Coin overview
ZK
Ended--
Last price (USDT)
890.97K
24h total (USDT)
3.05M
Total vol (USDT)
2024-05-22 09:00:00 ~ 2024-06-17 07:30:00
Trading time (UTC+0)
2024-06-17 12:00:00
Delivery time (UTC+0)
Lens Protocol Launches Lens Chain Mainnet with Avail and ZKsync
What to Know: Lens Chain mainnet launched using Avail and ZKsync. Launch aims to enhance SocialFi capabilities. Promises improved scalability and security. Lens Chain Mainnet Launch Enhances SocialFi Capabilities with Avail and ZKsync Lens Protocol has officially launched the Lens Chain mainnet, incorporating Avail and ZKsync technology on October 2023, marking a significant development in the world of SocialFi. This major release aims to enhance network efficiency, offering improved scalability and security for the burgeoning SocialFi market. Lens Chain Mainnet Utilizes Cutting-Edge Blockchain Technologies In a major development within the SocialFi sector, Lens Protocol has introduced its Lens Chain mainnet. This new mainnet integrates Avail DA and ZKsync technologies to optimize network efficiency and user experience. The integration of these technologies marks a significant upgrade over previous infrastructure, enhancing network capabilities and providing stronger security measures across the platform. Stani Kulechov, CEO of Avara, said, “The competitive edge offered by zkSync’s hyperchains and Avail DA’s scalability and resilience underpins Lens’ ability to scale for mass adoption without compromising decentralization.” Community Responds Positively to Lens Chain Launch The release is expected to elevate SocialFi infrastructure, impacting users and developers by providing efficient and secure operations. Reaction from the community has been positive, reflecting confidence in the protocol’s future. Financial markets may observe shifts with this launch, indicating growing investment in SocialFi. Analysts highlight potential capital influx into the sector. Enhanced Engagement and Security Expected Past tech integrations within other protocols have shown improved user engagement and profitability. This latest move is compared to those historical strategies but shows advanced modalities suited for today’s challenging crypto landscape. Industry experts predict that the adoption of Avail and ZKsync will lead to competitive advantages for Lens Protocol, suggesting potential for increased network traffic and widespread utilization. Alternative sources for verifying this launch and technological advancements include official announcements through Lens Protocol’s communication channels. Debugging and adoption statistics will serve as further metrics for measuring success.
Scroll co-founder argues taxing layer-2 networks is threat to Ethereum’s values
Ye Zhang, the co-founder of Ethereum layer-2 network Scroll, has pushed back against calls for Ethereum to impose fees on layer-2 networks. Zhang argued in a detailed social media post on April 2, that the proposal was harmful to Ethereum’s long-term vision. He called it a “toxic” approach that prioritizes short-term revenue over lasting ecosystem value. According to Zhang, Ethereum’s strength lies not in extracting fees from rollups but in positioning ETH as the central asset across multiple Layer-2 (L2) ecosystems. He argued that taxing these networks mirrors corporate behavior and runs counter to the principles of decentralization that Ethereum stands for. He emphasized that Ethereum’s value should not be measured by protocol income. Instead, the network should be considered an economic foundation for a growing rollup-centric ecosystem. He noted: “ETH’s real strength isn’t in protocol fees — it’s in becoming the hub asset across thousands of rollup ecosystems. That’s the future.” Zhang explained that ETH’s advantage is its presence across major L2 platforms like Base, Arbitrum, Optimism, zkSync, and Scroll. Even on networks like StarkNet, that don’t use ETH for gas, he noted that the digital asset remains a key trading pair on decentralized exchanges. Ethereum’s future Considering this, Zhang outlined two possible directions for Ethereum. In one scenario, ETH evolves into a trusted store of value and a central hub for rollup activity. According to Zhang: “Every aligned L2 expands Ethereum’s surface area and social consensus. A thousand scalable rollups with ETH as the center > any monolithic chain.” On the other hand, Ethereum could become focused on taxing L2 activity, which could drive them toward alternative data availability layers and reduce ETH’s influence in the broader blockchain landscape. To avoid this, Zhang urged the community to focus on scaling execution and improving data availability infrastructure. He called for a 1000x improvement in blob capacity and encouraged building out shared tools like cross-rollup liquidity bridges and interoperability solutions. Zhang concluded: “ETH wins by being the gravity, not the toll booth.” The post Scroll co-founder argues taxing layer-2 networks is threat to Ethereum’s values appeared first on CryptoSlate.
Data: Berachain, Aptos and zkSync Era rank in the top three for net inflow of cross-chain bridge funds in the past 7 days
News on March 31, according to DefiLlama data, Berachain's cross-chain bridge net inflow of funds reached $195.55 million, ranking first among all public chains. Next are Aptos and zkSync Era, with net inflows of $24.36 million and $14.02 million respectively. Arbitrum, Ethereum and Avalanche had net outflows of $256 million, $69.71 million and $42.35 million respectively.
How to Bridge to zkSync
zkSync is an efficient layer 2 solution that enables decentralized applications (dApps) and decentralized finance (DeFi) platforms to thrive without compromising security or decentralization. In this article, we will give a clear description of zkSync and how to bridge assets from your wallet to zkSync. What is zkSync? zkSync is a layer 2 protocol developed by Matter Labs to solve the problem of scalability so that mass adoption of crypto becomes possible, along with various blockchain ideas that require mass adoption as a prerequisite. It is built on top of the Ethereum blockchain and uses ZK (zero knowledge) based cryptographic proofs to process transactions. This method increases throughput while maintaining security, decentralization, and sovereignty. By leveraging zk-rollups, zkSync processes transactions off-chain, submitting only the final proof to Ethereum for verification. The need for scalability is endless for blockchains with new dApps, DeFi, and increasing user base, and to truly solve this major challenge, blockchains need to be able to scale like Web 2. This allows blockchains to process an unlimited number of transactions without worrying about their costs or security. How Does zkSync Work? By utilizing zk-rollups, zkSync transfers all transactions off-chain and then collects and bundles them into batches. This reduces the load on the mainnet, thereby increasing its efficiency and reducing the gas fees. zkSync processes these batches using zero-knowledge proofs to ensure they are valid while keeping the details private. Later, these proofs are submitted to the mainnet, where they are validated. Once verified, the transactions are recorded on the blockchain. zkSync Official Bridge The official zkSync bridge only supports asset transfer between Ethereum and zkSync, and communication between the networks happens through the bridge. The bridge protocol introduces two smart contracts, one on the mainnet and the other on the zkSync. To move assets to the layer 2 network, the user deposits the funds on the mainnet by calling the deposit function, and the assets are then locked on the mainnet. Then, the smart contract on the mainnet communicates with the zkSync to start the minting process, where an equal amount of locked assets are minted. Finally, the smart contract calls for the finalize deposit method to finalize the transfer. In case of withdrawals, the amount of deposited funds are transferred to the withdrawing address while an equal amount of assets are burned on the zkSync. How to Bridge to zkSync From Ethereum? 1. First, open your browser and visit the official zkSync website. 2. On the official website, click on the Bridge Now tab, which is available at the top. 3. It will take you to a new tab and select Connect wallet. Make sure that the From address is selected as Ethereum and the To address is selected as zkSync. 4. In the window that appears, choose your wallet provider and scan the QR code on the screen with your phone. 5. Your Ethereum wallet will be connected, and on the Ethereum Mainnet tab, it will show your balance. Enter the amount you want to bridge. 6. On the zkSync tab, you can see your default zkSync Era Mainnet account. You also have the option to edit your mainnet account. 7. Under the zkSync tab, you can see the fees you are going to pay in order to bridge to zkSync. Click on Continue. 8. On the screen, a window displaying the transaction details will appear. Check whether all the details are correct and select Add funds to zkSync Era Mainnet. 9. Now, your wallet will prompt you to confirm the transaction, so sign in to your wallet and confirm it. Note: It takes 15 minutes to bridge from ETH to zkSync and 24 hours to bridge from zkSync to Ethereum. How to Withdraw to Ethereum From zkSync? 1. Go to the Withdraw section by clicking on Withdraw on the Bridge page. 2. Change the From address from Ethereum Mainnet to zkSync Era Mainnet. 3. Enter the account details of your wallet following the instructions mentioned above and select Continue. 4. Select Send to Ethereum Mainnet to complete the withdrawal process. Reason to Choose Alternative Platforms to Bridge Assets Although it is quite easy to transfer funds using zkSync, it is impossible to transfer funds from blockchains other than Ethereum. Furthermore, the waiting period is too long, and it takes hours to process the transaction. On the other hand, alternative platforms offer low fees, fast transactions, and support a variety of crypto assets. Rhino.fi is one among those alternative platforms. Rhino.fi 1. Open your browser and go to the official website of Rhino.fi. 2. Select Go to bridge on the home page. 3. On the Bridge page, click on Connect wallet. A window called Connect your wallet will appear on the screen. 4. Choose your wallet provider from the available options and follow the necessary steps to connect to the platform. 5. Once you have signed in, click on Deposit to deposit funds on Rhino.fi account. 6. Choose the network you want to deposit from and enter the deposit amount. 7. Select Deposit and approve the transaction on your wallet. 8. Now that your funds have been deposited on Rhino, the next step is to bridge them to the zkSync Era. 9. Click on Bridge on the menu available on the left side of the screen. 10. Choose the asset you want to bridge and enter the amount. 11. Select Review Bridge to evaluate the transfer. Once the transfer is evaluated, the process will be completed. Conclusion The zkSync official bridge facilitates asset transfer between Ethereum and zkSync through a structured process involving smart contracts on both networks. However, it only supports Ethereum and has high fees and long wait times. Alternative platforms like Rhino.fi offer faster transactions, lower fees, and broader asset support. The post How to Bridge to zkSync appeared first on Cryptotale.
RWA in DeFi Just Crossed $10B as Institutions Join In
RWA’s total value locked in DeFi surpassed $10 billion, with four major protocols each exceeding $1 billion. Institutional interest and blockchain scalability are driving real-world asset adoption across DeFi platforms. The total locked value (TVL) in Real-World Assets (RWA) in the decentralized finance (DeFi) sector has exceeded $10 billion, according to DefiLlama . This figure is a strong signal that the real world and the crypto world are getting closer and almost inseparable. Source: DefiLlama In the past, talking about blockchain and traditional assets in one breath felt like uniting two worlds that were impossible to meet. But now? It’s a different story. This TVL spike is supported by major projects such as Maker RWA, BlackRock BUIDL , Ethena USDtb, and Ondo Finance . Each of them has even passed the $1 billion mark on its own. If this were likened to a supermarket, these four players would be the investors’ baskets—full and heavy, meaning that trust in the tokenization of real-world assets is increasing. Furthermore, the appeal of Ethena USDtb also adds a different color. This stablecoin is indeed unique because it relies on BlackRock’s money market funds and a strategy integrated with USDe. And interestingly, in the past month, USDtb’s TVL has jumped more than 1,000%. Yes, that number is not a typo. It’s like putting a piece of paper under a fan—it goes flying high. zkSync Hits the Gas in the RWA Race On the other hand, CNF earlier reported that, with a total TVL of $2.03 billion, zkSync Era became the second-largest blockchain for RWA following an explosive 953.79% increase in 30 days. With $4.12 billion, Ethereum still leads, but zkSync’s speed is difficult to overlook. Layer-2 scalability’s appeal, acceptance from major universities, and several incentives meant to draw in fresh users help to explain this success. Think of it like a car race: Ethereum is the reigning champion who knows the track well, but zkSync is the newcomer with turbos on all wheels. And yes, there’s still a long way to go. 2025 Could Be the Year of the Tokenized World If you think this is just a passing trend, take a look back at The Australian article published on December 30, 2024. It states that the tokenization of real-world assets is predicted to be one of the major trends in the crypto industry in 2025. This process involves transforming assets such as real estate, intellectual property rights, and commodities into digital tokens on the blockchain. With tokenization, assets that were previously difficult to trade can be divided like pizza—anyone can have a slice. Not only does it make access easier, but it also opens up new possibilities for more transparent and efficient asset management. DTCC’s Move Turns Heads Toward RWA Fascinatingly, the largest securities depository in the world, the Depository Trust & Clearing Corporation (DTCC), officially registered with the ERC3643 Association on March 20, 2025. Under supervision of the ERC-3643 permission-based real-world asset token standard is this association. The action of DTCC reveals the seriousness of big institutions regarding RWA . Though there were critics in the past, anyone who still views DeFi as a “wild experiment” had to reconsider today. Since the ERC-3643 standard is seen as keeping with their objective of building a safer and more efficient financial system, the DTCC has even openly expressed its support for it. Should an institution of this size step into the arena, it feels like validation for RWA is undeniable. A Costly Reminder That Security Still Matters However, not all news from the world of RWA is as beautiful as the sunrise over the mountains. On March 21, 2025, a real-world asset restaking protocol called Zoth was attacked by irresponsible parties. The result? A loss of over $8.4 million. Within minutes, their deployer wallets were compromised, then assets were stolen, converted to DAI stablecoin, and disappeared to other addresses. This incident shows that even though tokenization is becoming more popular, the security aspect is still a big challenge. It’s like a luxury house without a fence: it looks charming, but it’s still vulnerable to being broken into if the lock is weak.
ZKasino Making a Comeback? New Project WhiteRock Accused of Team's Same Developers "Rebooting"
Original Article Title: "Did the Co-founder Who Absconded with $33 Million from ZKasino Come Back with a New Project?" Original Article Author: Ding Dang, Odaily Planet Daily In the world of cryptocurrency, trust is a scarce resource, and scandals often spread faster than innovation. On March 16, renowned crypto KOL Hebi (@hebi555) revealed on Platform X that Prometheus, the co-founder of the ZKasino project, who had previously absconded with over 10,000 ETH worth up to $350 million, has resurfaced under a new identity, launching the new project @WhiteRock_Fi. Hebi called on industry professionals to remain vigilant to prevent more investors from falling into potential pitfalls. This news quickly sparked discussion, considering that the shadow of ZKasino's "exit scam" has not yet dissipated. So, who exactly is Prometheus? What story lies behind WhiteRock_Fi? Recap of the ZKasino Exit Scam ZKasino was once a shining star in the 2024 zkSync ecosystem, initially positioned as a decentralized prediction market entertainment platform, later transforming into a "superchain" infrastructure, attracting a large number of investors through the "Bridge-to-Earn" event. However, the plot took a sudden turn in April: the project team abruptly changed the rules on the official website, announcing that the 10,515 ETH deposited by users (then valued at around $33 million) would be forcibly converted to ZKAS tokens and locked up for 15 months. This move was criticized by the community as a "soft rug pull." Subsequently, the funds were swiftly transferred to the Lido staking platform, and the official communication channels were closed, leaving investors in complete panic. Following the escalation of the incident, Dutch authorities arrested a 26-year-old man on May 3, suspected to be Elham N. (alias Derivatives Monke), another co-founder of ZKasino, and seized assets worth $12.2 million. However, Prometheus seems to have successfully remained "invisible" and has not been held accountable to this day. It is worth noting that ZKasino had received favor from institutions such as MEXC and Big Brain Holdings, and its valuation had once soared to $350 million. After the incident, the project team argued for "fund security" and launched a so-called "refund application," but this did not appease public anger. Investors lost everything, and the community's trust in similar projects hit rock bottom. According to the SlowMist Security Firm's statistics, with an amount involved of $33 million, ZKasino topped the list of the top ten exit scams of 2024, leaving an indelible scar on the industry. Founder: From Tech Star to Controversy Vortex The true identity of Prometheus remains a mystery to this day, but he is far from unknown in the crypto circle. He was involved in the well-known DEX project Zigzag Exchange in the zkSync ecosystem, which raised a staggering $15 million, earning him a respectable reputation. However, the ZKasino incident completely overturned his image. Norwegian media Aftenbladet once reported that a young man from Rogaland (alias Prometheus) was accused of absconding with 350 million Norwegian krone (about $35 million), and the community even offered a reward to trace his personal information. From a tech star to a wanted controversial figure, Prometheus's fall from grace is truly lamentable. WhiteRock: The Temptation and Suspicion of a Mysterious New Project Recently, a new project named WhiteRock_Fi quietly went live. Information about WhiteRock_Fi is currently extremely limited. According to its website (whiterock.fi) introduction, WhiteRock_Fi aims to tokenize traditional financial assets (such as stocks, bonds, and real estate) through blockchain technology, promising to "unlock global liquidity, democratize financial participation." The project slogan is quite attractive: "Buy stocks, bonds, and real estate with cryptocurrency, assets secured by smart contracts." As a project in the RWA (Real World Asset) track, WhiteRock_Fi seems to have caught the industry's wave. However, its lack of a whitepaper and clear team information raises doubts about its actual implementation capabilities—after all, the RWA track connects to traditional assets and heavily relies on team resources. Currently, WhiteRock_Fi's token WHITE has been traded on platforms like Uniswap V2, with limited trading volume, but community discussions are heating up, and its Telegram account has attracted approximately 32,000 followers. At this moment, HeCoin's exposure casts a shadow over the project. HeCoin pointed out that Prometheus is suspected of operating WhiteRock_Fi under a new identity, and its modus operandi is strikingly similar to ZKasino: high-profile marketing tactics, KOL endorsements to attract funds, and hidden risks in the codebase. HeCoin's exposure has sparked widespread discussion, with comments below his post stating: "We've just researched this project, the product is interesting, but the team composition, institution, celebrity endorsements are unclear, which is a risk factor." 「I have been looking into the background of this project, very suspicious. The token pool has no depth, the claimed partnerships cannot be verified. The total token supply is 650 billion, with 10 billion sent to Trump. So, it is tentatively classified as a scam.」 Currently, there is no concrete evidence to suggest that WhiteRock_Fi has started fundraising to replicate the "bridge scam" of ZKasino. Therefore, at this stage, it can only be seen as a potential risk point worth paying attention to. At the same time, WhiteRock_Fi's Telegram community has not yet formally responded to the accusations, maintaining a mysterious low profile. ZKasino's Fund Adventure: User Assets at Stake The ZKasino incident is far from over with the "refund promise." On-chain data analyst Yu Jin discovered that ZKasino's multi-signature wallet (presumably controlled by the team) has repeatedly used user funds for high-risk operations, such as using funds as collateral to borrow other assets and participate in market speculation. The community speculates that this may be the team's attempt to make up for funding shortfalls or seek additional profits through adventurous investments. However, this arbitrary use of user assets not only exposes the team's integrity crisis but also shatters investors' last bit of trust in the security of their funds. The warning from HECoin may be based on this background, perhaps serving as a reminder to the industry to beware of Prometheus' new actions. Industry Reflection: How to Rebuild Trust? From ZKasino to WhiteRock_Fi, Prometheus' story is like a mirror, reflecting the deep-seated dilemma of the crypto industry: a lack of regulation and transparency allows project teams to take advantage, and investors often only wake up after losses occur. HECoin's exposé is not just a question of WhiteRock_Fi but also a warning bell for the entire ecosystem—before participating in a new project, in-depth investigation of the team's background and fund flow has become a survival rule. Original Article Link
The total value of storage bridged by Starknet exceeds 960,000 ETH
Dune data shows that the total value of zkSync bridge storage has reached 3,752,843 ETH, Starknet bridge storage's Total Value Bridged (TVB) is 969,810 ETH with a total number of bridging user addresses at 1,227,680. The total value of Arbitrum bridge storage is 4,770,622 ETH; Optimism bridge storage totals to 873,643 ETH and Base bridge storage amounts to 630,882 ETH.
Unlocking Encryption for Consumer-grade Applications, How Does zkTLS Enable On-chain "Visa"?
Original Title: zkTLS: Unlocking Crypto Consumer Apps Original Author: @yeak__, @Delphi_Digital Researcher Original Translation: zhouzhou, BlockBeats Editor's Note: TLSNotary verifies communication between the client and server, allowing selective data disclosure while ensuring privacy. Pluto introduces TLSNotary to smart contracts, Primus Labs enhances efficiency and develops zkFHE scheme, Opacity prevents collusion through Eigenlayer AVS and TEE, enhancing security. Opacity requires Web2 account verification, reducing Sybil attack risk, and adopts a verifiable log mechanism. Future optimization directions include vector blinding linear assessment to improve MPC efficiency for faster TLS proofs. HTTPS proxies act as intermediaries to enhance security and privacy protection, commonly used for enterprise traffic monitoring. The following is the original content (slightly rephrased for better readability): The encryption industry has always possessed a mindset, talent, and funding to change the world, but often lacks the means to achieve this goal. Currently, most real-world encryption success cases still rely on the support of Web2 giants. We can only hope that Visa and Mastercard continue to support crypto cards, Coinbase, PayPal, and Stripe keep optimizing the compatibility between traditional payment systems and blockchain, BlackRock continues to promote tokenization of government bonds, and Walmart keeps selling Pudgy Penguins. Today, we have a powerful new tool that allows encryption industry builders to truly drive change. The traditional markets are rife with inefficiencies and limitations, while the encryption industry is in an unprecedentedly advantageous position to offer alternative solutions. zkTLS (also known as TLS Oracle or Web Proof) enables private data to be extracted from the Web2 closed ecosystem, allowing users to prove various data types such as legal identity, financial records, educational background, and behavioral patterns in a completely privacy-preserving manner. Here is a brief overview of how it works. TLS (Transport Layer Security protocol) is a protocol used to encrypt communication between clients and servers. TLS makes up the "S" in HTTPS (HTTPS = HTTP + TLS) and has become a network standard, protecting 95% of network traffic. TLS is a trusted centralized authority responsible for issuing session keys. When a user accesses a website, the browser and the target server perform a TLS handshake to generate a session key for subsequent data transmission using symmetric encryption. However, the data exchanged between the client and server is not signed, making it impossible to prove its authenticity elsewhere. Security provided by TLS: · Authenticity · Integrity · Privacy · Lack of data portability zkTLS accomplishes identity verification between the client and server during an HTTPS session and brings privacy-preserving proofs onto the chain, addressing the issue of data portability. Importantly, this is often undetectable by the server and cannot be blocked by a firewall. With zkTLS, the entire Internet's database can become a composable building block for blockchain applications, a task that Web2 is almost powerless to achieve. Various implementations of zkTLS: MPC (Multi-Party Computation), Proxy, TEE (Trusted Execution Environment) MPC (Multi-Party Computation) MPC allows multiple participants to jointly perform a computation without revealing their private inputs. MPC provides strong security guarantees but incurs high computational costs and suffers from a collusion problem. Deco In 2019, Deco first proposed an MPC-based TLS solution. Deco's maliciously secure two-party computation (2PC) approach has extensive compute overhead; for example, authenticating a 2KB data packet requires 475MB of communication and takes 50 seconds to complete. The solution is highly susceptible to timing out and has not been successfully deployed. Subsequently, Deco was acquired by Chainlink, who, along with Teller, developed a proof-of-concept solution. TLSNotary TLSNotary built upon Deco's work, utilizing a 2PC implementation based on garbled circuits and oblivious transfers. Garbled circuits are the simplest and most direct method in MPC. TLS Notary "notarizes" the session between the client and server to prove its authenticity. During the TLS handshake, the prover and verifier collaborate to perform key encryption and decryption. Throughout the process, only the prover communicates with the server, while the verifier only sees encrypted data. The prover cannot forge inputs or responses. In the final stage, the prover can partially obscure the session record before presenting it to the verifier, for example, only proving to the verifier that it is located in a specific jurisdiction while concealing specific latitude and longitude information. A validator can act as a notary, or outsource the validation role to generate more generic, portable proofs. This introduces an additional trust assumption that the validator must trust the notary not to collude with the prover to produce fake proofs. To mitigate this issue, a validator can request proofs from multiple notaries or define their own trusted notary list. However, these schemes still have various flaws, and the collusion problem remains one of the main challenges of MPC. The advantage of TLSNotary is that it can maintain data portability, protect privacy, and does not rely on server cooperation. It achieves selectively disclosed authenticated data through circuit obfuscation and key splitting techniques but does not use ZKP. Currently, several projects have introduced zero-knowledge technology based on TLSNotary to make it easier to integrate. Related Projects Pluto Pluto Labs is an open-source zero-knowledge TLSNotary implementation aimed at productizing it, allowing developers to integrate any off-chain data into smart contracts with just five lines of code. A detailed overview of its trust assumptions can be found in the related links. Primus Labs (formerly PADO Labs) Primus Labs has enhanced Deco using a garble-then-prove technique, replacing the high-cost malicious secure 2PC. It has achieved a 14x improvement in communication efficiency and up to a 15.5x improvement in execution time, successfully integrated into real-world APIs such as Coinbase and Twitter. Additionally, Primus is developing a zkFHE solution that may support more complex architectures in the future. Primus has also released a browser extension and plans to launch iOS/Android apps. Opacity Opacity addresses the collusion problem through a set of mechanisms and employs Eigenlayer AVS to provide economic security, overlaying multiple security measures: · Sybil resistance based on on-chain Web2 account IDs · Commit-and-reveal mechanism—users must submit a value before a randomly selected notary node · Random selection of MPC nodes · Verifiable attempt logs Opacity restricts users from colluding using multiple wallets, with each wallet tied to a Web2 account. Additionally, users must submit a proof request before being randomly matched with a notary node, preventing them from changing their position if they attempt collusion without being matched to a colluding node. The verifiable attempt logs can be used to track suspicious proof submissions where a wallet attempts but fails to prove ownership of, for example, $10 million in bank deposits. In addition, Opacity requires the attestation software to run in a Trusted Execution Environment (TEE) to ensure that unless the TEE is compromised, collusion is not possible. This is crucial because Opacity does not rely entirely on the TEE as a security guarantee. To forge a proof within the Opacity framework, all of the following conditions must be met: · User intentionally colludes · At least one attestation node participates in collusion · The attestation node runs on a compromised TEE · The user randomly matches a collusion node within 1-3 attempts · Verifiers can request proof regeneration multiple times, exponentially reducing the probability of the fourth condition · Additionally, malicious behavior will face a penalty mechanism The resistance to Sybil attacks in Opacity remains the weakest link. It can prevent one Web2 account from binding to multiple wallets but cannot prevent one person from creating multiple Web2 accounts. In fact, Opacity effectively outsources Sybil attack protection to Web2 platforms, with some platforms being more reliable than others (e.g., Rippling HR's identity authentication is more trustworthy than a Twitter account). In the future, Opacity may integrate multiple Web2 accounts to enhance security. Opacity is developing the best practices implementation of zkTLS, making significant progress in decentralization and reducing trust assumptions. Its ability to overcome MPC computation overhead will be a key factor in future success. In the future, there is still ample room for MPC performance optimization. For example, Vector Oblivious Linear Evaluation can achieve efficient 1-of-N Oblivious Transfer, leading to significant progress in each interaction. This can reduce network overhead by 100 times, making MPC-TLS proofs within 1 second feasible. Proxy An HTTPS proxy is an intermediary between a client and a server, responsible for forwarding encrypted traffic and only decrypting data when verifying user identity. Proxies can enhance security, performance, and privacy, particularly common in enterprise environments for monitoring and restricting employee access. Proxies can also be used for zkTLS. This model inserts a proxy witness between the client and server to prove the legitimacy of communication. The proxy model is fast, cost-effective, and simple in structure, capable of handling large amounts of data. However, issues such as auditing, collusion, and decentralization persist. Additionally, this method can be detected by servers, potentially leading to blocking in widespread applications. Reclaim Protocol The Reclaim Protocol is the pioneer of the proxy model, leading the way in all zkTLS projects. Reclaim has broad support across almost all blockchains and boasts 889 community-built oracles. Several projects are built on Reclaim, including the zkP2P ticketing marketplace. Reclaim is able to generate proofs on a user's mobile device in approximately 2–4 seconds without requiring users to download any apps or extensions. Reclaim employs a residential proxy to circumvent Web2 firewall issues. Compared to MPC-TLS, Reclaim's proxy model is simpler, resulting in faster speeds. Many concerns about the proxy model have been addressed in the academic paper "Proxying is Enough" and Reclaim's blog. Studies show that the probability of breaking Reclaim's security is 10⁻⁴⁰. zkPass zkPass utilizes a hybrid model, originally based on an MPC approach but later transitioning to a proxy-witness model in production while keeping MPC as a fallback. zkPass is currently deployed on networks such as Base, BNB, Scroll, Linea, Arbitrum, zkSync, OP, X Layer, among others. zkPass uses its native TransGate Chrome extension and supports over 70 data sources and 200 data formats. zkPass focuses primarily on identity verification and protection against Sybil attacks. The project is currently running incentive programs where users can complete challenges to earn ZKP token points. zkPass may become the first zkTLS project to introduce a liquidity token. TEE Trusted Execution Environment (TEE) is a tamper-resistant enclave in a processor that can store sensitive data and perform secure computations. TEE provides both hardware and software isolation, with dedicated memory and computational capabilities independent of the rest of the CPU. Intel SGX is currently the most well-known TEE solution. However, TEE has had vulnerabilities in the past and is susceptible to side-channel attacks. Clique Clique adopts a TEE-based approach to build zkTLS. This method offers very low computation and network overhead, addressing many issues but introducing a reliance on trusted hardware, shifting risks from notaries to chip manufacturers. In this model, TEE fully takes on the security guarantee responsibilities. Summary It is worth noting that zkTLS is just a generic term. Different zkTLS schemes vary in the degree of application of zero-knowledge technology and do not provide the same level of security guarantees as other zero-knowledge technologies like zkEmail. Strictly speaking, zkTLS may be better classified under MPC-TLS (+zkp), TEE-TLS, and zkTLS Proxy. In the future, discussions in the zkTLS field will revolve around the trade-off between performance and security. Proxy: This is a more general solution but requires additional trust assumptions, demands that clients can afford a zero-knowledge (ZK) solution, and also requires additional measures to bypass firewalls. Multi-Party Computation (MPC): This model provides strong security guarantees but entails significant network communication overhead during MPC setup. Due to the high cost of the truth table, MPC methods are more suitable for small request/response interactions and TLS sessions without strict time limits. MPC has anti-censorship properties but faces collusion issues. Trusted Execution Environment (TEE): The TEE model cleverly addresses most of the issues zkTLS faces, but at the cost of requiring full trust in TEE hardware. Currently, Reclaim and Opacity are rapidly gaining momentum and seem to be leading the discussions in the zkTLS field. As zkTLS evolves, the trade-off between MPC and proxy models in terms of performance and security will remain a core topic. Conclusion zkTLS is an emerging narrative that is changing everything. However, many unresolved issues remain: Will zkTLS providers be commodified? Will the value capture flow to the application layer? How significant is the extractable value of forged proofs? How will these issues impact the discussions on zkTLS scheme trade-offs? One thing is clear: zkTLS has greatly expanded the design space of decentralized applications and provided new ideas for building new systems. Today, many innovative ideas are already being implemented: · Ticketing Marketplace – zkP2P (based on Reclaim) · Web2 Reputation Import (Uber, DoorDash authentication) – Nosh Delivery (based on Opacity) ·KOL Marketing/Promotion Proof – Daisy (based on Opacity) ·Smart Predictions Market – TMR.NEWS (based on Reclaim) ·Low Collateral Loans through Payroll Earn – Earnifi (based on Opacity) ·Precision Targeting with Digital Ad Incentives – EarnOS (based on Opacity) ·Soft Collateral Loans – 3Jane (based on Reclaim) zkTLS has disrupted the existing market landscape of Web2 by weakening data monopolies. All current inefficient markets are opportunities for cryptographic technology to penetrate and improve society. 「Original Article Link」
Ondo Finance Joins Mastercard’s MTN to Expand Tokenized Asset Access
Ondo Finance and Mastercard team up to expand the limits of tokenization. Users can now access enhanced liquidity for tokenized assets and direct payment rails. Ondo Finance and Mastercard have forged a strategic partnership to delve deeper into Real-World Asset (RWA) tokenization. Specifically, Ondo is joining Mastercard’s Multi-Token Network (MTN) to make traditional assets, such as investment securities, available in digital form. Ondo Finance and Mastercard Promoting RWA Tokenization The partnership will make Ondo’s Short-Term US Government Treasuries Fund (OUSG) available on Mastercard’s MTN. Therefore, MTN-participating businesses on-boarded with Ondo Finance stand to benefit from the integration. These businesses can now experience complete cash management freedom, backed by real-world assets, without the friction of traditional financial systems. With OUSG, MTN-participating businesses can earn daily yield via tokenized assets with 24/7 subscriptions and redemption. This eliminates the need for stablecoin on-ramps or settlement windows. Image Source: Ondo Finance on X Additionally, the integration would allow MTN participants in Ondo to settle payments through traditional banking rails without requiring additional crypto infrastructure. They can also manage cash with unparalleled flexibility, without restrictions, anytime, anywhere. This integration offers businesses a way to integrate tokenized treasuries into their operations effortlessly. OUSG is not just a tokenized representation of short-term US Treasuries but the first composable onchain treasury asset. A major advantage of OUSG is that it has lower minimums and fees than traditional investment options. It also offers 24/7 instant investment and redemption, giving businesses good control over their liquidity. By integrating with MTN, OUSG enables participants to optimize their cash management strategies. It also unlocks flexible new opportunities for working capital, trade finance, and other liquidity needs. MTN is a blockchain designed by Mastercard to connect financial institutions with businesses in a streamlined digital environment. It simplifies the complexities of domestic and cross-border transactions, providing a unified space where banks and businesses can interact securely and efficiently. Overall, Ondo and Mastercard’s MTN integration signals a major step forward for digital and traditional finance. This relationship can redefine how businesses manage liquidity on a global scale by combining Mastercard’s infrastructure with the yield potential of Ondo’s tokenized assets. A Growing RWA Industry The latest partnership between Ondo and Mastercard demonstrates the increasing interest and growth in the RWA sector. With over 150 tokenized asset issuers worldwide, the market size for tokenized assets currently stands at over $186 billion. As reviewed in our recent publication, the RWA tokenization sector had a breakout year in 2024, paving the way for growth through the decade’s end. The market is forecasted to reach $600 billion by 2030. Meanwhile, the zkSync Era has experienced a substantial increase in the RWA sector. In a recent update we covered , zkSync Era became the second-largest blockchain for RWA after a 953.79% surge, reaching $2.03 billion in 30 days. In February, Mavryk Dynamics, the team behind Mavryk Network, raised over $5 million for its RWA network economy. The funding is expected to accelerate the development of its Layer-1 blockchain, which is designed to democratize real-world asset ownership.
Facing diminishing returns, ZKsync has decided to discontinue its Ignite DeFi rewards program, effective immediately
ZKsync ends Ignite program: Rewards stop March 17, citing diminishing returns on TVL ZKsync shifts focus to Elastic Network, prioritizing long-term over short-term incentives Remaining Ignite rewards will be distributed; service contracts end by March 30, 2025 ZKsync is pulling the plug on its Ignite DeFi program. The initiative, designed to boost liquidity and user activity on the ZKsync network, will end on March 17, 2025. In an announcement, the team behind the initiative said its DeFi Steering Committee (DSC) has decided to discontinue the program and turn off rewards for period 6. ZKsync Ignite Program Ending: Diminishing Returns Why the sudden change? The team pointed to several reasons, primarily its desire to concentrate on its long-term vision of focusing on the Elastic Network. According to the ZKsync Ignite team, the move is about channeling its resources toward accelerating the realization of this goal. The ZKsync Ignite team is also prioritizing seamless native interoperability across the Elastic Network. They claim the Ignite program was becoming a distraction, and adding more TVL would likely deliver diminishing returns. This suggests that the program wasn’t achieving its intended goals as effectively as hoped. Related: zkSync (ZK) Price Prediction 2024-2030: Will ZK Price Hit the $2 Level Soon? Although the initial reasons behind ZKsync Ignite’s decision are internally driven, external factors involving the current market realities play significant roles in bringing the group to its conclusion. ZKsync says it needs to be more conservative in the short to medium term to better adapt to developing market conditions. ZKsync Ignite Rewards and Service Contracts ZKsync reassured users that its latest action is in their best interest. According to the announcement, the steps taken align with the program’s original plans, which include adapting to changing market dynamics. All remaining rewards will be distributed on March 17, and all service provider contracts will be concluded by March 30, 2025. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Gitcoin announces zkSync community program to distribute 5 million ZK tokens
On March 2nd, Gitcoin announced the upcoming 6-month zkSync Community Program, which aims to reward active eligible contributors and drive the development and adoption of the zkSync ecosystem. The program will allocate 5 million ZK tokens.
Ethereum dominates RWAs with $4.1B in AUM value and 54.5% market share
Ethereum emerged top of the real-world assets table as the total value of assets under management grew by 10% in the past 30 days to $4.1B. Ethereum’s RWA market share also went up 3.39% to 54.5% as the number of RWA holders in the ecosystem increased 3.05% to 62.28K. RWA.xyz data also revealed that the number of RWA tokens issued on the Ethereum network had increased to 163. According to Christine Kim, the Vice President of Research at Galaxy Digital, 13 of the 20 financial institutions identified as having built crypto-specific infrastructure and applications were issuing RWAs on Ethereum and its L2s. Kim pointed out that more than 50 traditional companies including financial institutions like Deutsche Bank and Paypal and brands like Louis Vuitton and Adidas, were developing crypto-specific applications on Ethereum and its layer two (L2) networks. RWA.xyz data shows that Ethereum was the blockchain of choice for the issuance of tokenized assets with almost four times the total value of RWAs than the next most popular blockchain for RWAs, zkSync ($1.95B). Kim also noted that the types of RWAs issued on Ethereum so far range from money market funds like the Franklin OnChain U.S. Government Money Fund to government bonds issued by the likes of the European Investment Bank. Ethereum controls over half of the RWA market share As per RWA.xyz data, Ethereum controlled 54.5% of RWA market share while zkSync Era was second with 26% market share and $1.95 billion in total value of assets under management. The largest tokenized asset within the Ethereum blockchain as of the time of publication was Tether’s USDT stablecoin with a market share of 58.37%, followed by Circle’s USDC with 29% market share. See also Former Bybit payroll manager sentenced to nearly 10 years for stealing $4.2M Kim claimed that the value of RWAs issued on Ethereum alone had quadrupled over the past year. A subset of financial institutions working on RWAs and tokenization within the network were also developing their own stablecoins such as PayPal’s PYUSD. RWAs and stablecoins were crypto-native use cases “finding product market fit” among traditional financial institutions, Kim added. According to Kim, the anticipation of a crypto-friendly regulatory environment in the U.S. was among the factors boosting RWA and stablecoin adoption. Ethereum remained the go-to blockchain for issuing RWAs and stablecoins among traditional finance companies. She also noted that key partnerships and acquisitions established in 2024 were expected to result in new strides of adoption for stablecoins in 2025. The institutional adoption of Ethereum-based RWAs surged as tokenized bonds, real estate, and commodities were increasingly moving on-chain. Competitors in the RWA market lag far behind RWA.xyz data showed that other blockchains played a smaller role in RWA tokenization as zkSync Era’s total RWA value stood at $1.9 billion and Stellar’s total RWA value stood at $405.17 million. Aptos and Polygon had the fourth and fifth-highest total RWA values at $335.5 million and $192.9 million respectively. Further down the list were Avalanche, with a total RWA value of $143.85 million, Solana with $135.75 million, and Arbitrum with $77.47 million. See also Golem ICO wallets start moving Ethereum (ETH) again Galaxy’s research reported that Ethereum’s success in RWA tokenization came from its strong smart contract ecosystem, security, and network effects. Institutional adoption of ETH-based RWAs also surged as tokenized bonds, real estate, and commodities were increasingly moving on-chain. Layer 2 networks like zkSync Era further enhanced Ethereum’s scalability, offering lower fees and faster transactions while maintaining security through the base layer. Nick Ducoff, the head of institutional growth at the Solana Foundation, said that Solana was making a strategic push into RWA tokenization with the Securitize integration aiming to provide institutional investors with low-cost, high-speed transactions. He claimed that Securitize’s expansion onto Solana represented another milestone in bringing “institutional-grade financial products on-chain.” Cryptopolitan Academy: FREE Web3 Resume Cheat Sheet - Download Now
ZK Nation: The ZIP-6 vote to upgrade the governance contract is scheduled to end this week, and the voting quorum has been reached
ZK Nation announced on X platform that the voting period for ZIP-6 is scheduled to end at 18:15 UTC on February 27th, as the required number of votes has been reached. It is reported that this proposal will upgrade the governance contract, redeploy all governance contracts, including the contracts related to the ZKSYNC protocol upgrade mechanism, namely the Protocol UpgradeHandler, which is responsible for executing Ethereum protocol upgrades approved by Token Assembly.
Berachain’s Post-Launch Performance Highlights Challenges for New Blockchains
Berachain (BERA) price has struggled to maintain its initial valuation, quickly dropping from $15 just hours after launch. Like many new L1 and L2 chains, it now faces the challenge of proving its long-term value beyond the early hype. While its indicators currently suggest weak market momentum, some analysts remain optimistic about its strong community and developer activity. With key resistance and support levels in play, the next moves for BERA will be crucial in determining whether it can recover lost ground or face continued downward pressure. Can BERA Avoid the Fate of Other Struggling Chains? Berachain price quickly dropped from $15 just hours after launch, raising concerns about its ability to maintain momentum. Like many new chains, it now needs to prove its value after its airdrop. Many recent L1 and L2 launches, including Starknet, Mode, Blast, zkSync, Scroll, and Dymension, have struggled to hold their prices. Hyperliquid is a rare exception, with strong revenue and a 19% price increase in the last 30 days. Selected New Chains Returns. Source: Messari. Users have been pointing out some concerns about the project, with X user Ericonomic saying one of its biggest concerns is related to BERA private investors: “Berachain sold more than 35% of its token supply to private investors (I thought it was just 20%), with the seed round sold at $50M FDV, the second round at $420M FDV, and the last one at $1.5B FDV. These are a lot of tokens. Most projects sell 20% of their supply privately and I already think that’s too much and causes a lot of harm to the project. This number of tokens sold, plus its long vesting, creates permanent sell pressure until all of them are vested, which usually leads to down-only charts in projects that launch at multiples FDV (aka high FDV, low float),” Ericonomic wrote on X (formerly Twitter). He also points out that one of the Berachain founders is selling its tokens. “The cofounder is selling tokens from one of his doxxed addresses. He got around 200k BERA from the airdrop (this is a really bad thing since he—or the core—designed the airdrop) and then he swapped some of those tokens for WBTC, ETH, BYUSD, etc,” Ericonomic wrote. BERA Indicators Suggest a Weak Market Momentum BERA DMI chart shows a weakening trend, with the ADX dropping from 35 to 25.4, indicating that trend strength is fading. The +DI at 21.3 and -DI at 20 suggests a near-balance between buyers and sellers, meaning no clear directional momentum. BERA DMI. Source: TradingView. If the ADX continues to decline, it could signal choppy price action rather than a strong move in either direction. A resurgence in either +DI or -DI could clarify the next trend. BERA’s BBTrend turning positive after a prolonged negative period suggests a shift in market sentiment, but the recent decline hints at potential exhaustion. BERA BBTrend. Source: TradingView. After hitting a high of 9.1 yesterday, the indicator’s downturn could mean bullish momentum is slowing. If it continues falling, BERA might struggle to sustain its recovery and could enter a consolidation or retracement phase. Both indicators suggest BERA is at a critical point, with fading momentum and uncertainty about its next move. If buying pressure strengthens, it could push higher, but if weakness persists, a reversal or sideways action becomes more likely. The coming sessions will be key in determining whether the recent positive shift can hold. BERA Price Prediction: Can BERA Recover $7 Levels? BERA’s EMA lines indicate a lack of clear direction, with price movement depending on whether momentum builds. A push upward could lead to a test of the $6.3 resistance, with potential for a further rise to $7.2 if broken. However, if selling pressure increases, BERA could drop toward $4.7. So far, early price action has been weak, and indicators don’t yet show strong bullish signals. BERA Price Analysis. Source: TradingView. Despite this, Berachain has strong community support. If its Proof-of-Liquidity (PoL) is implemented, which has almost been the project’s biggest selling point, it could bring fresh buyers into the market. As of now, BERA is looking quite bearish.
ZKSync helps UBS test blockchain technology for gold investment
zkSync is a layer 2 scaling solution developed by Matter Labs, which preserves the security attributes of the underlying blockchain by utilizing the latest generation of concise zero-knowledge proofs. All funds in zkSync are held by smart contracts on the main chain, while computation and storage are executed off-chain. It was officially announced that ZKSync Validium is becoming a new platform for Switzerland's largest bank, UBS, to test blockchain technology. UBS is experimenting with digital gold investment through its golden ratio product, UBS Key4 Gold, on the network. This collaboration aims to enhance scalability, privacy, and interoperability, and improve transaction efficiency through offline data storage. This move is also an extension of UBS's recent tokenized fund project, further demonstrating ZKSync's potential in promoting blockchain financial solutions.
UBS tests blockchain for digital gold investments using zkSync
UBS, Switzerland's largest bank, is exploring blockchain technology to enhance digital gold investments for retail clients. The bank has successfully completed a proof-of-concept for its fractional gold investment product, UBS Key4 Gold, utilising the Ethereum (CRYPTO:ETH) layer-2 network ZKsync Validium. This initiative aims to improve scalability, privacy, and interoperability as UBS prepares for a potential global rollout of its digital gold offering. With over $5.7 trillion in assets under management, UBS is positioning itself at the forefront of integrating blockchain into traditional finance. The UBS Key4 Gold product was originally developed on the bank's permissioned UBS Gold Network, which connects vaults, liquidity providers, and distributors. By leveraging ZKsync Validium, UBS seeks to enhance transaction efficiency and user privacy through off-chain data storage. Alex Gluchowski, the inventor of ZKsync (CRYPTO:ZK), expressed confidence in the future of finance being on-chain. "I firmly believe that the future of finance will take place on-chain and ZK technology will be the catalyst for growth," he stated. This pilot project follows UBS's recent launch of a tokenised fund on Ethereum, further integrating digital assets into its financial offerings. ZKsync aims to achieve ambitious targets in 2025, including processing 10,000 transactions per second (TPS) while significantly reducing transaction fees. Experts believe that privacy-preserving technologies like ZKsync could drive institutional adoption of blockchain by providing a more comfortable experience for traditional financial institutions. At the time of reporting, the ZKsync (ZK) price was $0.09763.
WBTC releases 2024 annual review: daily trading volume exceeds $1 billion
WBTC recently released its annual review, stating that in 2024, WBTC's market capitalization reached a peak of $14.3 billion (December 18), with a daily transaction volume exceeding $1.01 billion (December 5), and a daily transaction count of 1.0299 million, accounting for 75.8% of the Ethereum Bitcoin token market. Its transaction fees are as low as $0.03, and more than 10 new projects have been added, expanding to seven new chains such as Base and zkSync, achieving a multi-chain ecological layout. Since its launch in 2019, WBTC has maintained zero security incidents and has been a leading Bitcoin tokenized asset in the DeFi ecosystem. In 2025, it will continue to focus on promoting cross-chain interoperability and DeFi innovation applications.
Layer 3: The Next Evolution in Blockchain Customization Explained
As blockchain technology evolved, Layer 3 (L3) solutions have emerged as a groundbreaking advancement that promises to reshape how we think about scalability, interoperability, and customization in blockchain networks. Most projects are now thinking beyond Layer 2 solutions as the market matures and Layer 3 protocols have become the go-to solution as they tie sophistication and user-friendly decentralized applications (dApps) together. What Are Layer 3 Solutions? Layer 3 solutions represent the next evolution in blockchain architecture, building upon existing Layer 2 frameworks to provide enhanced functionality and customization options. These protocols are designed to address specific application needs while maintaining the robust security inherited from the underlying Layer 1 blockchain, particularly Ethereum. Unlike traditional blockchain layers, L3s offer unprecedented flexibility in handling specialized requirements, from privacy-focused applications to high-throughput systems. The versatility of Layer 3 solutions extends beyond basic transaction processing, enabling developers to create more complex decentralized applications with advanced features. This advancement is particularly significant for mainstream adoption, as it allows for more sophisticated user interfaces and improved accessibility for non-technical users. Notable examples of Layer 3 protocols include Orbs, Arbitrum Orbit, and zkSync Hyperchains, each bringing unique capabilities to the blockchain ecosystem. How Layer 3 Customizes Blockchain Networks? The revolutionary aspect of Layer 3 solutions lies in their approach to transaction execution and customization. Similar to how Layer 2 solutions offload transactions from the main Ethereum network, L3s further optimize this process by moving transaction execution from L2 to L3. This creates a cascading effect of efficiency, where transactions are executed and batched at the L3 level before being verified and passed down through the layers. The cost-effectiveness of this approach is particularly noteworthy. By posting transaction data on L2 instead of L1, Layer 3 solutions leverage the already reduced costs of L2 networks. This multi-layered approach results in significant cost savings, as transaction data is compressed at each level before finally reaching the Ethereum mainnet. Perhaps most importantly, developers building L3 appchains have unprecedented control over their blockchain environment. Rather than simply building on top of existing chains, they can create purpose-built blockchain architectures tailored to their specific applications. Layer 3 on StarkNet: A Case Study in Innovation The integration of Layer 3 solutions with StarkNet represents a significant milestone in blockchain scaling technology. In April 2024, Herodotus, with support from StarkWare, introduced the Integrity Verifier, marking a crucial step toward implementing L3 appchains on StarkNet. This development enables developers to verify Cairo program execution on StarkNet, mirroring the verification capabilities previously available only on Ethereum. How will it affect the crypto market? The emergence of Layer 3 solutions signals a transformative period in blockchain technology. These protocols are addressing critical challenges in the industry, particularly regarding interoperability between different blockchain networks. By acting as bridges between various platforms, L3s facilitate seamless data and transaction flow across different blockchain ecosystems, including major networks like Ethereum and Solana. The customization capabilities of Layer 3 solutions also open new possibilities for privacy-focused applications and specialized use cases. Developers can implement application-specific mechanisms that control data visibility and transaction privacy, while maintaining the flexibility to modify governance structures and operational rules according to their specific requirements. As the technology continues to mature, Layer 3 solutions are poised to play a crucial role in the next generation of blockchain applications, potentially revolutionizing how we approach decentralized computing and digital asset management. The combination of enhanced scalability, reduced costs, and unprecedented customization options suggests that L3s will be instrumental in driving broader blockchain adoption across various industries and use cases.
Overview of the 2024 Blockchain Security and Anti-Money Laundering Annual Report
Author: SlowMist AML Team For the full content, please see here I. Overview In 2024, the blockchain industry moves forward amidst the clash of security and innovation. Against this backdrop, this report reviews the key regulatory compliance policies and anti-money laundering dynamics in the blockchain industry for 2024, summarizes the blockchain security incidents of 2024, and outlines typical fraud methods. Additionally, we invited the Web3 anti-fraud platform ScamSniffer to write about phishing Wallet Drainers, and we analyzed and compiled the money laundering methods and profits of North Korean hackers. We hope this report provides useful information to readers, helping practitioners and users gain a more comprehensive understanding of the current state of blockchain security and solutions, contributing to the safe development of the blockchain ecosystem. II. Blockchain Security Situation According to the SlowMist Hacked incident database, there were a total of 410 security incidents in 2024, with losses reaching up to $2.013 billion. Compared to 2023 (a total of 464 incidents with losses of approximately $2.486 billion), the losses decreased by 19.02%. Note: The data in this report is based on the token prices at the time of the incidents. Due to price fluctuations and the exclusion of losses from some undisclosed incidents, the actual losses should be higher than the statistics. (https://hacked.slowmist.io/statistics/?c=all\&d=2024) Overview of Blockchain Security Incidents From the perspective of project sectors, DeFi remains the most frequently attacked area. In 2024, there were 339 DeFi security incidents, accounting for 82.68% of the total security incidents, with losses reaching $1.029 billion. Compared to 2023 (a total of 282 incidents with losses of approximately $773 million), the losses increased by 33.12%. (Distribution and losses of security incidents across sectors in 2024) (Comparison of DeFi security incident distribution and losses between 2023 and 2024) From an ecosystem perspective, Ethereum had the highest losses, totaling $465 million, followed by BSC with $87.35 million. (Distribution and losses of security incidents across ecosystems in 2024) In terms of incident causes, contract vulnerabilities led to the most security incidents, totaling 99, resulting in losses of approximately $214 million. The second most common cause was account hacks. (Methods of security incidents in 2024) Typical Attack Incidents This section selects the top 10 security attack incidents by loss in 2024. For details, please refer to the PDF content at the end. (Top 10 security attack incidents by loss in 2024) Rug Pull Rug Pull is a type of scam where malicious project teams create hype to attract user investments, and when the time is right, they "pull the rug" and run away with the funds. According to the SlowMist Hacked incident database, there were 58 Rug Pull incidents in 2024, resulting in losses of approximately $106 million. Among these, the zkSync ecosystem suffered the highest losses, totaling $36.95 million, while BSC had the most Rug Pull incidents, totaling 28. (Top 10 Rug Pull incidents by loss in 2024) (Distribution and losses of Rug Pull incidents across ecosystems in 2024) With the rise of meme coins, many users, driven by speculation and FOMO, overlook potential risks. Some token issuers do not even need to present a vision or provide a white paper; they can generate hype and attract users to buy tokens based solely on a concept or slogan. The low cost of malicious actions has led to a surge in Rug Pull incidents. After users' funds are Rugged by malicious project teams, they often face a long and difficult process to recover their money. In response, the SlowMist security team advises users to thoroughly understand the background and team information of a project before participating, and to choose investment projects cautiously to avoid potential risks. Phishing Note: This subsection focuses on analyzing Wallet Drainer attacks on EVM-compatible chains, written by ScamSniffer, for which we express our gratitude. Wallet Drainer is an attack method deployed on phishing websites that tricks users into signing malicious transactions to steal crypto assets. In 2024, such attacks caused losses of approximately $494 million, a year-on-year increase of 67%. Although the number of victims only increased by 3.7% (reaching 332,000 addresses), the losses per attack significantly increased, with the largest single theft amounting to $55.48 million. (Key data indicators of Wallet Drainer attacks in 2024) Key Nodes Pink Exit (end of May): Market share 28%, absorbed by Inferno. Angel takes over Inferno (end of October): Angel's share declines, Inferno maintains 40-45% market share. Market Landscape Evolution Q1-Q2: Three Dominants (Angel: 42%, Pink: 28%, Inferno: 22%) Q3: Two-headed Competition (Inferno: 43%, Angel: 25%) Q4: New Landscape (Inferno and Angel: 45%, Acedrainer: 20%, other new Drainers: 25%) As of 2024, known losses based on phishing signatures reached $790 million. Although such attacks decreased in the second half of the year, this may indicate that attackers are shifting to other methods, such as malware, which are more covert. As the Web3 ecosystem develops, challenges in protecting user asset security remain. Regardless of how attack methods change, continuous security awareness and protective capability building are always key to safeguarding asset security. Fraud This section selects some fraud methods disclosed by us in 2024: Mining Fraud Arbitrage Fraud Airdrop Fraud Theft X Fraud Pixiu Scheme Malicious Trojan III. Anti-Money Laundering Situation This section is divided into four parts: anti-money laundering and regulatory dynamics, anti-money laundering data, North Korean hackers, and mixing tools. Anti-Money Laundering and Regulatory Dynamics In 2024, significant developments occurred in the regulatory environment for cryptocurrencies, most notably the EU's implementation of the MiCA regulation and the U.S. advancing stablecoin legislation. In terms of law enforcement, stricter measures have been introduced worldwide to combat illegal activities, with significant progress made in stablecoin regulation, cross-border crypto policies, and law enforcement actions targeting major participants in the crypto space. Specific policies and law enforcement actions can be found in the PDF at the end. Anti-Money Laundering Data 1. Fund Freezing Data With the strong support of partners in the InMist intelligence network, SlowMist assisted clients, partners, and publicly hacked incidents in freezing funds totaling over $112 million in 2024. In 2024, Tether froze approximately $540 million in USDT; Circle froze approximately $13.36 million in USDC. (https://dune.com/misttrack/2024) 2. Fund Return Data In 2024, there were 410 security incidents, and 24 incidents were able to recover all or part of the lost funds after being attacked. According to disclosed data, approximately $166 million was returned, accounting for 8.25% of the total security losses (approximately $2.013 billion). North Korean Hackers In 2024, North Korean hacker organizations were implicated in multiple cyber theft cases, resulting in the theft of hundreds of millions of dollars in cryptocurrency. Below is a list of significant incidents committed by North Korean hacker organizations (data source: SlowMist Hacked): This section focuses on analyzing the attack methods of North Korean hackers, using the BingX incident followed up by SlowMist as an example to introduce the money laundering methods of North Korean hackers. Mixing Tools 1. Tornado Cash (https://dune.com/misttrack/2024) 2. eXch (https://dune.com/misttrack/2024) 3. Railgun Railgun has implemented Private Proof of Innocence (PPOI), utilizing zero-knowledge proofs to ensure that users can verify their funds are not associated with illegal activities without compromising privacy. This innovation strikes a critical balance between privacy and compliance, making it more difficult for malicious actors to use the platform for money laundering. IV. Conclusion In 2024, the blockchain industry faces new opportunities and challenges amidst ongoing innovation and transformation; various security incidents and anti-money laundering dynamics provide profound warnings and prompt us to pay more attention to industry norms and technical safeguards. Through the analysis of blockchain security incidents and money laundering cases in 2024, we hope to raise awareness of industry security among all parties. In the future, as the regulatory framework gradually improves and technological means continue to upgrade, we have reason to believe that the blockchain industry will move towards a safer, more transparent, and compliant direction. We hope this report provides valuable information to readers, helping them gain a more comprehensive understanding of the current state of blockchain security and anti-money laundering, and we look forward to working together to contribute to building a safer, more stable, and trustworthy blockchain ecosystem.
Deutsche Bank to develop Ethereum layer-2 blockchain to tackle TradFi compliance issues
Deutsche Bank is building a layer-2 blockchain based on Ethereum to solve the regulatory hurdles financial institutions face using public blockchains, Bloomberg News reported on Dec. 17. The platform, dubbed Project Dama 2, represents the German banking giant’s attempt to harness blockchain technology’s potential while minimizing risks associated with public ledgers, which can often inadvertently transact with sanctioned entities or criminals. The project, unveiled in November as a pilot, is designed to streamline asset servicing. It leverages ZKsync’s zero-knowledge proof (zkp) technology to offer cheaper and more efficient transactions. Moreover, using zkp will enable enhanced privacy and customization for institutional users developing on Deutsche Bank’s proprietary blockchain. Crypto firms Memento Blockchain and Interop Labs are aiding the platform’s development. Notably, Project Dama 2 is part of the Monetary Authority of Singapore’s Project Guardian, which signals a growing interest among traditional financial players in blockchain-based asset servicing and tokenization solutions. JPMorgan executed its first transaction on a public blockchain in late 2022, also as part of Project Guardian, while Visa is exploring the tokenization of fiat currencies for traditional banks. Meanwhile, traditional finance giants such as BlackRock and Franklin Templeton have tokenized money funds with a combined market cap of over $1 billion. TradFi leveraging blockchain Public blockchains offer immense efficiency for regulated lenders. Ethereum is the favored infrastructure by institutions, as it dominates 81% of the tokenization of real-world assets (RWA). However, the report pointed out that these benefits come with uncertainty over who validates transactions, the possibility of transaction fees reaching sanctioned entities, and the risk of unforeseen blockchain hard forks that could disrupt operations. The solution found by Deutsche Bank was adding its own layer-2 blockchain to the mix. Boon-Hiong Chan, Deutsche Bank’s Asia-Pacific industry applied innovation lead, stated: “Using two chains, a number of these regulatory concerns should be able to be satisfied.” As a result, Project Dama 2 connects to Ethereum while allowing the bank to sidestep some of the alleged risks inherent in public blockchains. By creating a curated list of transaction validators and offering tools to give regulators exclusive “super admin rights,” the bank hopes to provide a more secure and compliant blockchain experience. Mentioned in this article Ethereum zkSync Deutsche Bank BlackRock Franklin Templeton JPMorgan Visa Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Filled orders
Delivery scenarios
