It’s a Date: Ethereum Shapella Unstaking Upgrade Set for April 12
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Project Insight: Multiplier
April 10, 2021
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DeFi is an ever-evolving sector. New projects often build on the success of a predecessor. The Multiplier Project, derived from Aave, seeks to extend the successes of Aave to flash loans and decentralized lending.
Introduction
One novel financial service gaining traction in DeFi is what is known as Flash Loans. These are loans that do not require collateral to initiate a borrow. The only requirement is that the loan must be repaid within the same transaction block. This service is of great interest to arbitrage traders. Arbitrage traders try to make a profit by simultaneously trading an asset on two or more markets where the price of that asset is not the same.
Several platforms offering flash loans have recorded reasonably good success. One of the leaders in the industry, Aave was reported to have processed over $1.5 billion of loans within 10 months of starting to offer the service.
What Is The Multiplier Protocol?
Multiplier Protocol is a crypto lending platform. It started off in 2019 initially as a centralized finance (CEFI) platform but eventually ventured into offering decentralized products. The main vision of Multiplier is to use blockchain technology to make finance simpler for everyone.
As proof of its reputation, Multiplier Protocol is licensed to operate as a regulated financial services provider in Switzerland and Hong Kong. It has also been able to seal partnerships with some flagship companies such as Coinbase Custody.
Multiplier’s initial DeFi projects were TakoSwap and Simplified Stable Bonds (SSB), which were built on the Ethereum blockchain. In February 2021, Multiplier migrated its lending protocol to the Binance Smart Chain (BSC) and launched the Multi-Chain Lend (MCL).
Multi-Chain Lend
MCL is a decentralized lending protocol. Multiplier Finance developed it in collaboration with a renowned cybersecurity firm, Bramah Systems. The core objective behind MCL is the provision of secure credit services to the large BSC community. MCL is also the first lending protocol to offer flash loans on the SC.
MCL was forked from the Aave Protocol, but whereas Aave is an Ethereum-based protocol. MCL offers cheaper flash loan rates as well as shares more revenue to its users than Aave does. Investors earn interest by committing their assets to lending pools, from which funds are made available to borrowers. MCL also leverages the Binance Smart Chain to deliver faster transactions with lower gas fees.
Features of Multi-Chain Lend
- It uses an algorithmic market model. Both Stable and variable interest rates are available to borrowers.
- It advertises itself as a secure platform. The protocol’s smart contracts have been audited by reputable blockchain security companies, CertiK and Bramah Systems.
- Offers conventional DeFi lending as well as flash loans.
- Users can leverage on BSC’s fast speed and low gas fees. This will be of particular benefit in flash loans.
How It Works
The Multi-Chain Lend protocol has seven structures that work together as an ecosystem. These are:
- Lenders
These are users who support the protocol by donating their assets to a pool controlled by a smart contract. A user could then use his deposited assets as either collateral or liquidity.
- Borrowers
They are users who borrow assets from the system. To be able to borrow, they would need to provide other assets as collateral except in requests for flash loans in which case collateral is not required.
- Repayment and Withdrawal
The protocol allows either party to partially or totally close their exposure.
- Flash Loans
Multi-Chain Lend supports flash loans. A borrower can borrow assets from the pool without having to provide any collateral. The only caveat is that the borrowed assets and accrued interest must be paid back in the same blockchain transaction.
- Governance
Multi-Chain Lend is designed to be community-driven. The platform’s native token will give holders the rights to take part in making decisions about the protocol’s development.
- Incentives and Rewards
Participants in the lending pool earn interest from the rate charged to borrowers and other fees earned by the protocol.
- Multi-Chain
The protocol began as a Centralized Finance provider (CEFI) on the Ethereum blockchain and expanded to DeFi on the Binance Smart Chain. MCL supports multichain interoperability by having a mechanism for converting CEFI platform tokens(MXX) to DeFi’s (bMXX), and vice versa.
Multi-Chain Lend Tokenomics
The native token of the MCL protocol is the bMXX. It is the governance token for the platform.
$bMXX has a total supply of 13,000,000 and is trading on the decentralized exchange, Pancakeswap.
To acquire governance privileges, holders are required to stake their bMXX in the governance pool. When they do so, they will also be eligible to share a portion of the protocol’s revenue etc. Here is further information about bMXX.
Future Plans
So far, the Multiplier Protocol’s development team has accomplished several milestones. These include launching its automated market maker (AMM) decentralized exchange, TakoSwap, and being audited by first-class security and audit company, Certik.
Other plans for the immediate future are
1. Integration of the protocol’s tokens with more DEX wallets.
2. Increase collaboration with partners to boost adoption.
3. Provide Software Development Kits(SDK) and other incentives to encourage developers build apps for the platform.
More details about the platform’s projections can be found here.
Conclusion
Multi-Chain Lend is the first platform to offer flash loans on the ever-expanding Binance Smart Chain network. While Flash loans are generating growing interest in DeFi, The Binance Smart Chain is witnessing lots of users and developers migrating to its platform. Multi-Chain Lend is well-positioned to leverage the Binance Smart Chain and become a successful project.
For more information about Multiplier Protocol and Multi-Chain Lend, visit the protocol’s media pages
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Related News
Radiant Capital Expands From Arbitrum to BNB Chain
March 28, 2023
Radiant’s expansion from Arbitrum to BNB Chain is the first-step in its omnichain DeFi aspirations.
DeFi on Arbitrum, BNB Chain
Aspiring omnichain money market Radiant Capital is now live on BNB Chain.
The expansion by the Arbitrum-native lending platform is another link in the cross-chain Decentralized Finance (DeFi) ecosystem that is emerging on the two Ethereum Virtual Machine (EVM)-compatible networks.
As BSC News reported previously, Radiant recently launched its v2 product on Arbitrum. Built on Layer Zero, Radiant intends to allow users to deposit assets from any major blockchain, borrow assets across multiple chains, and withdraw funds to any major blockchain.
According to DefiLlama, Radiant has the second-largest Total Value Locked (TVL) on Arbitrum, with nearly $334 million. That puts it above Uniswap and only behind GMX.
Radiant’s Arbitrum TVL would put it in fourth place on BNB Chain, behind PancakeSwap, Venus and Alpaca Finance.
On launch, Radiant has just over $28 million in TVL on BNB Chain, according to DefiLlama.
In a Twitter thread accompanying the announcement of its expansion, Radiant cited BNB Chain’s growth and overall size in terms of users and TVL.
“In short: @BNBCHAIN is dominating DeFi onboarding[.] And Radiant v2's BNB integration means it's one step closer to the ultimate vision: Become DeFi's premiere, cross-chain lending market,” Radiant tweeted.
Radiant’s announcement comes one day after stableswap Wombat Exchange announced it would be expanding from BNB Chain to Arbitrum on April 5, bringing with it the WOM Wars competition among yield-boosting protocols Wombex Finance, Magpie XYZ and Quoll Finance.
Other DeFi protocols that are live on both BNB Chain and Arbitrum include Uniswap, Trader Joe, ApeSwap, ApolloX and Dopex.
What is Radiant Capital:
Radiant intends to be the first omnichain money market, allowing users to deposit any major asset on any major chain and borrow a variety of supported assets across multiple chains.
Lenders who provide Radiant with liquidity will earn a passive income from their deposit assets. Borrowers can withdraw against collateralized funds to obtain liquidity (working capital) without selling assets or closing positions.
Radiant's cross-chain interoperability is built on Layer Zero, taking advantage of Stargate's stable router interface. Lenders who want to reclaim their collateral can specify which chain to withdraw funds from and what percentage to send to each chain.
Learn more about Radiant Capital:
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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.
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Chingari Announces Integration with Wormhole for Cross-Chain Expansion to Aptos
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March 29, 2023
The integration will also enable Gari Network with an easy and efficient way to migrate assets from Solana to Aptos, paving the way for a smooth bridging operation.
Chingari Goes Crosschain
Chingari, the on-chain social app, announced its integration with Wormhole to enable cross-chain expansion to the Aptos network.
“This partnership seeks to enable Gari Network with an easy and efficient way to migrate assets from Solana to Aptos, paving way for a smooth bridging operation,” The Gari Network team stated.
Last month, Gari Network announced its plans to go multi-chain, enabling the Chingari app to launch on the Aptos blockchain in the second quarter. But what the recent integration will bring for Gari Network:
Benefits of Wormhole Integration
According to Gari Network, users can access different blockchain networks from a single wallet with the recent integration. By integrating cross-chain interoperability, Chingari looks to expand its user base to the Aptos community and offer more innovative features.
Further, core contributors to Gari Network can use Wormhole to transfer emissions to Aptos' Gari wallet when it becomes available. With the Chingari app, new users can use the Aptos-backed Gari wallet seamlessly without needing to migrate.
Furthermore, the protocol believes that the integration can significantly improve performance by offloading some transactional load to other networks.
Having over 5 million daily active users and 2.2 million GARI wallet holders, Chingari has become an increasingly popular platform for entertainment and social interaction.
Gari Network (GARI) is trading at $0.05153, up 1.07% in 24 hours.
What is Chingari:
Chingari is a video-sharing mobile app. In these videos, users can add visual effects, lip-sync, dance, or voice-over movie scenes and comic dialogues. The Company’s vision is to be the best of its short video-sharing platform for its users. A hot new stage for flaming talent to show the world who you are by capturing flawless videos and sharing them in seconds. Express yourself, Create amazing videos, and connect with the content you love! We are a growing family that values diversity by doing the right thing with precision, pace, and passion for reaching the Fast Moving Needs of Modern Bharat.
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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.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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It’s a Date: Ethereum Shapella Unstaking Upgrade Set for April 12
March 29, 2023
The Shanghai + Capella (Shapella) update to the Ethereum mainnet is the biggest on-chain event of the year, as it allows for the withdrawal of staked $ETH.
Ready for ETH Unstaking?
The biggest on-chain event of the year finally has a firm date. The Shanghai + Capella (Shapella) upgrade to the Ethereum mainnet will take place around 10:30 p.m. UTC on Wed., April 12.
Ethereum core developer Tim Beiko said in a Twitter thread that Shapella bug bounties are being doubled until April 5. Additionally he included a link to the Shapella Watch Party on YouTube.
According to an announcement from the Ethereum Foundation Blog, the update’s March rollout to the Goerli testnet has gone smoothly, and developers quickly reached a consensus on the timing of the mainnet upgrade.
“This upgrade follows The Merge and enables validators to withdraw their stake from the Beacon Chain back to the execution layer. It also introduces new functionality to both the execution and consensus layer,” according to the blog.
The immediate knock-on effect of the anticipated Shapella upgrade has been to create new demand for Ether liquid staking projects. The thinking is that the new ability to unstake $ETH will attract more users to stake their $ETH – and, instead of just staking directly, to use a liquid staking protocol that enables them, effectively, to “double-dip” in yield farms and Decentralized Finance (DeFi) platforms.
What is Ethereum:
Ethereum is an open-source, distributed computing platform based on blockchain technology that can execute smart contracts - that is, the terms written in the contract will be executed transparently, automatically when the previous conditions are satisfied, and no one can interfere. At the same time, Ethereum also allows developers to build decentralized applications (DApps) and decentralized autonomous organizations (DAO).
Find more about Ethereum here:
Website | Twitter | Documentation | Whitepaper | Reddit | Discord | Youtube | GitHub | Ethereum Foundation Blog |
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SafeMoon’s Liquidity ‘Compromised’ for $9M, SFM Token Plummets
March 29, 2023
PeckShield said a “public burn bug” was introduced during an update by the official SafeMoon deployer.
More Trouble for SafeMoon
There’s been another incident with the SafeMoon project, which announced that its SFM/BNB Liquidity Pool had been “compromised.” On-chain data indicates the amount drained approached $9 million.
SafeMoon CEO John Karony tweeted that only the SFM/BNB LP was affected, and the project’s exchange platform is “safe” along with the wallet.
This isn’t the first time SafeMoon has been in the negative spotlight. In April 2022, YouTuber Coffeezilla published two videos looking into the project’s troubles, some of which predated Karony’s tenure.
In regard to the current incident, blockchain security firm PeckShield tweeted that the code that was exploited – a “public burn bug” – was introduced by the official SafeMoon deployer.
“The upgrade, with the exploited public burn bug, was initiated by the official SafeMoon: Deployer. (Admin key leak?),” PeckShield said.
Data from BscScan indicates that the exploiter’s wallet transferred the funds to a second wallet, which sent a message to the SafeMoon deployer, saying “Hey relax, we are accidently frontrun an attack against you, we would like to return the fund, setup secure communication channel , lets talk”.
Upon news breaking about the incident, the SFM token’s value dropped by about 30%, according to CoinGecko, though it has since regained some of that loss.
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Pi Network Introduces Ambassador Program to Onboard Local Businesses to the Pi Ecosystem
March 29, 2023
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Pi Network created the local business ambassador program to onboard Pioneers who can convince users to integrate Pi payments into their businesses.
Become a Local Business Ambassador on Pi Network
Becoming a local business ambassador is the second ecosystem program unveiled by Pi Network on Pi Day 2023. Like the ecosystem ambassador program, Pioneers can contribute to the network’s development.
The local business ambassador program is for stores, shops, and small businesses that accept Pi payments. Already, numerous stores have started receiving Pi payments for goods and services, and Pi Network has recognized its importance in contributing to a solid infrastructure in the Decentralized Finance (DeFi) space.
“Local businesses are an important component to the Pi ecosystem and will make great contributions to building substance and utilities for the network,” Pi Network’s announcement read. “Local businesses are also where the grassroots power of the Pi community can be unleashed to have great potential and impact—something rarely seen in other networks.”
Pi Network created the program to onboard Pioneers, contributing to Pi’s development by bringing local businesses into the Pi ecosystem through Pi payment integration. However, while it promotes the network’s awareness, there may be some challenges.
To solve these challenges, such as location, accountability, and many more, Pi Network opened community proposals for Pioneers to submit their ideas on encouraging users to integrate Pi payments into their local businesses.
“If you are knowledgeable about local businesses or enthusiastic about this direction of ecosystem building, submit your ideas via the Pi support portal. Stay tuned for more updates on this program,” Pi Network wrote.
Open the Pi Day announcement HERE to submit your ideas about the initiative.
What is Pi Network:
Pi Network is a novel cryptocurrency and developer platform allowing mobile users to mine Pi coins without draining the battery. Pi’s blockchain secures economic transactions via a mobile meritocracy system and a full Web 3.0 experience where community developers can build decentralized applications (Dapps) for millions of users.
Where to find Pi Network:
Website | Twitter | LinkedIn | Facebook | Instagram |
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