🚀 Helix Labs Completes Pre-Seed Funding Round
#HelixLabs #PreSeedFunding #Cardano #ADA #DeFi #Liquidity #L1Assets #L3 #MovementLabs #Cryptocurrency #FundingRound #Innovation #Blockchain
According to Odaily, Helix Labs has successfully completed its Pre-Seed funding round, raising $2 million at a valuation of $40 million. The funding was led by Tribe Capital, EMURGO Ventures, Taureon Capital, LD Capital, and Double Peak Group. The raised capital aims to enhance the use cases of L1 assets by providing liquidity and users for L3, addressing its 'cold start' issue, and unlocking Cardano's liquidity to integrate it into the broader DeFi ecosystem. Helix Labs has joined Movement Labs' Move Collective accelerator program. The protocol technology will enable Cardano's ADA token holders to stake while obtaining liquid staked ADA, which can then be bridged to Movement, potentially unlocking approximately $12 billion in Cardano's liquidity. Helix Labs aims to improve yield opportunities for non-Ethereum L1 asset holders and support future MoveVM rollups through liquidity abstraction and the OmniVM tech stack.#HelixLabs #PreSeedFunding #Cardano #ADA #DeFi #Liquidity #L1Assets #L3 #MovementLabs #Cryptocurrency #FundingRound #Innovation #Blockchain
🚀 Loopring Releases Post-Incident Report And Future Plans
#Loopring #Ethereum #Layer2 #Security #SmartWallets #Crypto #Blockchain #AssetRecovery #MultiNetwork #L3 #LRC #ETH
According to Odaily, Ethereum Layer 2 protocol Loopring has released a post-incident report detailing security events that occurred in April and June. The report clarifies that these were two separate but related incidents, which ultimately led to the loss of funds for some users of Loopring's smart wallets. Loopring emphasized that while end-users are responsible for their own custodial security to avoid centralized single points of failure, the Loopring team remains committed to collaborating with law enforcement and security teams to help users recover lost assets. In response to these incidents, Loopring has shifted its resources and core focus to the development of its multi-network Loopring L3 product.#Loopring #Ethereum #Layer2 #Security #SmartWallets #Crypto #Blockchain #AssetRecovery #MultiNetwork #L3 #LRC #ETH
🚀 Arbitrum Orbit L3 ApeChain Launches on Mainnet
#Arbitrum #Orbit #L3 #ApeChain #Mainnet #ApeCommunity #Ecosystem #ARB
According to Odaily, Arbitrum announced on X that the Arbitrum Orbit L3 ApeChain has officially launched on the mainnet. The announcement extends an invitation to the Ape community to join the growing Arbitrum ecosystem.#Arbitrum #Orbit #L3 #ApeChain #Mainnet #ApeCommunity #Ecosystem #ARB
🚀 Degen Faces Dispute With Conduit Over Chain Issues
#Degen #Conduit #Blockchain #Dispute #L3 #ChainUpgrade #BridgingTransactions #UserFunds #SmartContracts #Infrastructure
According to Foresight News, Degen has announced a dispute with Conduit, stating that if Conduit fails to resolve the issue appropriately, Degen is prepared to establish a new chain and compensate all holders and developers on the original L3. Degen highlighted that its L3 processes over $200,000 in daily bridging transactions. However, Conduit implemented an unfavorable upgrade without prior notice, resulting in a 54-hour downtime and a loss of $160,000 in user funds. Following this incident, the bridging transaction volume plummeted by more than 75% over the subsequent month.
After the incident, Conduit refused to take responsibility for the community's losses and rejected Degen's request for a chain upgrade while withholding sequencer fees. Conduit also demanded the signing of a new contract to avoid liability. As Conduit holds Degen's aggregation keys and refuses to upgrade the Degen chain, Degen is unable to sign the necessary transactions to complete smart contract deployments or activate a new infrastructure provider's sequencer.#Degen #Conduit #Blockchain #Dispute #L3 #ChainUpgrade #BridgingTransactions #UserFunds #SmartContracts #Infrastructure