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  • Writer's pictureAnthony Holman

Stories of the day

Ethereum staking is coming to a Layer 2 near you.


On Monday (July 18th), Ethereum staking service Lido announced its plans to bring its

staked-Ether token (stETH) to DeFi protocols across the Layer 2 (L2) ecosystem.


The stETH token allows users to stake any amount of Ethereum to earn staking

rewards. Lido is currently offering 3.9% APY on staked Ethereum, and the website

claims that rewards are paid daily.


For Ethereum stakers, the move to layer 2 means “staking with lower fees and access

to a new suite of DeFi applications to amplify yields.”.


Lido has already partnered with layer 2 ‘Aztec Network’ and plans to announce more

integrations and partnerships in the coming weeks.


The company says it ‘believes’ that a majority of Ethereum’s “economic activity and

transaction volume” will take place on Layer 2 networks in the future.


Lids says it plans to be “network-agnostic” and will start out by focusing on Arbitrum and

Optimism, the two largest layer 2’s by total value.


The Lido (LDO) token price is up 150% over the past 7-days and is currently trading at

$1.60.





CyberConnect launches Link3, a Web3 social network of verifiable

identities.


CyberConnect is a Web3 protocol that makes social media profiles interoperable across

all blockchains.


On Tuesday (July 19th) it announced the launch of its inaugural product, Link3, which

aggregates both on-chain and off-chain user data to provide more holistic identities.


The company’s CEO, Wilson Wei, told Coindesk in an interview.


“CyberConnect’s mission is to connect everyone on Web3. We found that a

trusted identity network is the foundation for building more meaningful

connections.”


The new Link3 product intends to help users build more trust with an enriched and

verifiable Web3 identity.


Wei says the new product is like “LinkedIn for Web3”.


The product also aims to protect users from online related fraud, prevalent across social

media platforms like Twitter and Discord.


According to the company’s post,


“Losses due to identity thefts and related frauds in the U.S. grew from $1.8 billion

in 2019 to $3.3 billion in 2020 and $5.8 billion in 2021 (FTC, 2022)”.


CyberConnect currently has over 1.5 million users within the social graph protocol and

30 partnering projects, According to Wei.


The Link3 Alpha 1.0 version is now live for users with whitelisted addresses or invite

codes, and plans to launch publicly by the end of the year.



Yuga Labs is warning of a targeted attack on NFT communities.

Blockchain technology company Yuga Labs warned in a tweet on Monday,


“Our security team has been tracking a persistent threat group that targets the

NFT community. We believe they may soon launch a coordinated

attack targeting multiple communities via compromised social media accounts.

Please be vigilant and stay safe.”


The warning comes on the heels of multiple exploits that have rocked the NFT

community over the past several months.


Most recently, 314 NFTs - worth over $375,000 - were stolen from Premint, a popular

NFT platform.


CertiK, the security firm that investigated the hack stated,


“Hacks of this kind are becoming increasingly popular. There has been a marked

increase in attackers targeting other official accounts such as social media

platforms to conduct exploits.”


In May, users of NFT marketplace OpenSea were sent false promotional messages on

the companies Discord channel, which ultimately drained user wallets if they clicked on

the malicious link.


An OpenSea spokesperson said at the time of the breach,


"We noticed the malicious links soon after they were posted and took immediate

steps to remedy the situation, including removing the malicious bots and

accounts.”


Fortunately, in this instance, less than 10 digital wallets were affected by the scam.


NFT holders and community members should remain vigilant against future attacks. Be

sure to confirm the legitimacy and authenticity of any crypto project before you connect

your wallet.



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