The blockchain-based gaming market – constructed largely on the Ethereum community – has been in a position to accrue AUD$3.23 billion over Q3 2021.
- DeFi platform Grim Finance not too long ago fell sufferer to a hack estimated to be price AUD$42 million.
- Early in This fall 2021, the 1-month realised correlation between the ETH-BTC pair dipped as little as 60%.
- For the reason that begin of the 12 months, ETH has registered features of 560% which is considerably increased than BTC’s annual revenue ratio of 110%.
The final 24 hours have seen Ethereum, the world’s second-largest cryptocurrency by whole market capitalisation, resume on its path of upward ascent, rising from AUD$5,540 to round AUD$5,750 – following intently on the heels of Bitcoin’s present constructive value motion. In consequence, the altcoin has been in a position to amass 7-day features of 5.9%. At press time, ETH is trading at AUD$5,691.
The continued momentum comes at a time when a recently released report revealed that the gaming-centric non-fungible tokens (NFTs) have been in a position to accrue a complete of AUD3.23 billion (US$2.32 billion) over the course of Q3 2021 – capturing approx. 22% of the worldwide NFT buying and selling quantity.
The examine additionally famous that by the tip of November, Metaverse exercise had elevated considerably, with whole digital land gross sales amounting to a sizeable US$42.6 million. Not solely that, there was a 6,500+% enhance in every day distinctive energetic wallets linked with numerous video game-based sensible contracts.
Blockchain-based gaming corporations have been gaining quite a lot of traction not too long ago, with Animoca Manufacturers, an HK-based firm, having the ability to double its valuation from $1 billion to a little bit over $2.2 billion between July and October.
DeFi protocol Grim Finance falls prey to main hack
As per reports, decentralised finance (DeFi) protocol Grim Finance revealed that it had been on the receiving finish of a $30 million loss as a part of a reentrancy exploit that noticed miscreants make their means with plenty of digital belongings, together with outstanding stablecoins akin to USDC and DAI.
Safety specialists working for the agency revealed that the whole improvement could possibly be categorized as an “superior assault”, with the hackers exploiting the system’s native protocol vault contract through a complete of 5 totally different pathways. Following the incident, a spokesperson for Grim famous that each one digital asset transfers had been briefly suspended, adding:
“We now have paused all the vaults to stop any future funds from being positioned in danger, please withdraw all your funds instantly.”
ETH “flippening” narrative continues to realize momentum
Initially of November, the BTC/ETH pair showcased a 1-month realised correlation of as little as 60%, additional including gas to the narrative that Ethereum could possibly be on the cusp of lastly changing into an unbiased asset. Statistically talking, because the flip of 2021, BTC has been in a position to register features of round 110% whereas Ethereum has been in a position to develop by 550+%, basically outperforming the flagship crypto by 5 occasions.
Fascinated about cryptocurrency? Be taught extra concerning the fundamentals with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.
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