Crypto News

Lido Gets All-Clear Signal From Blockchain Auditing Experts Statemind

The firm behind the recent success story, where $350M in damages were prevented from hitting the Avalanche blockchain, has released an in-depth audit report of the popular Ethereum liquidity staking solution, Lido.  The report has ultimately given Lido an all-clear signal, noting that no significant vulnerabilities were discovered. Here is what newcomer blockchain auditing firm Statemind did find in their Lido report.  Lido Tasks Statemind With Keeping Billions At Stake Secure Lido is designed to provide liquidity for staked assets with daily rewards and no lock up periods. Lido staking solutions are available for Ethereum, Solana, Polygon, Terra, Kusama, and Polkadot. Without solutions like Lido, staking Ethereum, for example, requires locking up as much as 32 ETH for many years without being able to use or sell the tokens.  When staking Lido you mint staked tokens which are issued 1:1 to your initial stake. With Lido, your staked tokens can be used across the DeFi ecosystem as collateral, for lending, yield farming, and more. As Lido expands its stronghold over liquid crypto staking solutions, the need for the underlying code to be squeaky clean and without any potential complications becomes imperative. Billions of dollars in value are at stake across millions of users. Lido has tasked blockchain auditing firm Statemind with reviewing its code and ensuring no critical vulnerabilities exist — and if they do, snuff them out before they become an issue.  Statemind Makes Huge Splash At Launch, Saving Avalanche $350M Statemind did just this but outside of its regular clientele, while simultaneously making a huge splash across the cryptocurrency development community. A proactive review of several top blockchains revealed that Avalanche and associated chains were exposed to a critical vulnerability. Estimated damages top over $350M that Statemind was able to save.  In the more reactive Lido research prompted by the client themselves, Statemind, fortunately, discovered zero critical, high, or medium-severity bugs. Only informational bugs were found, which are easily patched and pose no threat, said Statemind.  The Results And Recommendations Of The Lido Audit Report Statemind further outlined the results of the MEV-Boost relay allowlist project and Lido audit in a nine-page report. According to the report, the on-chain relay allowlist is “used by Node Operators participating in the Lido protocol after the ETH Merge to extract MEV.” Node Operators use the contract to ensure up-to-date software configuration at all times.   “Key recommendations involve checking the number of relays right after the msg.sender check, removing the zero address check for msg.sender, checking if the token address is a contract in the function _safe_erc20_transfer, and utilizing mapping that maps URI to index of relay in the array,” Statemind explained in a blog post.  What You Need To Know About Statemind Blockchain Safety Audits  Lido is just one of many of Statemind’s clients, which also include 1INCH and Yearn.Finance. In addition to finding a critical vulnerability in Avalanche, Statemind also just announced the discovery of a two-year-old exploit in Andre Cronje’s latest project, Keep3r Network.  Statemind is a brand new blockchain security auditing firm with over 100,000 LoC of Solidity and Vyper experience combined. Thus far, Statemind audits have secured over $10B in TVL, and the examples above have only added to this rapidly-growing number. To learn more, visit Statemind.io.

Bitcoin Crypto News

Bitcoin May Retest $20,000 Zone Before It Drops To $18,000 Level

Fear has gripped investors and traders alike in light of the recent adverse market action. Bitcoin, the most well-known cryptocurrency, has suffered the highest levels of selling pressure since the crisis in June and July. With a high of $22,400 on September 13 and a low of $18,790 today, Bitcoin has fallen by nearly 8%. The price has dropped by a stunning 13.31 percent. This, too, can be explained by the unfavorable economic developments in the United States, as have the recent price fluctuations. As of this writing, the latest sell-off has not lost any of its steam. Price information from the last few days places Bitcoin between $19,344 and $18,346. Financial market participants should not place any stock in these figures. Related Reading: Chiliz Bulls Test $0.2505 Resistance – Can CHZ Reach Green Zone? Source: TradingView.com Bitcoin Needs To Crawl Back Up Bitcoin’s attempt at a comeback resulted in the formation of a double triangle, which is harmonically related to the XABCD pattern. This pattern may point to a reversal in which buyers can get in at a discount and sellers can make a profit. However, this was not the situation. Bitcoin may retest the $20,000 crucial territory before if retreats to the $18,000 level. BTC is selling at a significant discount to the 78.60 Fib level right now. Being so far away from the important psychological threshold of $20,000, this price point may hinder any further rebound. Investor confidence can only continue to rise with the aforementioned price in place. A turnaround can only occur if bulls step in to buy the ongoing decline and turn around the bearish trend. Bitcoin’s price may be able to retest the $20,500 resistance level if the aforementioned hypothetical event occurs. The 61.80 Fib level is where the aforementioned resistance is located. However, Bitcoin’s correlation with the broader financial landscape is not advantageous. Bitcoin’s close correlation with the S&P 500 and NASDAQ indexes makes it difficult to restore upward momentum. BTC Needs All Energy It Can Muster To Normalize Bitcoin’s rebound is in peril as the larger financial sector experiences a steep decline. In fact, it may not even hit the $20,500 resistance mentioned. According to the renowned cryptoanalyst @woonomics, Bitcoin has not yet reached rock bottom. As he evaluated the past and present performance of Bitcoin, he discovered that only 52 percent of all coins are underwater. Bitcoin’s previous bottoms were 61 percent, 67 percent, and 57 percent. The data he gave indicates that if Bitcoin were to reach rock bottom once more, it would not be at $18,000. For Bitcoin to emerge from this predicament, the larger financial sector must rebound from the current collapse in order to restore investor and trader confidence. As of this writing, the Stoch RSI values are converging, which may provide a modest boost to the price. However, with present market dynamics following a strong downward trend, recovery is unlikely. Related Reading: AVAX Price Rebound Fails To Breach $22 Resistance Due To High CPI Data BTC total market cap at $359 billion on the daily chart | Source: TradingView.com Featured image Pixabay, Chart: TradingView.com (The analysis represents the author’s personal views and should not be construed as investment advice).

Altcoins Analysis Bitcoin Blockchain

The interaction of two crucial elements of investment: risk and return

The interaction of two crucial elements of investment: risk and return

Chocodoge, an NFT gaming project created for Dogechain, is concerned with the surging rate of fraud and investment risks looting investors of their funds. Hence, according to a recent press release, Chocodoge is set to provide the industry with an innovative platform that guarantees security for investors. Naturally, it has been observed that risk and […]

Altcoins Ethereum

Trading App Giant Robinhood Launches Support for Ethereum Rival Cardano (ADA) Ahead of Network Upgrades

Retail trading giant Robinhood is kicking off the new month by adding a top-10 crypto asset to its trading roster. In a new announcement via Twitter, the firm says that scalable decentralized blockchain Cardano (ADA), prompted by customer demand, is now live on the Robinhood platform. Cardano is an Ethereum (ETH) competitor, and this month […]

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Altcoins Blockchain

Cardano Creator Charles Hoskinson Gives Update on Big Vasil Hardfork, Reveals New Timeline

Cardano (ADA) creator Charles Hoskinson is giving an update on the highly anticipated Vasil hard fork for the Ethereum (ETH) rival’s blockchain. In a new video update, Hoskinson says that major crypto exchanges are currently working on the new Cardano hard fork, and he expects more to follow. “So the next major lift is to […]

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