😠 Wallet Provider Slope Blamed For Solana Breach

Hello Defiers! Here’s what we’re covering today:

News

• Wallet Provider Slope Blamed For Solana Breach
• Plumbing Google Search Data for Clues on Crypto Market’s Direction
• Filecoin Storage Up 128% This Quarter

DeFi Explainers

• What Is Cryptocurrency Market Cap?

Video

• Hot Stuff: Volatility's Best Friend: VOLT #05

Elsewhere

• Sam Bankman-Fried: Solana is the most underrated token right now: Fortune
• Crypto VC firm Hashed confirms losing more than $3 billion in luna crash: Bloomberg
• Goerli/Prater Merge Announcement: Ethereum Foundation
• Proposal by @lemiscate to freeze Fantom Market due to unbalanced risk/reward: Stani Kulechov

Trending in The Defiant

• PoW Die-Hards Plan to Fork and Mine Their Own Ethereum Chains After The Merge
• Ethereum Classic Shakes Off the Dust and Rockets 174%
• Nomad ‘Crowd-Looting’ Triggers Exodus From Other Blockchains

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Exploits

😠 Wallet Provider Slope Blamed For Solana Breach

Users’ private keys may have been inadvertently leaked, according to the Solana team.

By Aleksandar Gilbert

HACK Solana wallet provider Slope has been identified as the source of a hack in which attackers stole an estimated $8M in USDC, SOL and other crypto assets, according to a brief analysis released Wednesday by the Layer 1 blockchain.

USERS Slope users were urged to create brand-new wallets with alternative providers and to transfer their crypto assets to those new wallets. In a statement Wednesday afternoon, Slope acknowledged that a “cohort” of its wallets were compromised.

PAIN “We have some hypotheses as to the nature of the breach, but nothing is yet firm,” the statement read. “We feel the community’s pain, and we were not immune. Many of our own staff and founders’ wallets were drained.”

WALLETS Slope said hardware wallets were not affected and a full post-mortem was incoming. Solana, meanwhile, said its researchers had determined “private key information” – essentially the password to a user’s crypto wallet – “was inadvertently transmitted to an application monitoring service.” How this later led to the hack is yet to be determined.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Market Metrics

🔦 Plumbing Google Search Data for Clues on Crypto Market’s Direction

Google Searches for ‘Crypto’ and ‘NFTs’ Have Plunged

By Claire Gu

BOTTOM Calling the bottom of the market is one of the toughest tasks for investors. How do you know when the worst is over and maybe, just maybe, it’s time to get back in and do some buying?

QUESTION That question is a big one at the moment as The Merge spurs a summer rally in Ethereum and dreams of a new bull run. As investors scramble for signs this shift may be actually happening, many are turning to an unusual metric — Google Trends data.

SENTIMENT Analyzing Google searches has become one of the best ways to get a handle on investor sentiment and retail interest. The Defiant has found that in 2022, web searches for “crypto” have tumbled 73%, and those for “NFTs” have fallen 86%. Meanwhile, 57% fewer people are searching for “Ethereum”.

Source: Google Trends

👉READ THE FULL STORY IN THE DEFIANT.IO👈

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DeFi Data

💽 Filecoin Storage Up 128% This Quarter

The decentralized file storage sector is growing rapidly.

By Jason Levin

STORAGE We live in the age of data. Whether it’s backing up our cell phones and photos or corporations storing their records, our appetite for storage continues to grow, with global data storage predicted to hit 181 ZB (zettabytes or 1021 bytes) by 2025.

Global Data Storage. Source: Statista

SUBTLE While web2 behemoths like Amazon’s AWS and Microsoft’s Azure dominate the industry, there is a subtly growing sub-industry focused on decentralized data storage.

ACCESS Centralized storage providers like AWS store data on internal servers, implying that users’ access to their data can be cut off by the hosting company if it chooses to do so. This could happen for various reasons such as non-payment, violation of ToS etc.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

The Tube

📺 Hot Stuff: Volatility's Best Friend: VOLT #05

DeFi Explainers

What Is Cryptocurrency Market Cap?

A Primer on One of the Most Important Metrics in DeFi

By Rahul Nambiampurath

SHARE PRICE Investors use market capitalization as the yardstick to measure both stocks and cryptocurrencies. A publicly-traded company’s market capitalization is synonymous with its value. That’s because it is calculated by multiplying the company’s total shares by the share price.

IPO However, cryptocurrencies are not companies. And unlike stocks, digital tokens do not represent an ownership share of the venture. Both stocks and cryptocurrencies debut in the market through public offerings; with the former it’s via an initial public offering, or IPO, and with the latter it’s an initial coin offering, or ICO.

SUPPLY Most importantly, market cap helps size up how investors view the prospects of assets. No matter how a cryptocurrency supply is allocated, the formula for market cap is always the same. Multiply the price of each token by the number of circulating coins. In the case of Bitcoin, that would be the following:

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Elsewhere

🔗 Sam Bankman-Fried: Solana is the most underrated token right now: Fortune

The CEO of FTX spoke with Fortune’s Jeff John Roberts.

🔗 Crypto VC firm Hashed confirms losing more than $3 billion in luna crash: Bloomberg

Crypto venture capital firm Hashed lost more than $3 billion from its investment in the Terra ecosystem's luna token following its crash in early May, CEO and managing partner Simon Seojoon Kim has confirmed.

🔗 Goerli/Prater Merge Announcement: Ethereum Foundation

After years of work to bring proof-of-stake to Ethereum, we are now well into the final testing stage: testnet deployments!

stani.lens (🌿,👻) @StaniKulechovProposal by @lemiscate to freeze Fantom Market due to unbalanced risk/reward. tl;dr Fantom market isn't yielding sufficient revenue to the AaveDAO considering the risk involved with bridges today

governance.aave.com[ARC] Aave V3 Fantom - Freeze reserves[ARC] Aave V3 Fantom - Freeze reserves aip: TBA title: Aave V3 Fantom - Freeze reserves status: Proposal author: Marc Zeller created: 02/08/2022 Simple Summary This ARC proposes to freeze the Aave V3 Fantom market, allowing users to repay their debts and withdraw but blocking deposits and fur…9:35 AM ∙ Aug 2, 2022160Likes18Retweets

Trending in The Defiant

• PoW Die-Hards Plan to Fork and Mine Their Own Ethereum Chains After The MergeThere is no doubting the excitement in DeFi. The biggest upgrade in the history of Ethereum is rapidly approaching. The Merge will convert Ethereum into a Proof-of-Stake-based blockchain from a Proof-of-Work one.
• Ethereum Classic Shakes Off the Dust and Rockets 174%It’s one of the mysteries of the summer rally. Ethereum Classic, that often-overlooked fork from the early days of the Ethereum, has skyrocketed 174% since July 13.
• Nomad ‘Crowd-Looting’ Triggers Exodus From Other BlockchainsUsers have fled blockchains affiliated with Nomad, the bridge protocol that was emptied in an exploit Monday evening. By Tuesday, users had withdrawn more than half of the value locked in Moonbeam, and one-third of the value locked in Cardano since the attack began, according to data on Defi Llama.

🧑‍💻 ✍️ Stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Claire Gu, Samuel Haig, Jason Levin, and yyctrader, and edited by Edward Robinson, yyctrader and Camila Russo. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.

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The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access, while free signups get only part of the content.Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr.