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This Week in DeFi: Do Telegram Trading Bots Face Any Problems?


Week in DeFi: Are Telegram Trading Bots in Trouble?

Week in DeFi: Are Telegram Trading Bots in Trouble?

Omnichain interoperability protocol, LayerZero, draws criticism following the release of a wstETH omnichain token on several chains. Perpetuals decentralized exchange (DEX), dYdX, goes live as a Cosmos appchain and dominant L2, Arbitrum, launches Arbitrum Orbit.

Big week in the world of DeFi! Let’s dive deeper into what went down in DeFi this past week.

Overview

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CoinGecko

Total value locked (TVL) across all chains climbed steadily as crypto markets surge upwards against a bearish equities market. Notable outperformers include Bitcoin L2, Stacks, which saw a 74% increase in TVL and newly launched zero-knowledge Ethereum Virtual Machine (zkEVM) chain, Scroll, which saw a similar increase.

Source: https://coinmarketcap.com/chain-ranking/

Welcome to Alpha Central

VIDEO: Crypto Telegram Bots Explained (and Unibot Tutorial!)
Dynamo DeFi

Yusuf covers dark pools and privacy focused protocols in DeFi such as Tornado Cash, Secret Network, Mina Protocol and more.

TLDR:

  • Dark pools are common in traditional markets, making up 14% of US trade volume

  • Privacy protocols in DeFi can help to reduce price impact of large trades, without having to trust an operator

  • These protocols enable private transactions, and avoid front-running and wallet tracking

Zee Prime Capital discusses wedges for new protocols: targeting a small and specific market to open the doors to larger markets in the future, rather than targeting large markets from the beginning as many crypto projects attempt to.

Case in point: Uniswap's wedge was "allowing permissionless bootstrapping of liquidity (and trading) for long-tail of tokens." This was something that centralized exchanges could not offer, but founders needed.

Meanwhile, Blur's wedge is to active traders who seek higher liquidity and lower fees, while leveraging a crypto token for incentives.

Ethereum: Polygon POL Upgrade Live

VIDEO: WARNING! Telegram Crypto Scams To Avoid!
Skrumble

Ethereum scaling solution, Polygon, unveils the POL token deployment on Ethereum mainnet. POL will be replacing Polygon’s existing token, MATIC, to power the Polygon ecosystem. Token migration from MATIC to POL has not been announced yet but will likely occur in the near future.

Popular Ethereum DEX, Sushi Swap, releases SushiXSwap V2, their cross-chain DEX product. SushiXSwap V2 uses universal USDC, provides enhanced security to users and does not require gas token on the destination chain.

Telegram bot, Maestro, has been exploited for 280 ETH via the Maestro Router. The bug has since been identified and fixed. The team has also promised to fully refund all affected users of this exploit.

Another popular telegram trading bot, Unibot, has been exploited as well. The cause of the exploit is due to a token approval vulnerability from Unibot's new router. The exploit reportedly siphoned off $560K, and caused the UNIBOT token to crash 40%.

Other Product Launches

L2s: LayerZero Bypasses Lido’s Governance

VIDEO: HOW Telegram Crypto Bot Traders Are MAKING MILLIONS!
Crypto Banter

LayerZero launches Lido’s wstETH as an omnichain fungible token (OFT), enabling its use across Binance Smart Chain, Avalanche and Scroll. The move has drawn some flak as it is perceived as circumventing Lido’s official governance process in the deployment of their token across chains.

Arbitrum unveils Arbitrum Orbit, enabling the permissionless deployment of customized chains using the Arbitrum Orbit technology. Arbitrum Orbit also allows for smart contracts to be written in Rust, C, or C++, while maintaining compatibility with Ethereum.

Other Product Launches

Cosmos: DYdX Appchain, Now in Operation

VIDEO: I Put $5,000 Into This Trading Bot…
Jesse Eckel

Perpetuals DEX, dYdX, finally goes live with dYdX Chain, a Cosmos-based appchain, after four successful testnets. Launching as an appchain allowed the team full customization over the protocol and increased decentralization of the protocol.

Another Week, Another Airdrop

VIDEO: Crypto Telegram Bots 🔥 Unibot vs WagieBot
Gerhard - Bitcoin Strategy

Blue-chip asset bridge, Altitude DeFi, announces a surprise airdrop of one million ALTD tokens to Stargate token holders. With both protocols powered by LayerZero, the airdrop could indicate possible collaborative efforts in the future.

Tweet of the Week

VIDEO: Unibot - Telegram Trading Bot. Scam or Not?
Crypto Warehouse

Fejau welcomes the bull market back with open arms, noting the strength in the BTC bid.

Stay updated on your favorite projects and stay tuned for next week’s edition, and keep supporting your favorite projects, degens!

Sources


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