Zeta Markets Secures $5 Million to Build Solana's First DeFi Layer-2 Solution

Zeta Markets Raises $5 Million to Build Solana's First DeFi Layer-2 Solution

Zeta Markets, a popular decentralized exchange (DEX) for perpetual trading, has secured $5 million in a strategic funding round. This new capital injection, led by Electric Capital, will fuel the development of Solana's first layer-2 solution specifically designed for decentralized finance (DeFi).

Aiming for Efficiency with Decentralization

Zeta Markets' layer-2 rollup will integrate features like central limit order books and allow smooth bridging of assets from the Solana blockchain. This innovative solution aims to achieve the efficiency of centralized exchanges while upholding the security and self-custody benefits that DeFi platforms offer.

Building on Momentum

This funding round brings Zeta Markets' total capital raised to $13.5 million. The DEX has also seen impressive growth, surpassing $6 billion in cumulative trading volume and boasting over 100,000 monthly active users. With this new funding and development focus, Zeta Markets is poised to become a leader in the evolving landscape of Solana-based DeFi.

Vitalik Buterin Steps Up to Revamp Ethereum Wallets!

Ethereum co-founder Vitalik Buterin recently took a leading role in refining how Ethereum wallets function. This comes after the initial proposal, EIP-3074, aimed at streamlining these wallets, faced some hurdles.

The Push for Account Abstraction

The effort to make Ethereum wallets more user-friendly ties into a broader concept called account abstraction. This essentially involves transforming the most prevalent wallet type on Ethereum, Externally Owned Accounts (EOAs), into smart-contract wallets. These smart-contract wallets offer greater flexibility and functionality compared to traditional EOAs.

Enter EIP-7702: A New Hope

Following the release of EIP-3074, Buterin collaborated with Ethereum developer Ansgar Dietrichs to create a new proposal, EIP-7702. This alternative serves as the new frontrunner for inclusion in the upcoming Pectra upgrade, replacing EIP-3074.

Dietrichs humorously noted Buterin's swift work on EIP-7702, mentioning he "speedran the process of writing that EIP" after their research phase.

This development brings the Ethereum community a step closer to achieving smoother and more powerful wallet functionalities!

Tether Freezes $5.2 Million Tied to Suspected Phishing Scam

Tether, the leading issuer of the stablecoin USDT, recently froze $5.2 million worth of USDT across 12 Ethereum addresses. These addresses were flagged as "USDT Banned Address" by blockchain security firm SlowMist, suggesting a connection to a criminal organization.

This incident highlights the ongoing battle against phishing scams within the cryptocurrency space. Phishing involves impersonating legitimate platforms or decentralized applications (dapps) to trick users into revealing their private keys, ultimately compromising their wallets.

However, there's a positive takeaway. Security experts report that defenses against these scams are improving. According to CertiK, April 2024 saw the lowest amount stolen through phishing hacks since 2021, with attackers only managing to pilfer a measly $25.7 million. While vigilance remains essential, these figures indicate growing resilience against phishing attempts in the crypto ecosystem.

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