.

Wormhole’s commitment to providing an exceptional user experience (UX) is evident in its offerings. One of its crucial use cases is asset-pegging, which is facilitated through front-ends like Portal. In addition, Wormhole Connect, a front-end widget developed by Wormhole, simplifies the acceptance of deposits and withdrawals from any asset on any chain. This feature enables derivatives decentralized exchanges (DEXs) like Drift to offer a UX comparable to centralized exchanges (CEXs) such as Binance, OKX, Bybit, and Coinbase International. Users can easily deposit any asset into Drift as collateral, regardless of the chain it originated from. This frictionless cross-chain UX sets Wormhole apart in the industry.

Recently, Wormhole introduced Native Token Transfers (NTT), a framework that allows tokens to seamlessly move across chains using a burn-and-mint mechanism instead of the traditional locking mechanism. This innovation reduces gas costs, lowers latency, and enhances security for end-users. Notably, NTT-enabled tokens seamlessly integrate with Wormhole Connect, eliminating the need for users and application developers to worry about the underlying mechanics.

Another noteworthy feature of Wormhole is its support for Circle’s Cross-Chain Transfer Protocol (CCTP), enabling the movement of USDC across chains. By supporting asset-pegging, native-token transfers, and CCTP, Wormhole covers all three configurations for moving assets across chains. Its single software development kit (SDK) makes it easy for developers to integrate and support all asset configurations.

Looking ahead, Wormhole is fully committed to enhancing verification processes in bridging systems. Historically, bridging systems have relied on varying degrees of trust to facilitate multichain verification. However, Wormhole is taking a different approach. The platform recently announced its focus on zero-knowledge (ZK) verification technology, aiming to eliminate the need for trust in the verification process. This move will bring numerous benefits, including improved UX, developer experience (DevEx), and overall security.

Multicoin Capital has expressed its admiration for the Wormhole team, praising their meticulous approach in building what they believe to be the leading asset bridge and multichain development platform. The firm is confident in Wormhole’s potential and is grateful for the opportunity to support the team’s vision.

In conclusion, Multicoin Capital’s investment in Wormhole signifies the growing importance of secure and flexible interoperability platforms in the crypto industry. With Wormhole’s diverse range of applications, extensive chain support, commitment to UX, and adoption of ZK verification technology, the platform is well-positioned to drive the multichain revolution forward.