Author: Sahil Poudel

Ellipsis Labs Gets $21M to Create a Blockchain Atlas with a Finance Focus

SUMMARY

The decentralized exchange Phoenix on Solana was developed by Ellipsis Labs, which has raised $21 million in a fundraising round headed by Haun Ventures. The money will go toward building Atlas, a new blockchain that will facilitate safe, effective financial applications. The goal of Atlas, which was developed with support for Solana Virtual Machines and Ethereum’s Layer-2 settlement, is to lay the foundation for the next wave of decentralized banking by combining fast transactions with strong security.

Funding to Advance Blockchain Capabilities

Ellipsis Labs, known for its decentralized exchange platform Phoenix on Solana, has secured $21 million in a recent funding round. Key investors like Electric Capital and Paradigm contributed to this round, which was led by Haun Ventures. The development of Atlas, a blockchain tailored to meet the unique requirements of financial applications, will be fueled by this financing.

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Atlas: A Blockchain with Financial Focus

Atlas is engineered as a finance-focused blockchain, optimized for applications requiring efficient transaction processing, low costs, and timely data updates. Launched in September 2024, Atlas aims to enhance the functionality of on-chain finance and attract mainstream users by providing essential tools for decentralized financial applications.

Solana Compatibility with Ethereum’s Security

Atlas integrates Solana Virtual Machine compatibility, allowing Solana-based apps to function on its platform. As a Layer-2 solution on Ethereum, Atlas gains access to Ethereum’s settlement layer security as well. With this combination, Solana’s speed and Ethereum’s dependability are intended to be perfect for financial transactions.

Proven Success with Phoenix on Solana

Ellipsis Labs made a significant impact with Phoenix, an on-chain orderbook that has contributed to the growth of Solana’s decentralized finance (DeFi) ecosystem. Based on this achievement, Atlas puts Ellipsis Labs in a position to grow its role in DeFi and attract both individual users and institutions. The financing round demonstrates the investors’ faith in the company’s prospects.

Steady Support from Top Blockchain Investors

The $21 million round adds to Ellipsis Labs’ previous investments, with backers like Paradigm, which led a $20 million Series A in April 2024, and Electric Capital, which led a $3.3 million seed round in 2023. Strong faith in the potential of Ellipsis Labs’ Atlas vision is shown in the continued interest from investors.

Paving the Future for On-Chain Finance

Ellipsis Labs envisions Atlas as a catalyst for redefining blockchain-based financial services by offering an efficient platform for decentralized applications. The latest funding will support this vision, addressing issues around performance and accessibility that have limited blockchain finance.

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CryptoQuant CEO Predicts Bitcoin Will Become a Currency by 2030

Summary

CryptoQuant CEO Ki Young Ju believes Bitcoin will become considerably stable and less volatile by the next halving event in 2028, making the way for mass adoption. He also states the growing difficulty of Bitcoin mining and large institutional involvement may reach a point in future where Bitcoin will be used as a currency, he predicts this to happen by 2030.

Rising Mining Difficulty: A Positive Sign

The difficulty of mining Bitcoin has skyrocketed by 378% over the past three years, according to the data provided by CryptoQuant. Ki Young Ju, A CEO said that this surge is due to entry of large scale mining companies, backed by institutional investors.While this has made things difficult for small miners to compete but he views this as a positive development, suggesting it will lead to something greater providing stability in Bitcoin ecosystem.

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Institutional Influence in Bitcoin Mining

This institutional power is being driven by significant Bitcoin mining firms like Riot Platforms, Marathon Digital, and CleanSpark. In order to help pro-crypto candidates, these businesses recently established a political action committee and started a $2 million digital advertising campaign in strategic states. The crypto mining company TeraWulf also revealed plans to raise $350 million to fund its operations, underscoring the expanding significance of institutional investors in the Bitcoin market.

Bitcoin as Currency by 2030

Ju thinks that Bitcoin will be sufficiently developed to function as a low-volatility currency by the time of the 2028 halving event. He highlights that Bitcoin was initially intended to be “peer-to-peer electronic cash,” not merely a store of value, as Satoshi Nakamoto had intended. Ju believes that by 2030, stablecoins and more regulation will allow Bitcoin to play this role.

Ethiopia’s Bitcoin Mining Surge: Powering the Future

Ethiopia’s Emerging Hub

Ethiopia has become a Bitcoin Mining Hub, with power consumption of 600MW, with 5200MW installed capacity. This power is generated through Ethiopia’s finest Hydropower facility, more of which is expected by the end of next year.

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Efficient Mining Technologies

Miners are using energy-efficient machines like Bitmain’s S19J Pro.

Ethan Vera of Luxor Mining noted

“Most mining farms had evaporative cooling (water walls) set up, although it’s not needed for the majority of the year given the cold climate. “

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Strategic Investments

Ethiopia’s involvement in Bitcoin space aims to improve their digital infrastructure, which includes a $250 million project with West Data Group focused at enhancing data mining and AI capabilities.

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Opportunities Amid Challenges

After China’s ban on Bitcoin mining, Ethiopia is rising due to lower electricity cost, despite over 50% of Ethiopians lacking electricity.

Radiant Capital Exploiter Moves $52M to Ethereum Network

Summary

An attacker moved $52 million in stolen cryptocurrency assets onto the Ethereum network after breaching DeFi lender Radiant Capital, perhaps to hide the money. While attempts are underway to track and freeze the monies, Radiant Capital has advised consumers to safeguard their assets.

Forensic Discovery

On October 24, blockchain analysis firm PeckShield reported that wallets linked to Radiant Capital’s attacker moved approximately $52 million worth of stolen assets, shifting the bulk of them from Arbitrum and Binance BNB Chain into the Ethereum network.

Exploit Details

The breach, which was first carried out on October 16, used a complex malware insertion in developers’ hardware wallets to target Radiant Capital’s Arbitrum network. The attack, which was described as “one of the most advanced in DeFi history,” cost 20,500 ETH in total.

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Laundering Methods

PeckShield noted that the funds could potentially be routed through crypto mixers on Ethereum, a common tactic to disguise stolen assets, which has been observed in other high-profile hacks this year.

Radiant’s Response

Radiant Capital urged users to revoke permissions to certain contracts through revoke.cash to prevent further losses. The team also stated that they are actively working with security and law enforcement professionals to recover the assets. This attack exposes a troubling pattern in DeFi, since previous September incursions at sites like as Indodax and BingX resulted in a total loss of $120 million in bitcoin hacks across the industry.

Crypto Startup Layer Secures $6M to Solve Smart Contract Limitations

A blockchain infrastructure startup, Layer, has successfully raised $6 million in a seed funding round. This project is led by 1kx and joined by Fabric Ventures, Arrington Capital and Stake Capital group. The company aims to utilize this money on advancing Ethereum’s Capability by innovating developer tools for full-stack dApps using web assembly.

Pioneering Blockchain Infrastructure

Layer, A company found by blockchain veterans Sam Cassatt, Jake Hartnell and Ethan Frey, aims to fix the limitations of contracts by forming more complex Decentralized Applications (dApps). This projects aims to solve surrounding smart contracts performance and scalability through the combination of blockchain security with off-chain services like AI agent and decentralized messaging server.

Sam Cassatt, co-founder of Layer Stated:

“We wanted to complete the full narrative arc of decentralized architecture, and give the world the tools necessary to build any application, with any performance requirements in this trust-minimized way.”

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Angel Investors and Layer SDK

Angel investors, including Sreeram Kannan from EigenLayer, Mike Silagadze from Ether.fi, and Paul Taylor, a former BlackRock executive also helped raise a funding of $6 million. These industry insiders are showing effort and support towards the release of “Layer SDK”, which will help developers to build full-stack blockchain applications with Ethereum as its base.

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Addressing Smart Contract Vulnerabilities

This project is about to be launched when concerns about vulnerabilities in smart contract are rising. Trugard Labs, a blockchain firm identified over 34,000 high-risk vulnerabilities in smart contract being used on various blockchains, including Ethereum and BNB chain.

Layer aims to minimize potential risks and improve Smart contracts functionability with enhanced security. This is a critical development in the growing decentralized finance (DeFi) ecosystem.

Bhutan Turns to Bitcoin Mining for Economic Self-Reliance

Bhutan, a small kingdom in south asia, is using bitcoin mining as a part of its strategy to obtain economic self-reliance. Bhutan famous for hydropower, has been secretly building a mining infrastucture using its renewable energy. This project has placed Bhutan on the global stage alongside El Salvador as one of the few countries officially mining bitcoin.

Hydro Power Meets Bitcoin

Hydroelectric power projects have provided Bhutan with vast energy resources, this excess energy initially used to support neighbouring country India, is now being used to mine Bitcoin. This move highlights Bhutan’s intention to secure nation’s future in digital economy.

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Significant Bitcoin Holdings

Bhutan is the fourth largest government holder of Bitcoin globally with over 13,000 BTC. Bhutan has surpassed El Salvador with an appropriate holding of 0.122 BTC per citizen. Meanwhile, Bhutan’s reserve amounts to nearly $8,000 per citizen. This tactical investment has given Bhutan a Financial support as it continous to grow its Crypto mining capabilities.

A Future Bitcoin Standard?

Experts have speculated that Bhutan could adopt a blockchain standard. This would mean pegging Bhutan’s Currency Ngultrum, to Bitcoin. This would offer a stable decentralized alternative to national currencies.

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Bhutan’s Global Economic Role

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By expanding its Bitcoin mining Infrastucture, Bhutan has put itself on a favourable position for future decentralized finances (DeFi). As the world shifts away from fiat currencies, bhutan’s Bitcoin Reserves could serve as a blueprint for other nations. This could enhance Bhutan’s economic sector despite it’s small size and population.

Over $100 million is lost by a Malaysian electricity company as a result of illicit bitcoin mining.

In brief

Tenaga Nasional Berhad (TNB), Malaysia’s national electrical provider, has disclosed losses resulting from illicit Bitcoin mining activities of approximately 440 million ringgit, or $101 million. According to Malaysia’s Criminal Investigation Department, TNB’s financial soundness has weakened significantly in recent years as a result of the ongoing fraud.

The Impact of Illicit Crypto Mining on the EconomySince 2020

TNB has lost a lot of money due to the illegal usage of electricity for Bitcoin mining; in 2023 alone, the firm lost 103 million ringgit. Losses started out at 5.9 million ringgit in 2020 but rapidly increased, reaching a high of 140.4 million ringgit in 2021 and continuing to do so until 2023.

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Rising Cost of Bitcoin Mining in Malaysia

In July, TNB highlighted that losses from unauthorized Bitcoin mining between 2018 and 2023 surpassed $755 million. Malaysia’s Deputy Minister of Energy Transition, Akmal Nasir, noted that although crypto mining represents a small fraction of total energy usage, it has a significant economic impact on TNB and the nation.

Seizures and Enforcement Actions

Authorities have seized around $500,000 worth of equipment linked to illegal Bitcoin mining and are investigating tax evasion using digital assets. TNB’s Criminal Investigation Department is looking into the causes of the increase in losses in prior years, especially in 2022 and 2023, in an attempt to remedy the ongoing issue.

Users Are Encouraged to Secure Wallets After $52M Is Transferred to Ethereum in Radiant Capital Hack

Summary

A recent sophisticated hack at Radiant Capital led to the theft of $52 million worth of cryptocurrency assets. Radiant Capital advised customers to secure their wallets after the thief transferred almost all of the stolen money to Ethereum, according to blockchain security firm PeckShield. The platform is now working with cybersecurity experts and authorities to track and recover the funds.

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Radiant Capital’s $52M Transferred to Ethereum

On Oct. 24, blockchain forensic firm PeckShield reported that a hacker associated with Radiant Capital had moved approximately $52 million in stolen crypto assets to the Ethereum network. The addresses connected to the hacker transferred nearly all funds from Arbitrum and Binance’s BNB Chain, totaling around 20,500 Ether.

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Details of the Radiant Capital Exploit

Radiant Capital, a decentralized finance (DeFi) lender, was targeted on Oct. 16 in a malware-based hack described as “one of the most sophisticated hacks ever recorded in DeFi.” Attackers compromised the hardware wallets of three Radiant developers, leading to losses exceeding $50 million.

User Advice: Remove Permissions from Your Wallet

Radiant Capital advised its users to use revoke.cash to remove permissions on impacted contracts in order to stop future misuse in the wake of the incident. With the words, “This is not optional—take one minute to protect your assets,” they gave users a list of compromised contracts and urged them to act immediately.

DeFi Space Sees an Increase in Crypto Hacks

PeckShield claims that losses from bitcoin hacking have escalated, with losses across numerous DeFi networks in September 2024 alone amounting to over $120 million.The growing security concerns in the decentralized banking industry were highlighted by the same thefts that affected other websites, such as BingX, Penpie, and Indodax. Radiant Capital continues to collaborate with cybersecurity experts and law enforcement to recover the stolen funds and improve company security.

Flare from Google Cloud Offers Cheap Blockchain Nodes

In conclusion, Web3 developers can now easily and economically install blockchain nodes with Flare Network’s Blockchain Machine Images on Google Cloud. This solution supports popular networks including Avalanche, Ethereum, and Bitcoin.

Launch of the Blockchain Machine Image

Flare Network unveiled its Blockchain Machine Images solution on October 25. It provides a useful node-as-a-service choice via Google Cloud. This application makes it possible for developers to quickly establish nodes for networks like Avalanche, Ethereum, and Bitcoin, which streamlines and speeds up node maintenance.

Affordable node services

At about $300 per month, a dedicated Flare node for Blockchain Machine Images is a cost-effective option for companies. Comparable services can cost up to $2,000, which is far less than this. Remote procedure calls (RPC), data indexing, and unlimited workloads make the platform popular for a wide range of applications.

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Improving the Flare Ecosystem

The service also supports Flare’s attestation providers, who safeguard and validate the network’s external data sources, including Bitcoin. According to Josh Edwards, VP of Engineering at Flare, Blockchain Machine Images will facilitate infrastructure maintenance and ensure consistent data access across Flare’s ecosystem for these crucial businesses.

Blockchain Democracy App Released by Georgia Opposition Party Prior to Elections

In brief The United National Movement has introduced United Space, a blockchain-based application intended to encourage civic engagement and voter turnout by providing incentives for participation, ahead of Georgia’s parliamentary elections. The app, which is powered by Rarimo, presents a liquid democracy paradigm and allows anonymous voting.

Blockchain Voting with United Space

In a move to address low voter turnout, Georgia’s United National Movement, an opposition party, has launched United Space, a blockchain-powered identity app. United Space leverages the Rarimo zero-knowledge protocol to reward citizens for participating in democratic processes and enable anonymous voting. The party plans to better link United Space with the country’s Public Service Hall in order to investigate experiments with Universal Basic Income and other digital governance alternatives if elected.

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Voting Security and Anonymity

Rarimo’s Freedom Tool, a zero-knowledge proof technique for confirming citizenship, is the foundation upon which the app is based. Voters can take part in the democratic process with unparalleled privacy by uploading their encrypted identification documents onto a safe, on-chain registry. Given Georgia’s political unrest stemming from authoritarian worries, this degree of anonymity is essential.

Civic Involvement and Benefits

Through a points system, United Space promotes greater civic engagement in addition to voting. By participating, citizens can accrue points and become stakeholders in strategic assets and public services. While Kitty Horlick of Rarilabs highlights the app’s function in transforming citizens into direct stakeholders in public resources, Giorgi Vashadze, MP and head of the United National Movement, views United Space as a tool to strengthen democracy in Georgia and beyond.

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