Coindesk

Untangled Finance and Moody’s Ratings have completed a Proof of Concept to move credit ratings on-chain by testing a system to allow for decentralized access to Moody's financial data.The proof-of-concept, conducted on the Polygon Amoy Testnet, integrated Moody’s Ratings into Credio, Untangled Finance’s risk oracle. Using zero-knowledge proof (ZKP) technology, the system allowed credit ratings to be securely published, updated, and withdrawn on-chain while protecting proprietary information.“Our oracle solution ensures real-time data visibility and immutability while preserving privacy,” said Manrui Tang, co-founder of Untangled Finance, in a release.Bringing credit ratings on-chain could make risk assessment more transparent and efficient, allowing DeFi protocols and other blockchain-based applications to integrate real-time credit data without reliance on centralized intermediaries.This follows Untangled Finance's 2024...

The recent security breach for around $1.5 billion at Bybit, the world's second-largest cryptocurrency exchange by trading volume, sent ripples through the digital asset community. With $20 billion in customer assets under custody, Bybit faced a significant challenge when an attacker exploited security controls during a routine transfer from an offline "cold" wallet to a "warm" wallet used for daily trading.Initial reports suggest the vulnerability involved a home-grown Web3 implementation using Gnosis Safe — a multi-signature wallet that uses off-chain scaling techniques, contains a centralized upgradable architecture, and a user interface for signing. Malicious code deployed using the upgradable architecture made what looked like a routine transfer actually an altered contract. The incident triggered around 350,000 withdrawal requests as users...

Ethereum has undergone a big transformation in the last four years, starting as a network capable of handling just 15 transactions per second, and evolving to a powerhouse processing thousands, with transaction costs decreasing from $50 per swap to mere cents. L2s and rollups have helped scale Ethereum without compromising its decentralized ethos. But this success has led to a new problem, one of fragmentation.Today, Ethereum is one of the most widely adopted blockchains, consisting of a network of over 50 L2s, each operating as its own siloed ecosystem. What this means for end-users is having to juggle multiple networks, bridge assets, and navigate a maze of processes just to perform basic actions.Mirroring the fragmented technological landscape, Ethereum’s funding landscape...

If you blinked you may have missed it: Solana's SOL futures started trading on Monday on the Chicago Mercantile Exchange (CME), the go-to marketplace for U.S. institutions, and unlike previous, historic CME debuts for bitcoin (BTC) and ether (ETH), it received little fanfare.The product booked $12.3 million in notional daily volume on day one and closed with $7.8 million in open interest, well falling short of similar debuts of BTC and ETH products, according to K33 Research data. For context, BTC futures launched in December 2017 with $102.7 million first-day volume and $20.9 million in open interest, while ETH futures debuted in February 2021 with $31 million in volume and $20 million in open interest, per K33.Already under pressure by...

Ark Invest CEO Cathie Wood, one of the earliest traditional financial investors in crypto, hopes to bring some of her company’s funds on-chain once the regulatory landscape allows companies in the U.S. to do so.“We think tokenization is going to be huge,” Wood said at the Digital Asset Summit in New York on Tuesday. “We’d love to be able to tokenize our Venture Fund (ARKVX) or our Revolution Fund.”“I think the regulations are starting to open up in a way that will allow us to do that. So we'd like to seize the moment,” she added.U.S. regulators have yet to provide a clear framework and rules for registering security tokens, making it difficult for entities like Ark to launch...