DeFi hacks on Binance Smart Chain rise as TVL and volumes increase
While Binance Smart Chain expands its footprint, hacks on DeFi protocols housed on the network increase hand in hand. Binance Smart Chain, or BSC, was launched in September 2020 as a parallel blockchain to Binance Chain. It enabled the creation of smart contracts and a staking mechanism for the native token of both blockchains, Binance Coin (BNB). In its brief nine-month existence, there have been a lot of decentralized finance, or DeFi, projects built on it, but there have been numerous instances of hacks on the blockchain’s protocols as well.The latest victim in the series of exploits is....
Related News
The controversial Binance Smart Chain is back on the news. Apparently, the Dapps it hosts have been the target of eight flash loan hacks in the last few days. Unofficially, it’s rumored that the amount lost is close to a whopping one billion dollars. Binance thinks “well organized hackers are targeting BSC now.” Twitter is […]
PRESS RELEASE. London, UK — Centric announced an upcoming fork to the Binance Smart Chain (BSC), after almost 2.5 years on the TRON blockchain. Centric’s tokens, Centric Cash (CNS) and Centric Rise (CNR), will move to the BEP-20 token standard native to the Binance Smart Chain. Binance Smart Chain (BSC) touts “the advantages of the Binance Chain, optimized for ultra-fast trading.” It launched in September of last year, and has become a popular choice for decentralized app (DApp) deployment. “The move to Binance Smart Chain represents the most exciting....
Here at Bicoinist, we’re covering the Binance Smart Chain’s growth as it happens. They might be the world’s biggest cryptocurrency exchange, but we’re still in awe of what Binance built seemingly overnight. And about the contributions they’ve made to the DeFi space in such a short period of time. But, can the Binance Smart Chain […]
The total value locked (TVL) in decentralized finance (defi) protocols has lost 6.8% during the last 24 hours as crypto markets have experienced more losses. However, the Fantom blockchain has seen a TVL increase, jumping 46.62% over the last week. Fantom has managed to knock Binance Smart Chain (BSC) down a notch, as it now holds the third-largest share in the world of defi. Fantom’s Total Value Locked in Decentralized Finance Jumps 46% in 7 Days The defi and smart chain blockchain project Fantom has officially surpassed BSC in terms of TVL in defi protocols this....
The runaway success of Binance Smart Chain has helped propel the exchange’s utility token to the top of the crypto market top ten, and has attracted some of the industry’s top projects to the chain already. The latest project to expand to Binance Smart Chain is leading DeFi protocol EasyFi. Here’s how this latest move […]