Chainlink Weekly Roundup: Lemonade, Devium, Made for Gamers, Nazarov Interviews
Smart contract oracle network Chainlink made announcements concerning crop protection, decentralized code repositories and Web3 game development.
Kenyan Farmers, Code Repositories, Web3 Game Devs, Nazarov on Blockchain
Chainlink continued its quest to forge connections throughout Web3, announcing partnerships with projects across the crypto world, including for parametric crop protection, decentralized code repositories, and a blockchain gaming development platform. Also we’ve got a couple of interviews featuring Chainlink Co-Founder Sergey Nazarov.
In this week’s roundup:
- The Lemonade Crypto Climate Coalition completed its initial launch.
- Devium joins Chainlink BUILD.
- Made for Gamers and 0xCord facilitate the integration of Verifiable Random Function (VRF).
- Nazarov appears on CNBC and at Barclays Crypto & Blockchain Summit.
Lemonade Crop Protection
The Lemonade Crypto Climate Coalition provided parametric crop protection for nearly 7,000 farmers in Kenya, making cash payments to farmers affected by weather events during the recent growing season.
“Working alongside our partners and seeing the very real impact decentralized technologies can have on smallholder farmers in Kenya is incredibly encouraging,” Lemonade Foundation Director Shai Wininger said in a press release.
Founders of the non-profit program include Avalanche, Chainlink, DAOstack, Etherisc, Hannover Re, and Pula.
“The Lemonade Crypto Climate Coalition’s groundbreaking Kenya project built on Avalanche illustrates how blockchain is uniquely positioned to make the world better not only in the future, but now,” Ava Labs president John Wu said.
Unlike traditional insurance, where payments can take months to process, the Lemonade program uses blockchain and smart contracts to trigger instant payments so that farmers can receive their funds in time to prepare for the next growing season.
“Farming is a game of chance, and when I was told about the program, I felt it was better to register because if the season fails, we would be compensated. I registered that same day, which was easy. And given this season, the compensation I received will help me buy food for my family and seeds for the next season,” farmer Grace Gombe Mlango said.
Between 10/22-1/23, the @Lemonade_Inc Crypto Climate Coalition provided ~7000 Kenyan farmers with crop protection.
— Chainlink (@chainlink) March 28, 2023
In an industry first, Chainlink's industry-standard oracle services for parametric crop protection provided the area yield data needed to trigger automatic payouts.
Devium Joins BUILD
Devium has joined the Chainlink BUILD Program to accelerate adoption of decentralized code repositories by Web3 developers.
“Devium has long been an active participant and believer in Chainlink. Our participation in BUILD provides us with the benefits of priority support from the Chainlink ecosystem, increased access to dApps and developers needing decentralized code repositories, and stronger incentive alignment between the Chainlink and Devium communities,” according to a Medium post from Devium.
Devium aims to build a decentralized alternative to centralized code repositories such as Github.
“We’re excited to join Chainlink BUILD to gain enhanced access to industry standard oracle services and technical support that will help power Devium adoption and awareness. We look forward to continuing our collaboration together and we welcome the passionate Chainlink community into the Devium ecosystem,” Devium CEO Latif Vardar said.
As part of BUILD, Devium will receive access to services such as Price Feeds, new Chainlink product alpha and beta releases, and more.
In return, Devium has committed 5% of its total token supply to Chainlink service providers, including stakers.
🏗️ #ChainlinkBUILD 🏗️@deviumofficial has joined #Chainlink BUILD to kickstart the adoption of decentralized, developer-owned code repositories.
— Chainlink (@chainlink) March 29, 2023
In return, the project will make 5% of its native token supply available to network service providers.https://t.co/WZgApTt284 pic.twitter.com/X8M8fqcdxM
VRF for Web3 Game Devs
Made for Gamers is leveraging 0xCord to enable developers to seamlessly integrate VRF into their Web3 games.
“Web3 gaming communities are demanding more transparency from projects, which is exactly what Chainlink VRF can help give them. It’s a must-have for Web3 games that care about the integrity of their game and building a committed community,” Made for Gamers CEO Paul-David Oosthuizen said in a Medium post.
Made for Gamers’ Web3 game dev aggregation platform is utilizing Web3 infrastructure hub 0xCord’s API to give developers access to VRF on multiple blockchains.
.@MadeForGamersHQ is leveraging @0xCord to help provide access to #Chainlink VRF in off-chain components of #Web3 games, empowering devs to provide stronger assurances around the fairness of loot boxes, rewards, and more.
— Chainlink (@chainlink) March 29, 2023
Access VRF off-chain👇https://t.co/PZtp6726Sm
Nazarov Speaks
Chainlink Co-Founder Sergey Nazarov appeared on CNBC’s Crypto World to discuss the smart contract oracle network’s partnership with PwC Germany to help accelerate enterprise blockchain adoption.
On @CNBC Crypto World, @SergeyNazarov talked about how PwC Germany's collaboration with @ChainlinkLabs can help scale up blockchain adoption for both enterprises and capital markets. pic.twitter.com/4ro2I2AmoN
— Chainlink (@chainlink) March 30, 2023
At the Barclays Crypto & Blockchain Summit, Nazarov participated in a fireside chat and talked about traditional financial institutions and the future of tokenized finance.
How will faith in the financial system be restored?
— Chainlink (@chainlink) March 29, 2023
At @Barclays Crypto & Blockchain Summit, #Chainlink Co-Founder @SergeyNazarov explained how traditional institutions can prepare for the imminent future of tokenized finance. pic.twitter.com/gdcMkxjCs1
Last four weekly Chainlink Roundups:
- March 26: Product Update, PwC, Steadefi, SteakHut, Ainslie Bullion
- March 19: Lekker Finance, Gunther’s Rich Dog, BiggerMINDS, PLEXUS
- March 12: LendeXe, Planet IX, Sneaky Vampire Syndicate
- March 5: Base, Functions, Konnect, 0xCord
What is Chainlink:
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries and offers global enterprises and leading data providers a universal gateway to all blockchains.
Where to find Chainlink:
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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