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Tokenized BTC Crosses $1B Notional: Ethereum Cements Role as Bitcoin’s Main Sidechain

Years ago when the Bitcoin network started suffering from higher fees and congestion, a number of bitcoiners advocated the use of sidechains in order to relieve the main chain’s duties. However, they didn’t realize that the Ethereum network would solidify its role as Bitcoin’s main sidechain during the last year. Five years ago, bitcoiners relentlessly argued over scaling the Bitcoin (BTC) blockchain and a number of proponents said that sidechains and offchain solutions would help. Moreover, a number of solutions like Blockstream’s Liquid and the RSK network launched. Many supporters assumed those two sidechains combined with the Lightning Network would…

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Defi Implosion: YAM Token Market Cap Plummets to Near Zero After Founder Claims He ‘Failed’

Yield farmers excited about the recent decentralized finance (defi) project, Yam Finance, got a rude awakening after the token’s value plummeted in value to near zero. Yam Finance developers discovered a major flaw in the rebasing contract and at 4 a.m. ET, cofounder Brock Elmore tweeted that he was sorry he “failed.” On Wednesday, well over $500 million funneled into the defi project Yam Finance. More than $120 million kept funneling in after the developers found a bug in the smart contract. After the bug announcement, the YAM token’s value dropped significantly as the token touched an all-time high of…

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