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Kresus launches dApp marketplace for the Polygon ecosystem

  • Kresus has launched its decentralised applications (dApps) marketplace for the Polygon ecosystem.
  • Users will access Polygon dApps via the Kresus SuperApp.

Kresus Marketplace, the integrated decentralized applications (dApps) platform on Polygon, is now live.

The marketplace is powered by the Meroku Protocol and was developed by Web3 wallet and app Kresus in collaboration with Polygon Labs.

The launch of the Kresus Marketplace means that Web2 users can now easily access, navigate and explore the Polygon ecosystem. Some of the popular dApps will be in DeFi, GameFi, social networks and digital identities, which users will be able to access via the Kresus SuperApp.

 “With the support of Polygon Labs, we’ve created a dApp explorer that is intuitive and accessible, allowing users to discover the many faces of web3 and make them part of their daily lives,” Trevor Traina, CEO and founder of Kresus Labs said.

Making access to Web3 fun

Per details shared with CoinJournal, the Kresus SuperApp has a UX that is similar to Web2 that most of the global population is familiar with. User exposure to blockchain-based applications is therefore without the complexities of navigating on-chain applications, the platform wrote.

“From exploring metaverses to minting digital identities, Kresus users can now explore the Polygon ecosystem within a familiar web3 environment and without needing to export their account details. The Kresus Marketplace will empower SuperApp users to start exploring the best of Polygon in just a few clicks,” Kresus noted in their press release.

Commenting on what this means for users, Polygon’s Ravikant Agrawal said Kresus SuperApp’s “innovative and easy-to-use wallets” will allow Polygon projects to tap into a new user base. The collaboration is set to help with onboarding of more people onto Web3, he noted.

More users can leverage the Kresus SuperApp and marketplace, giving rise to greater adoption and growth. 

Kresus plans to roll out several additional tools to support this. One such tool is Kresus Connect, an SDK that will allow selected Polygon projects to integrate the Kresus wallet and support ecosystem growth for Polygon.

The post Kresus launches dApp marketplace for the Polygon ecosystem appeared first on CoinJournal.

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Quanstamp’s new service to help curb the threats of flash loan attacks

Key takeaways

  • Blockchain security platform Quantstamp seeks to curb the threats of flash loan attacks with its new service. 

  • The service could help reduce the number of protocols that get hacked.

Quanstamp to launch a new service

Blockchain security platform Quantstamp has revealed that it wants to reduce the threats of flash loan attacks with its service service. 

The team told CoinDesk that the service is designed to catch exploits before they go off. The service, called the Economic Exploit Analysis, will detect common attack pathways used by hackers via automated tooling before protocols get hacked.

The Economic Exploit Analysis has already been released in partnership with researchers from the University of Toronto.

DeFi protocols have lost an estimated $207 million worth of tokens due to flash loan attacks during the first half of the year. 

Flash loan attacks are when someone exploits a smart contract in order to get a quick loan. This can be done by taking advantage of a vulnerability in the code, or by convincing the contract’s owner to give them a loan.

Flash loan attacks can be used to drain the entire total value locked (TVL) of a DeFi protocol, making it quite problematic for projects in the crypto space. 

Martin Derka, head of new initiatives at Quantstamp stated that;

“DeFi has the potential to change the global financial infrastructure for the better, but its success requires preempting threats like flash loan attacks. We developed this tool to provide DeFi protocols an extra layer of security on top of audits. As DeFi evolves, security measures need to evolve with it. Services like Economic Exploit Analysis give us an edge against hackers.”

The team revealed that its service is available to both deployed and undeployed protocols. 

The post Quanstamp’s new service to help curb the threats of flash loan attacks appeared first on CoinJournal.

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Curve DAO Token (CRV) touches $0.44 as “slow bleed” continues

  • Curve DAO Token (CRV) price fell to lows of $0.44 on Wednesday as most crypto tokens lost recent gains.
  • CRV price has declined by 17% this past week.
  • Analysts point to potential declines to liquidation level below $0.40.

Curve DAO Token price plunged to lows of $0.44 on Wednesday, with bears still in control since the recent exploit on multiple stablepools on Curve. The next price level to watch is $0.4.

Elsewhere, crypto markets are largely uneventful as traders eye directional clarity. Last week’s price massacre has bulls searching for a fresh trigger, even as a significant chunk of attention is on the Federal Reserve’s Jackson Hole summit.

Both bitcoin and ether remain near key levels, while XRP is looking to stabilise above $0.50 after bulls pared all gains seen when price exploded on the Ripple win against the SEC.

Here’s why CRV price is under downside pressure

Curve DAO Token’s latest price declines come after bulls managed to recover above $0.64 earlier this month. The prior dump had come after the aforementioned exploit. But with efforts to prevent extensive damage taken in the form of OTC sales of CRV, possible whale dumping has traders anxious.

Much of the jitters are down to price moving closer to a liquidation level after Curve Finance founder Michael Egorov sold 210 million CRV to help steady the token. The sales were taken at the average price of $0.40, with buyers agreeing to an unenforceable lockup period of six months.

Speculation is that many of the OTC buyers have moved the acquired CRV to exchanges. If price breaks to $0.40, the next stop could be $0.37, the liquidation level of several CRV-backed loans that Egorov took.

Crypto trader and analyst Hsaka noted this via a post on X (fka Twitter. He shared a chart showing Curve DAO Token price outlook and noted the DeFi token continues to bleed.

The post Curve DAO Token (CRV) touches $0.44 as “slow bleed” continues appeared first on CoinJournal.

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Bitcoin price prediction: A very dangerous pattern is forming

  • Bitcoin price has formed a double-top pattern on the daily chart.

  • It has also formed a bearish flag pattern on the four-hour chart.

Bitcoin price remained in a tight range this week as concerns about the industry continued. The BTC/USD pair was trading at 26,000, where it has been in the past few days. Similarly, the BTC/GBP was stuck at 20,522, which was much higher than last Friday’s low of 19,762.

Bitcoin flash crash 

Bitcoin and other cryptocurrencies continued plunging last week as concerns about the industry rose. As it dropped, Bitcoin moved below the important support at $28,300, where it failed to move below in July.

There are numerous reasons for the crash. Technically speaking, Bitcoin formed a double-top pattern, which is one of the most accurate bearish signs in the market. 

At the same time, analysts cite the performance in the derivatives market. Data compiled by CoinGlass showed that open interest worth over $2.5 billion was cleared in a few hours.

This perforance is notable since implied volatility in the options market had crashed to an all-time low earlier tis month. This volatility has now somewhat recovered following the recent plunged. 

As shown below, cumulative volume delta (CVD) has been in the green in the past few days. Weighted open interest has risen while aggregated liquidations have remained substantially low.

Looking ahead, the next likely catalyst for Bitcoin price will be the upcoming meeting at Jackson Hole in Wyoming. This is an annual meeting of central bank officials from around the world. Jerome Powell and other officials will talk about the current state of the economy and the potential actions.

Bitcoin price forecast 

The 4H chart shows that the BTC/USD pair has been in a strong bearish trend in the past few months. The chart shows that Bitcoin has moved below the 50-period and 25-period exponential moving averages (EMA).

Most importantly, Bitcoin price has formed a bearish flag pattern. In price action analysis, this pattern is usually a bearish sign. Therefore, there is a likelihood that Bitcoin price will have a bearish breakout in the coming days, with the next level to watch being at $25,000.

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The post Bitcoin price prediction: A very dangerous pattern is forming appeared first on CoinJournal.

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Cryptocurrencies face more slump, but Shiba Memu shines on presale

  • Shiba Memu presale has raised over $2.2 million

  • Increasing risk-off sentiment is hurting the rest of the sector

  • Shiba Memu could return by up to 1,000%

The past week has been a bloody period for cryptocurrencies. A more than 10% loss takes Bitcoin to slightly above $26,000, while Ethereum is back to below $1,700. The losses reflect an increasing risk-off mood, with the US dollar gaining strengths. But does that mean investors are giving up on the sector? Shiba Memu (SHMU), an upcoming meme cryptocurrency, has witnessed high demand. With over $2.2 million raised, the presale illustrates interest in high-potential crypto projects.

Risk-off sentiment and what it means for crypto

Appetite for high-risk appetite has cooled off lately, thanks to sector concerns and macro developments. Sector risks have been underlined by falling Bitcoin volume on exchanges. This follows reports that Elon Musk’s SpaceX has sold its Bitcoin holdings.

Meanwhile, the US dollar, which has an inverse relationship with Bitcoin, has been gaining. The most notable contributor is expectations that the Fed will hold its hawkish monetary policy. Ahead of this week’s annual Jackson Hole meeting, analysts have been sounding higher rates.

The expectations of hawkish policy reflect elevated inflation rates. Although the July consumer price index eased to 3.2%, it remains outside the band Fed considers appropriate. The US central bank has a 2% inflation target, with July readings above it. As such, the projection of a hawkish stance has spooked crypto markets ahead of the meeting. 

Shiba Memu defies the risk-off mood

Shiba Memu is a new crypto project that aims to be self-sustainable in the meme space. This has attracted demand as the native token, SHMU, carries a use case that outwits its meme peers. In particular, investors may be attracted to Shiba Memu’s AI angle. The project utilises AI capabilities such as machine learning and predictive analytics to self-market itself. 

Shiba Memu can also engage with its users through an AI-led application. A robotistic dashboard lets users ask the robot questions, give feedback, and provide suggestions. The use cases are expected to make Shiba Memu a unique user-led platform. In the future, there is no limit on what Shiba Memu can achieve with its AI application.

As investors shun risky holdings like Bitcoin, they could shift attention to Shiba Memu. A project of its nature is yet to unlock value, explaining the high demand. SHMU doesn’t rank on the same risk profile as the greenback. However, it gives investors an excellent alternative to mainstream assets. This could explain the fast-selling presale.

Shiba Memu carries a meme vibe

Whenever meme cryptocurrencies are mentioned, eyebrows are raised. They are assets that have shown huge promise to deliver up to 10 times due on pure online chatter. Shiba Memu is a meme cryptocurrency and reawakens similar thoughts. Investors expect huge gains once the value of this token is unlocked after listing on exchanges.

The meme vibe is also brought out in Shiba Memu’s price dynamics. The price of the cryptocurrency increases every day at 6 PM GMT.

For example, the price of the token is $0.022150. That compares to a price of $0.011125 when the presale was launched. The presale ends after eight weeks at a SHMU price of $0.0244. It means investors that bought the token at the initial stage will see the value of their holding double. The trend gives investors a meme vibe as these tokens are known to be always on the move.

Should you invest in Shiba Memu now?

Obviously, Shiba Memu’s presale is near its conclusion. Investors that missed a chance to buy at the initial stages can still do so now as the price is low. The value of SHMU could increase exponentially after listing. It means investing now allows investors to benefit from potential price increases.

Predictably, Shiba Memu could return up to 1,000% once listed. Highly subscribed projects have risen by more than the prediction. This gives Shiba Memu a realistic chance to rise by similar margins.

The post Cryptocurrencies face more slump, but Shiba Memu shines on presale appeared first on CoinJournal.