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Layer by Layer Issue 21: BNB Smart Chain, Cronos, Solana, and Fantom

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February 17, 2022, 7:09AM EST • 20 min read Quick Take In this weekly series, we dive into some of the most interesting data and developments across the Layer 1 blockchain landscape, from DeFi and bridges to network activity and funding In an era of attention scarcity, L1 teams are employing a variety of strategies in order to build sustainable network effects Pockets of growth can still be found within different ecosystems, fueled by product innovation This week, we take …

Binance removes its name from its blockchain ecosystem, now BNB Chain

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Crypto exchange Binance has renamed its blockchain ecosystem in a move that suggests the company does not want to be directly associated with the blockchain and its token. Its blockchain ecosystem, previously known as Binance Smart Chain, has now been renamed to BNB Chain, and its token BNB — once known as Binance coin — has now been rechristened as “Build and Build.” “Over the years, we’ve realized that BNB has evolved into something beyond Binance and in fact, BNB …

Ethereum-BSC bridge of Qubit Finance exploited, lost $80 million

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The cross-chain bridge of DeFi protocol Qubit Finance, called X-Bridge, has been exploited and lost $80 million in the process. X-Bridge facilitates swapping tokens from Ethereum to Binance Smart Chain. In other words, when someone deposits an ERC-20 token to the bridge, they receive a BEP-20 token in return, which can then be used on Binance Smart Chain. There was a “logical error” in X-Bridge’s smart contract code that led to the exploit, according to blockchain security firm CertiK. The …

In 2021, ‘L1’ blockchains took the spotlight — thanks to DeFi

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“Ethereum killers.” That used to be the fashionable term for blockchain networks vying to become legitimate competitors to the most popular smart contract platform. Talk of potential Ethereum killers dates back several years. But it wasn’t until 2021 that legitimate alternatives to Ethereum finally took the spotlight, and by then they had a new name: L1s L1 stands for layer-1. Back when the original supposed Ethereum killers— a loosely-defined class headlined by EOS and Cardano — arrived on the scene, …

Layer by Layer 2021 Review: Part 1

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December 8, 2021, 4:41PM EST • 12 min read Quick Take This is a section from The Block Research’s upcoming 2022 Digital Assets Outlook report Layer-1 blockchains have seen significant growth throughout 2021, capturing market share from Ethereum and employing varied strategies to build their own ecosystems Incentives and increased funding have played a key role in the growth of L1 platforms With many L1 ecosystems reaching new all-time highs in total value locked, competition remains intense among DeFi protocols …

DeFi attacks: the fourth part of the recap

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December 7, 2021, 10:42AM EST • 9 min read Quick Take DeFi users lost $67M this summer in various exploits. The amount could have been ten times more, but in the case of Poly Network, the attacker returned $611M. Unlike previous exploits, some were aimed at cross-chain infrastructure. Join The Block Research for exclusive research like this Gain access to this research piece and 100s of others, including ecosystem maps, company profiles, and topics spanning DeFi, CBDCs, banking and markets. …

Binance Smart Chain, Animoca Brands launch $200 million gaming fund

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Binance Smart Chain (BSC) and non-fungible token (NFT) gaming outfit Animoca Brands have partnered to launch a $200 million fund. It will be geared towards early-stage backing of blockchain gaming startups, according to an announcement on Monday. Both companies will invest $100 million each in the investment program that will target short-listed developers building blockchain-based games on the BSC network. For BSC, the investment is coming from its $1 billion accelerator Growth Program launched in October. Monday’s announcement is yet …