Itai Segall’s Post

TOP SIX LSPs DOMINATE A STAGGERING 98.24% OF THE ENTIRE LIQUID STAKING ARENA In just five days, liquid staking platforms saw a surge of 370,000 ether in their Ethereum holdings, crossing the 12 million ETH mark, rising from 11.94 million to a notable 12.31 million. Binance’s liquid staking token, WBETH, drove this growth, accounting for over 86% of the increase this week, swelling by 318,605 ether in the five-day span. As of September 25, 2023, data from defillama dot com reveals that Ethereum (ETH) holdings in liquid staking derivative protocols have soared past 12 million, reaching an impressive 12.31 million. Rewinding to September 20, historical records indicate that 11.94 million ether was anchored across nearly two dozen of these protocols. Among the 23 contenders, Lido dominates with a staggering 70.90% of the total value locked (TVL). On that same day, September 20, Lido had approximately 8.7 million ether secured in its decentralized finance platform. Fast forward to now, and an additional 30,000 ether has nestled its way into the protocol. Five days ago, Coinbase had a reserve of 1.29 million ether, which has since experienced a modest increment, reaching the present 1.3 million. During the same timeframe, Rocket Pool’s holdings edged up from 940,496 ether to 945,402. However, it was Binance’s liquid staking token platform that witnessed the most substantial uptick among the lot, adding a whopping 318,605 ether to its reserves. Historical data points out that Binance initially maintained 445,500 ETH to support its WBETH token; this figure has now ascended to 764,105 ETH. Dune Analytics’ metrics reveal a distribution of 161,124 WBETH on the Binance Smart Chain and a substantial 602,981 WBETH on Ethereum. Onchain data unveils that the majority of this WBETH proliferation transpired over the last weekend, specifically on September 23 and 24. In the five-day span, the liquid staking protocol (LSP) Frax witnessed its ether holdings swell from 260,557 to 261,323. Meanwhile, Stakewise, another LSP, registered a subtle growth, inching up from 97,236 on September 20 to a present 97,272. Impressively, the top six LSPs dominate a staggering 98.24% of the entire liquid staking arena. This dominance translates to these six platforms collectively overseeing an estimated 12,093,344 out of the 12,310,000 ETH locked in. SWTCH TO THE FUTURE Follow/bell us SWTCH Labs Grid Operating Systems is now on 𝕏

A healthy reminder that #crypto and #defi do not come free of #risk. Building and maintaining utmost security infrastructure to protect users' assets remains critical for this industry to thrive. This applies as much to custody solutions as it does to exchanges and intermediaries of all kind. As it applies to users exploring and adopting crypto you own part of the risks too. Learn and stay up to date on all tools and technologies you adopt, don't keep all your eggs in the same basket, use different wallets and as your stakes increase consider adopting #multisig solutions to protect your assets. Stay vigilant at all times! And if you need any help don't hesitate to get in touch @ 👉 Not Your Money

Explore Trezor Safe 5 and Trezor Expert: The Best Solutions to Secure Crypto Management in 2024?

"We essentially want a policy engine that cannot be circumvented, and the way to do that is with replicated state machine where the policy is not just one server you can attack but the policy is on multiple servers whereby passing policy is a joint decision by multiple nodes"... one of the many unique Cordial Treasury differentiators that Conor Patrick and Nicolas Stalder explore with Solana Foundation https://lnkd.in/emq3uUkX

Uniswap v4 is coming later this year 🚀 The UF is dedicated to ensuring Uniswap v4's code undergoes rigorous auditing before deployment on Ethereum. We’ve partnered with Uniswap Labs to select 5 top audit firms. Audits will begin this week, and will continue over the next few months. 1/ 🛡️ OpenZeppelin: A world leader in securing blockchain applications & smart contracts. Known for their open-source Contract Libraries & Defender, a security platform, OpenZeppelin integrates security throughout the development lifecycle to deliver safe projects. 2/ 🔍 Trail of Bits: Since 2012, they’ve secured some of the world’s most targeted organizations and products. Combining high-end security research with a real-world attacker mentality, they excel in reducing risk and fortifying code. 3/ 🔒 Certora: Certora provides industry-leading formal verification tools & smart contract audits. They are experts in security, with 20% of their team holding PhDs. Certora is trusted by top DeFi protocols & they've secured billions in assets. 4/ 👓 Spearbit Labs: A distributed network of top security researchers, Spearbit excels in web3 security reviews. Their standardized methodology ensures industry-leading quality and consistent results, making them experts in handling the most complex protocols in the ecosystem. 5/ 🔐 ABDK Consulting: Founded in 2016, they specialize in the design and security of Web 3.0. With over 100 audit projects, ABDK brings extensive experience in developing DeFi protocols, cryptographic schemes, and Solidity libraries. Together, these industry leaders will ensure Uniswap v4 sets a new standard in security for Ethereum deployments. Stay tuned for more updates on v4! Note: Last month, we announced the expansion of our grants program to include a new Security category: https://lnkd.in/eF7eX5J6. The audits mentioned above are being funded through this new workstream.

Ethereum's layer-2 scaling solutions may appear more decentralized than they actually are. Ethereum's co-founder, Vitalik Buterin, suggests these networks contain 'backdoors', implying potential regulation avenues. “The rollups and layer-2s that exist on Ethereum today all have ‘training wheels’ or some kind of ‘backdoor’ that lets developers come in and stop or change the protocol.” While Layer 1 has a decentralized consensus layer, Layer 2 can be upgraded with a single decision. And if you consider how much TVL they store, this can be really dangerous. On one side, I understand that they need to move fast and be ready to deploy a security fix at light speed, but at the same time, this is an issue that needs to be resolved. Are regulations coming also for L2? Or will those companies become more decentralized?

What is a refresh token and how does it work? Tried to explain with a simple example. https://lnkd.in/gPGigYd7

GM LinkedIn community! Glad to make our first LinkedIn post, sharing our report on zkSync (Matter Labs). A TL;DR: - Ethereum is focusing on a rollup-centric roadmap to address its scalability issues using L2 solutions. - Danksharding is set to unleash the full potential of L2s, opening up enormous opportunities. - Despite the higher technical complexity, ZK rollups outperform optimistic rollups in several ways. - zkSync Era, one of the pioneers, has launched its zkEVM mainnet. Notable technological aspects include native account abstraction, strong LLVM compiler, superior data compression, and unique solutions for data availability (zkPorter) and scalability (ZK Stack). - Since the mainnet launch, zkSync Era has seen significant ecosystem growth: 300+ dapps in development and $562M TVL from 1.3M unique depositors. - With $458M in capital raised since its inception and backing from industry leaders, zkSync Era boasts strong resources. Full report here 👇 https://lnkd.in/gqY7pbHW

Introduction to Account Abstraction ERC4337: - Use Cases - Security Considerations For Developers! A must read 🤔 https://lnkd.in/db557hq6

DEGEN CHAINS COMES BACK ONLINE AFTER 50-HOUR OUTAGE - As announced by the project itself, degentokenbase’s layer-3 network is back up and running after experiencing a long period of downtime. - The network first shut down on May 12th, with no new blocks being produced. - The network’s native token, $DEGEN, is down 15% over the last week, partly due to negative press and sentiment surrounding the outage. - The problem, it would seem, originated from the project’s infrastructure provider, Conduit, which Degen worked with to resolve the issue. - The network itself is geared toward fostering a memecoin ecosystem and… - … shortly after its launch, was able to reach $100 million trading volume on the back of a market-wide memecoin frenzy. Image: Bankless