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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Ithaca Finance, a decentralized finance (defi) startup building composable options infrastructure, has raised $2.5 million in a pre-seed funding round.  The round was co-led by crypto trading firm Cumberland and venture capital firm Wintermute Ventures. Ithaca aims to bring more options trading volume on -chain and meet the growing demand for structured products in crypto markets.  Now, in testing on Arbitrum, its protocol uses an algorithmic market maker model to bootstrap liquidity. Commenting, Ithaca CEO Dimitrios Kavvathas said: “We are truly grateful for our investors’ support and are looking forward to revolutionizing the digital asset options trading landscape with their guidance and partnership.” Kavvathas previously held leadership roles at Goldman Sachs, Deutsche Bank, and crypto lender Ambe...

The main network of the notorious ZkSync protocol has stopped working and has not produced blocks for more than 3 hours. The developers confirmed the technical failure on Dec. 25 and stated that they were working to restore functionality. The project team promised that they would notify the community once more information became available about the problem. The reasons for the network failure are still unknown. zkSync Era is currently encountering network issue s. Teams are actively addressing the situation and are committed to resolving it as swiftly as possible. We will share a post-mortem report once the issue has been fully addressed and analyzed. For updates:… — zkSync Developers (∎, ∆) (@zkSyncDevs) December 25, 2023 Source: Uptime Notably, last month ChainLight, a blockchain security audit company, discovered a vulnerability in the zkSync Era protocol that could result in a potential loss of $1.9 billion if exploited. Despite this, zkSync Era had many layer...

Discover the contrasting functions of DApps and protocols in the blockchain world, and gain insights into how they contribute to the growth of decentralized technologies. In recent years, the rise of blockchain technology has paved the way for groundbreaking innovations in the realm of decentralized systems. Among the revolutionary concepts are decentralized applications (DApps) and protocol s. While both are integral components of the decentralized ecosystem, they serve distinct purposes and play different roles. This article explores the contrasting characteristics of DApps and protocol s, shedding light on their respective functionalities and importance in the world of decentralized technologies. Understanding DApps Software programs that run on a decentralized network of computers rather than a centralized server are known as decentralized applications or DApps. They make use of blockchain technology to guarantee immutability, security and transparency. Like traditional applicatio...

As per reports, multi-chain assets worth a staggering $125 million residing on the cross-chain protocol Multichain outflowed several different wallets. The Fantom bridge seems to face the biggest exploit of $122 million with its entire holdings in wBTC, USDC, USDT, and other altcoins moving out. advertisement Soon after, the Multichain Protocol announced that they are investigating the matter. Through its official Twitter handle, it noted: The lockup assets on the Multichain MPC address have been moved to an unknown address abnormally. The team is not sure what happened and is currently investigating. It is recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain . Multichain has been facing difficulties for more than a month due to technical issues and the absence of its CEO. Concerns arose on crypto Twitter when three unexplained outflows occurred from Multichain’s Fantom, Moonriver,...