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Bitcoin News Summary – February 3, 2020

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New hardware wallet feature that prevents Bitcoin dusting attacks

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Nano S and Nano X maker Ledger recently announced an upgrade to its software suite that will offer better privacy and control over virtual currency transactions

The new feature, Coin Control, is designed to help prevent dusting attacks. Dusting attack refers to the illegal activity where an individual sends small amounts of Bitcoin to a wallet to break the user’s privacy for advanced attacks.

According to the announcement, the feature will give users the option to change transaction settings for more privacy or optimal fee usage. The wallet maker explained that Coin Control makes use of the ability to manage hierarchical deterministic wallets or multiple different Bitcoin addresses.

Users will have the option to choose the addresses they want to use for transfers. Previously the default First-in, First-out approach of automatically using the oldest address was used.

This new method is crucial as it’ll prevent any external parties tracking the transactions through dust- tiny amounts of BTC that are typically worth less than the transaction fees. The dust can be used to track a bitcoin holder since these tiny unspent transaction outputs (UTXOs) can build up. The most recent significant dusting attack happened to Litecoin users in August last year.

Ledger now gives users the option not to use this tiny UTXOs through the Coin Control feature. The company added, “As such, they cannot track any movements. In short: it can be a game-changer when it comes to your privacy.”

The new version 2.11.1 of Ledger Live, launched on September 15, comes with the Coin Control feature and a few other upgrades.

Some of the other features that will be present on the software upgrade include an optimization of the network fee structure to save money. This will be achieved by allowing users to select UTXOs that have a higher value, consequently reducing the transaction’s byte size.

Users that prefer to keep payments separated will also love the upgrade as it features the ability to designate specific addresses for certain transfers.

Source: https://coinjournal.net/news/new-hardware-wallet-feature-that-prevents-bitcoin-dusting-attacks/

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Did Uniswap Rush UNI Token Launch In Response To Sushiswap?

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Uniswap has been creating a lot of buzz in the decentralized finance [DeFi] space. The popular lending protocol has recaptured the imagination of traders with its native token UNI which was recently launched on the Ethereum mainnet.

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Since it went live on the second-largest blockchain network, UNI’s prices climbed a high of $5.81 before retracing its steps back down to the current price level of $5.16 after putting on an impressive rally of over 50% in the last 24-hours. Additionally, UNI was the third largest among other DeFi tokens on the CoinMarketCap leaderboard, at the time of writing.

In terms of the total value locked in USD, the protocol dominated the first position as it jumped all the way to $1.40 billion. In addition to that, with respect to Ether and Bitcoin locked in, Uniswap was ranked at second and fifth position with 1.861 million ETH and 12.874K BTC respectively. Besides, DAI locked in Uniswap also surged to a fresh all-time high of 110.266 million.

The listing of the UNI token on high-profile cryptocurrency exchanges such as Coinbase Pro and Binance further catapulted the protocol’s popularity. But was this “unexpected” move, a response to the forked SushiSwap controversy?

Andre Cronje, who happens to be a longtime developer and the Founder of another important DeFi protocol called Yearn. Finance echoed a similar sentiment on Twitter. Cronje tweeted,

“Kinda meh about the UNI launch. The launch itself is perfect, surprise launch, and retrospective. Exactly how it should be done nowadays. But I can’t help but feel that the launch was simply in response to SUSHI. Never let other people set the pace for you, move at your own pace”

He further went on to point out,

“Traditionally, I have found the Uniswap team to have a much longer play. They just recently closed their funding. I wasn’t expecting a token until after the v3 launch. Why hype up v3 but launch a token with v2? My data showed UNI would come with/after v3.”

In a similar tone, Mark Jeffrey, co-founder, and CEO of Guardian Circle weighed in and stated that Uniswap “had no option but to react” and that a response to Sushi was required.

Several market commentators also speculated the unexpected launch could essentially be an outcome of the surmounting pressure on the protocol by its investors due to the popularity of its vampire protocol- Sushiswap, which, although was a fork of Uniswap, it did proffer a better trading fee distribution model.

Nevertheless, UNI was riding on the success of its protocol and well-known cryptocurrency exchanges listing the token has further acted as a catalyst and was a crucial development for the overall Uniswap ecosystem.

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Author: Ketaki Dixit




Experienced writer and editor with a demonstrated history of working in the industry. Skilled in Copywriting, Web Content Writing, Copy Editing, Writing, Cryptocurrency News Writing, and News Editing.

Source: https://coingape.com/uniswap-rush-uni-token-launch-response-sushiswap/

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Top DeFi Coins Drop Despite Ethereum Rally: Here’s Why

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  • Ethereum pressed higher on Thursday after Uniswap released the UNI token to the world.
  • ETH surged around 10% from the time of Uniswap’s announcement to the daily highs.
  • This rally came in spite of Bitcoin topping just over $11,000, responding to weakness in legacy markets like the S&P 500.
  • Despite the rally in the price of Ethereum, altcoins in the industry are dropping.
  • DeFi coins, especially, have suffered, posting losses of 5-15% across the board.
  • Analysts think that this weakness in the altcoin market may pertain to

Why Ethereum DeFi Is Suffering Today

Ethereum enjoyed a strong rally on Thursday despite some weakness in the price of Bitcoin and legacy markets. ETH surged from the $360 lows on Wednesday to a local high just above $390.

The coin was benefiting from the launch of Uniswap’s UNI token, which can be mined using ETH, thereby making it an attractive asset to own. Many joked that the ETH rally in response to this development was due to the “Hayden Effect,” referencing Uniswap’s founder.

Unlike normal, though, altcoins dropped despite the strength in the price of Ethereum. This was unnerving as ETH has led the altcoin market higher over recent months, often rallying prior to smaller coins.

Top altcoins, especially those pertaining to the decentralized finance space, shed a handful of percent during Thursday’s trading session.

Coins like UMA, Band Protocol, Synthetix Network Token, Aave, Nexus Mutual, amongst others are down 5-15% in the past 24 hours. This comes in spite of immense strength in Ethereum’s trend as aforementioned.

Many analysts think that this trend pertains to the extremely high gas fees and poor user experience in much of the DeFi space.

One analyst recently explained that the growth in DeFi is clearly stalling:

“While traction for DeFi (AMM + deposits/yield) has grown tremendously over the past few months, DeFi is difficult to use, the ability to lose funds scares most new users away… Ran out of new money. Having said that, most of DeFi participants are existing crypto users. No family offices/HNWI that I know of have deployed new funds into space. (experience tells me that it takes 6m-12m to close these conservatives.”

Others have specifically commented that Ethereum’s gas fees recently spiking to all-time highs, where it costs over $100 to do simple DeFi interactions, makes this space’s growth naturally limited.

Long-Term Trend of Growth Remains

Many think that this space’s long-term growth trends, though.

Andrew Kang, CEO of Mechanism Capital, shared the below Twitter thread in July.

The thread suggests that DeFi is likely at the start of a parabolic growth cycle due to a variety of market trends:

“Long story short, smart money is starting to trickle in, with a lot of peripheral money potentially snowballing in after. And I didn’t even get to greater retail… I will write a separate thread about China investor psychology & market structure because that’s its own beast. **DeFi development** It’s hitting an inflection point. Those that have follow the space know how hard it is to keep up with the new projects even when researching on a full time basis.”

Others agree with Kang’s sentiment that this facet of the crypto market is poised to continue its trend of growth.

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Price tags: ethusd, ethbtc
Charts from TradingView.com
Top DeFi Coins Drop Despite Ethereum Rally: Here's Why

Source: https://bitcoinist.com/top-defi-coins-drop-despite-ethereum-rally-heres-why/?utm_source=rss&utm_medium=rss&utm_campaign=top-defi-coins-drop-despite-ethereum-rally-heres-why

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