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Ethereum’s gas fee skyrockets, what’s the DeFi link?

Ethereum gas fees hit a level seen 5 times in the last 4 years; why? The average gas fees on Ethereum blockchain has hit a level not seen in a long time. The average gas fees, at the time of writing, was just below 200. However, as per ETH gas station, for fast transaction confirmations, the gwei required is 200 and for a standard confirmation, it is 196. Why is this happening? Well, if you are not aware by now, DeFi ecosystem’s yield farming is the new hype. With a new DeFi platform launching every other day promising huge returns,…

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European Crypto Exchange 2gether Is Latest to Be Compromised

It’s happened again, folks. Another cryptocurrency trading platform has been compromised by unseen malicious actors. This time, the victim is 2gether, a European crypto exchange that allows people to sell, buy and trade bitcoin and other digital currencies without incurring additional fees. 2gether Is the Latest Exchange to Be Compromised The hackers made off with more than one million pounds-worth of digital assets. 2gether’s native coin, known as the 2GT token, was set to be released to the public in the coming weeks in a token sale that would occur in Spain, though at press time, it’s unclear if the…

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Zero Collateral: $138 Million in Defi Flash Loans Issued in 24 Hours

The decentralized finance (defi) realm continues to heat up with concepts like yield farming, but another scheme called defi flash loans has also grown exponential. On Monday, the noncustodial lending protocol Aave issued $138 million in loans with zero collateral. Since the last week of June, defi flash loans have increased by 809% as the protocol Aave is issuing anywhere between $80-100 million in flash loans per day. Data shows that Aave issued over $138 million on Monday and the pace continues to trend higher. The word “Aave” is a Finnish term to describe a ghost, as the noncustodial platform…

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