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NFTs Crypto: Just the Beginning

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NFTs Crypto: Understanding the growth story

Things are heating up with NFTs in DeFi and crypto space, and fast! Non-fungible token sales have amassed close to $100 million worth of lifetime trade volume, according to Bankless. The data that was taken from a noted web portal nonfungible.com, gives a comprehensive view of the NFT ecosystem. We believe that the growing adoption of NFTs in the ecosystem partnered with user understanding of the same has the potential to become a trillion-dollar market in the future. 

From the first brush, anyone could perceive non-fungible tokens (NFTs) as crypto-collectibles like crypto kitties but when we dig deeper, non-fungible tokens are an entirely new class of digital assets. For the very first time, there is a technology that allows us to create an incontrovertible new set of digital assets that is easily maintainable without any authority or centralized entity other than the blockchain itself. 

Understanding Non-fungible tokens

Blockchain has this innate ability to create scarce digital assets, the ownership of which is maintained by a decentralized network of miners. But, in great detail, these assets are fungible meaning they can be replaced interchangeably by another of the same. For instance, Your bitcoin will be the same as my bitcoin. So they are mutually interchangeable and are pretty popular as mediums of exchange or as a store of value. But they are not unique!

So, now a group of entrepreneurs, who employ blockchain technology will allow for this uniqueness to rise with what we call non-fungible tokens or assets which are not interchangeable. So primarily they are assets that are mutually not substitutable and cannot be interchanged. 

Fungibility is very important for assets to maintain their reliability but the fungibility factor also makes it vulnerable and susceptible to losses due to fluctuation in prices. This is the only reason that the concept of non-fungible tokens has risen to prominence. NFT’s are digital assets of the exclusive nature because each of them is different from the other. Every NFT secures peerless metadata that paves the way for its exclusive entry on the blockchain. NFTs cannot be interchanged on the same blockchain.

NFTs: A Rapid Rise

The trials for the creation of a non-fungible token began around 2013. The first example we can highlight was that of the Color Coin created upon the Bitcoin Network. But the one which actually got noticed in the crypto world was the emergence of ERC721. The features were slightly different and it could track the movements and ownership features of individual coins making it non-fungible. The first successful attempt at its application was called Crypto Kitties. The most exorbitant form of it was traded for $172,625 in 2017.

It has found unique and valuable use cases and implementation in several industries apart from the crypto industry like gaming, art pieces (also crypto-based), and likewise. Over the years the use of fungible crypto has yielded positive results and has firmly established its significance in the digital ecosystem. But NFT’s signify the huge ability to tokenize physical assets while holding on to its unique properties. With its rise, it has proven that it will not cause any hindrance to the existing format in the cryptocurrency ecosystem.

The idea called NFT has gathered a lot of steam especially since the verifiable digital scarcity concept was first introduced. Even this year the popularity of NFTs has jumped considerably and there is a constant flow of funds in the concept itself. Data from nonfungible shows that after the first week of September, for a period of 7 days, there were 9353 sales totaling $988,649 in NFT trade volume. The average US dollar price for a single NFT was $105 that particular week!

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Project history chart from Nonfungible

The virtual land investor @Dclblogger talked about how the metaverse was growing. He also tweeted about 25 industries that are being disrupted by the non-fungible token ecosystem. The three biggest players in the NFT arena include Sorarem, Cryptopunks and Superrare. 

Holistically speaking, the NFT ecosystem continues to grow and 2020 has displayed that people are realizing that NFTS can represent anything in the virtual world and tethered to the real world with concepts. Crypto creators are generating a whole new atmosphere for NFT collectibles, rare art pieces in-game items, and large virtual worlds. The growth will show no signs of abatement anytime soon!

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BriFitDance: Up Close and Personal with DeFiRev.com

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BriFitDance took the world and Crypto Twitter by storm with her epic and what will surely be a time capsule in bitcoin’s history. Did it spark the bitcoin Golden bull run?

If you haven’t watced the video, watch it right now:

DeFiRev.com: Tell us about your origin story and how you got to where you are today. When and how did you first learn to dance?

BriFitDance: I am originally from Ecuador. My family and I immigrated to the United States in 2009, learning and exploring the USA journey. Since I was 3 years old, I’ve been staying active by dancing, swimming, riding a bike, and running. I’ve always loved to be in the fitness field, but my passion is dancing, especially belly dancing. I am also learning to hoop dance to incorporate more dancing activities in my videos. 

DeFiRev.com : Where did you grow up and what’s your favorite type of music?

BriFiDance: I grew up in the United States as in the state of Maryland, as a teenager and as an adult. My favorite type of music is pop music. I do like all kinds of music, I think it soothes the soul, relieves stress, and lifts up the mood a great amount. 

DeFiRev.com: Do you usually come up with the lyrics to the songs first or start with the music or dance moves?

BriFitDance: I work with a video producer from MidAtlanticTV.com We start with the lyrics, then work on a beat, record my vocals with a professional recorder, practice the choreography and then perform the music video with the dance moves. 

DeFiRev.com: How did you first get into bitcoin?

BriFitDance: I got into Bitcoin in the beginning of this year, buying and holding, also accepting donations. No altcoins however.  

DeFiRev.com: What has been the video you had the most fun making so far?

BriFitDance: I had a lot of fun making the Crypto_Bitlord Tongue song because it had a few acting moves and loved performing it. 

DeFiRev.com: What has been your favorite moment in crypto history?

BriFitDance: The Bull Run since my Saylor Bitcoin Bull song. 

DeFiRev.com: When you’re not working, what do you like to do for fun? Favorite hobbies? Anything that would surprise us?

BriFitDance: I like to walk with my family and help my parents edit their videos, because they aspire to be YouTube stars as well. 

DeFiRev.com What are a few of your favorite books?  What are some that have made a long-lasting impact on you?  (Can be fiction or nonfiction)

BriFitDance: Animal Farm by George Orwell and Human Development: A Cultural Approach by Jeffrey Jensen Arnett and Lene Jensen. Animal Farm has helped me realize that with teamwork and trust, dreams and goals can be accomplished and work in the future. The Human Development book has provided me with the knowledge and information, as well as understanding the foundation and statistics of human development in all countries. I have an interest in Psychology and love this subject. I would definitely recommend others to read these.

DeFiRev.com: What are you most excited about for the future of blockchain technology and where do you see the space in 5 years?

BriFitDance: Hopefully Bitcoin will be in the hands of one billion plus users. 

DeFiRev.com: What are your personal theories of who Satoshi was or were?

BriFitDance: I have no idea. All I know is he/she/they is/are very smart! 

DeFiRev.com: At what point did it hit you that bitcoin was history in the making? 

BriFitDance: The first time I heard Michael Saylor talk about Bitcoin. 

DeFiRev.com: What advice would you give our viewers regarding blockchain, business, motivation, or life in general?

BriFitDance: Buy and HOLD Bitcoin! 


It has been a historic week for bitcoin and we at DeFiRev.com wanted to thank BriFitDance and congratulate her for being the DeFiRev.com PERSON OF THE WEEK!

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Huobi top official arrest – Are these rumors or a reality?

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CryptoQuant, a crypto information provider, has indicated a significant increase in Bitcoin funds outflows from Huobi global. This is a development that comes when the firm has issued in public denial about rumors of an arrest of one of its executives. But as per the Chinese media, crypto exchange Huobi Chief Operating Officer (COO) Robin Zhu was under investigation by the Chinese people. 

In a tweet thread that was posted on November 2, Huobi quashed rumors about the supposed arrest of a Huobi senior executive. It came out with the clarification stating: 

“All of Huobi’s management team members have been accounted for and have not been detained or arrested,” the firm said. “We understand that the spread of false information can lead to concerns about the safety of user assets, but please rest assured your assets are safe.”

CryptoQuant mentions that the outflow increase peaked after midday on Monday. 

Source: CryptoQuant

Huobi is a global exchange with monthly trading volumes above $170 billion. It has assured its users and the media that nothing such as this has happened. It so happened that Huobi COO Zhu Jiawei was reportedly unreachable on Monday evening and immediately after that rumors were afloat in the circles that he was being arrested. All of the social media was swirling with the news with local news channels also reporting on the rumors. 

The exchange said that Zhu was on a flight returning from a conference in Guizhou and that he would be attending a meeting in Beijing on Tuesday morning.

But, the assurances of Huobi haven’t stopped users from withdrawing funds and now they are viewing themselves in the same boat as users of OKEx. In fact, many hours before it directly addressed the rumors of an arrest, Huobi tweeted that it uses a multi-signature process for withdrawals so that the users did not have to rely on a single key holder. As for the rumors, the exchange claimed that Zhu was on a business trip and would be here this week for an important meeting. Huobi said that its operations were unaffected by these unsubstantiated rumors as per an earlier statement on its Chinese website. 

Bitcoin removed from Huobi rapidly

A greater likelihood is that the rumors are false but users are not taking any chances. As said earlier, there is a mass exodus of Bitcoin with its outflows hitting 4,241 BTC which is growing rapidly. 

“Looking at Huobi Netflow, BTC outflow has soared in the last eight hours.”

In the month of June, there were rumors that Dong Zhao, the co-founder of the Chinese crypto lending platform Renrenbit apparently cooperating with the police for investigations which is now a new trend in the Chinese markets. OKEx announced in October that the founder Star Xu also has been under investigation for weeks, and following that OKEx had suspended withdrawals of crypto assets from the platform. The statement came out at least one week after he was detained by the police and users are still not able to withdraw their funds. 

Source: CoinGecko

Huobi Token price today is $3.58 with a 24-hour trading volume of $257,890,383. HT price is down -6.6% in the last 24 hours as per CoinGecko.

Rumor or reality?

Huobi is surely the largest target for Chinese authorities and watchdogs cracking down on crypto exchanges, and all this has added to the jitters of the crypto investors. As of now, there has been no evidence proving that the COO had been arrested and the company has plainly denied allegations. But nonetheless, the markets reacted.

But as far as evidence and other events surrounding it happened, the rumors have been baseless. The Bitcoin and crypto trading platform also confronted these claims in a tweet thread stating that they could share it with strong confidence that they are false. The exchange further stated that they have accounted for all of their executive team members and reassured users that all their assets are safe. 

“All of Huobi’s management team members have been accounted for and have not been detained or arrested. We understand that the spread of false information can lead to concerns about the safety of user assets, but please rest assured your assets are safe.”

DeFiRev.com is #1 in DeFi News. Check back in soon to find out the latest in DeFi News.


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Harvest Finance Hack Explained. Here’s how it happened.

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Unscrambling the Harvest Finance hack and its aftermath

Harvest Finance, the Decentralized finance protocol was hacked for a staggering $24 million. The attack was a reminder to the crypto community that DeFi has sure risen to prominence but it has its own share of loopholes, and it is this that the attackers take advantage of. 

Harvest Finance attack details

The attacker directly attacks the protocol’s liquidity pools leading the arbitrage attack using a large flash loan – a type of uncollateralized loan. The attacker later returned $2.5 million but in a mere seven-minute act, the entire hack was complete, leaving the protocol stakeholders bewildered. 

In further addition to the details of the hack, the protocol revealed that the hacker manipulated prices on one money lego which is the Curve Y pool. This was done to drain another money lego farm USDT (fUSDT), farm USDC(fUSDC) multiple times.

The attacker then converted the funds to renBTC and later excited to Bitcoin. renBTC is not synthetic because it does not rely on any liquidation mechanism and it is certainly not the price of Bitcoin on Ethereum. It is a one-to-one representation of Bitcoin on Ethereum which can be redeemed for BTC at any time and in any amount. 

harvest finance hack

The native token of Harvest Finance, FARM fell 54% to $101.79 when the news of the hack came forward. Following the attack, the amount of money that was locked in the protocol plummeted from $1 billion to $575 Million On October 25th. The investors were so fretful that they pulled their deposits back. 

Harvest Finance acted accordingly and withdrew all the funds from the shared pools almost immediately after it had completed a fine evaluation of the attack. It began with reconstructing the processes which included DAI, USDC, USDT, TUSD as well as WBTC and renBTC. The funds are currently present in the vaults safely so that they are not exposed to further market manipulation. The hack did not involve DAI, TUSD, WBTC, and renBTC, and the depositors in these vaults were not affected.

How was the hack carried out?

The mechanics of the protocol has allowed for the execution of such an attack. Let us see how:

The investment strategies used by Harvest involves calculating the real-time value of assets that are invested in the base real-time protocols. The value of the assets is then used by the vaults to calculate the number of shares to be used to the user depositing the funds. The same value of the assets is also used when the users take out funds from the vaults.

Payout is then calculated upon the user exit. What also needs to be noticed here is that the assets inside some of the vaults are deposited into shared pools of underlying DeFi protocols. These are subject to market effects such as impermanent loss, arbitrage, and slippage. This means that its value can be manipulated through larger volumes of market trades. 

The attacker knew this well and had exploited the impact of the impermanent loss of USDC and USDT inside the Y Pool of Curve.fi by manipulating the asset value to deposit funds into the vaults and obtain the shares for a beneficial price. 

The aftermath of the Harvest Finance Hack

Harvest Finance’s Twitter account has been buzzing with messages and activity. The protocol has taken full responsibility for the engineering attack and has ensured that in the future such attacks will be countered and mitigated. The protocol has made it clear that formatting a disaster management plan to assist those who are affected will be the top priority for the protocol. 

The protocol is investing its resources to catch hold of the scammers and has already provided a list of Bitcoin addresses of the hacker where it believes that the stolen funds may have moved. It also had taken immediate action by asking prominent exchanges like Binance, Coinbase, and Huobi to block the attacker’s addresses. It further said that there is:

“A significant amount of personally identifiable information on the attacker, who is well-known in the crypto community.” Not willing to dox the cyber-thief, Harvest Finance is now offering a $100,000 bounty “for the first person or team to reach out to the attacker”.

Harvest further tweeted that the $2.5 million returned by the hacker will be distributed to the affected depositors on a pro-rata basis using a snapshot. The attack on Harvest comes only six weeks after the attacker escaped with $8.1 million in Bitcoin from another DeFi protocol BZX, however, BZX managed to recover the funds. 

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