gcX summary

Bitget enhances the crypto exchange app with DeFi aggregator integration

Hi there!

We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

quick weekly news

LidoDAO takes control of wstETH deployment on the Base Network

LidoDAO, the governing body of the liquid staking protocol Lido, has approved the deployment of its Wrapped Staked Ether (wstETH) on Coinbase’s Base network. The announcement on Nov. 8 confirmed that the token is now live and accessible for trading or use in decentralized finance (DeFi) applications on the Base network.

Lido operates as a liquid staking protocol, enabling users to stake cryptocurrencies while utilizing them in DeFi applications. It achieves this by issuing a derivative token redeemable for the underlying staked asset. In the case of Ethereum’s native coin,  the derivative token is called “Lido staked Ether (stETH),” residing on the Ethereum network. It must first be wrapped to transfer to other networks through a bridge,  resulting in a double derivative token called “Wrapped Staked Ether (wstETH).” Before Nov. 8, no official version of wstETH was available on the Base network.

Bitget enhances the crypto exchange app with DeFi aggregator integration

Bitget, the cryptocurrency exchange, has integrated decentralized finance (DeFi) aggregator into its application, enabling users to swap tokens and access various DeFi services through its Web3 Wallet. This integration allows users to access liquidity from decentralized exchanges such as Uniswap, PancakeSwap, and Curve Finance.

The initiative aims to enhance trading options for users on the exchange platform. Bitget plans to introduce additional services, including a noncustodial wallet, a marketplace for nonfungible tokens, and a decentralized application, according to Gracy Chen, managing director of Bitget. Chen also stated that most currencies listed on the exchange will be available in the wallet for DeFi trading.

The integration’s core component is the Web3 Wallet, ensuring secure storage, management, and control of digital assets. Bitget has launched a Swap service as part of the integration, functioning as an advanced DeFi aggregator. This move represents Bitget’s expansion into the wallet sector, allowing the company to offer asset management services and native storage to its users.

major hack hits CoinSpot: $2.4 million stolen

Australia’s leading crypto exchange, CoinSpot, was hit by a major security breach, resulting in a $2.4 million loss from a compromised hot wallet.

The attacker swiftly moved the stolen funds to the Bitcoin network, using THORChain and Wan Bridge to facilitate the transfer after pilfering 1,262 ETH from a CoinSpot wallet. The hacker converted portions of the stolen Ethereum into Wrapped Bitcoin (WBTC) through Uniswap and Bitcoin via THORChain to further obscure their tracks. By distributing the funds across multiple wallets, the hacker aimed to complicate the tracking process, making it challenging to trace the entire amount.

Conflux multichain protocol shuts down after 2 years

The ShuttleFlow multichain protocol, operated by Conflux Foundation, is closing down after two years. The ShuttleFlow technology stack is moving to Zero Gravity, a Web3 studio, for ongoing development under a fresh brand.

The project assures users that their funds will be safely transferred from ShuttleFlow to Zero Gravity. Users who have already bridged assets through ShuttleFlow and completed the claims process on the destination chain do not need to take any additional steps for the migration.

ShuttleFlow’s decentralized application will be accessible until January 2024 for users to claim bridged assets. After this period, the website and servers will be permanently discontinued.

trading terminal explained

gcX Trading Terminal

A trading terminal is a powerful software interface that enables traders to execute more effective trades, equipped with various utilities and tools, operating above an exchange’s trading engine. Beyond its core functionality, the trading terminal offers advanced features, which are typically not available on most exchanges.

The terminals can be conveniently accessed through desktop or mobile apps, letting you monitor your PnL and trade across different financial markets anytime.

Learn more about opportunities of trading terminal with our article!

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top crypto meme of the week

gcX meme

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November 9, 2023

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