Arweave Price(AR)

Twitter restored the account and said it was "flagged as spam by mistake."The Twitter account for Arbitrum, the Ethereum rollup platform, was suspended on Monday. The Arbitrum Foundation said Twitter flagged the account in error, however, and it was reinstated within a few hours.The co-founder of Offchain Labs, the company behind Arbitrum, Harry Kalodner, initially confirmed the suspension in a text message to CoinDesk, although he said he was unsure of Twitter’s rationale. “The Arbitrum Foundation which now controls that account is investigating,” said Kalodner.The account was eventually restored. According to a representative for the Arbitrum Foundation, Twitter Support explained in a message that "[w]e have systems that find and remove multiple automated spam accounts in bulk, and yours was flagged as spam by mistake."The Arbitrum suspension drama comes less than a week after the much-hyped rollout of Arbitrum’s new ARB governance token. The ARB launch, like similar buzzy token launches, was seized on by scammers who used spoof social media accounts and elaborate phishing schemes to steal from unwitting investors. Many of those scam accounts are still live on Twitter.Togrhul Mahararramov, a developer for the Ethereum rollup platform Scroll, said Twitter was "consistently awful" for allowing scam accounts to proliferate while the authentic Arbitrum account was pulled offline. Instead of suspending all the scam Arbitrum accounts, Twitter decided to solve the problem once and for all - suspend the actual Arbitrum account... I'll give props to Twitter. They are consistent... consistently awful.— Toghrul Maharramov📜 🇺🇦 (@toghrulmaharram) March 27, 2023 Arbitrum is a layer 2 rollup platform that allows users to transact on the Ethereum blockchain and pay lower transaction fees. It’s currently the largest Ethereum rollup by trading volume and total value locked, according to DefiLlama. The Arbitrum DAO (decentralized autonomous organization) – which is constituted by holders of ARB – took over development of the platform last week with the release of the token. Previously, the platform and its Twitter account were officially maintained by Offchain Labs. CORRECTION (March 27, 19:18 UTC): A previous version of this story mis-identified the tweet as from Kalodner, instead of Mahararramov.

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.The much-awaited airdrop of layer-2 scalability protocol Arbitrum has dominated headlines throughout the week. The hype around the token has led to exploits, fake airdrops and even a significant surge in volume for other layer-2 protocols.Apart from the Arbitrum hype, the Euler Finance hack has also seen some new developments. The person or group behind the attack returned a portion of the funds after the protocol developers put a million-dollar bounty on their heads. Some of these funds were also moved to blacklisted North Korean addresses.While we all read a lot about DeFi exploits now and then, a recent report shed light on the millions of dollars in insurance payouts in 2022. Ninety percent of all DeFi insurance claims paid out since inception were distributed in 2022.In another development around Ethereum staking, MetaMask Institutional has introduced a new staking marketplace to give institutional users access to solo Ether (ETH) staking.The top 100 DeFi tokens had a mixed week in terms of price action. A majority of them traded in the green on the weekly charts, while a few others lost some gains during the market volatility toward the end of the week.Beware of fake Arbitrum airdrops, community warnsEthereum layer-2 scaling solution Arbitrum’s upcoming ARB token airdrop appears to have become a popular target for scammers, with the community warning of hundreds of phishing scams aimed at tricking crypto users. The hype around the airdrop has led to more than a few attempts from scammers to set up fake token airdrops aimed at stealing funds from victims ahead of the official event.The hype around its airdrop has also helped another layer-2 solution, zkSync, to see significant week-over-week growth. After the Arbitrum airdrop announcement, eligible crypto users are also already selling them in OTC markets.Continue readingDeFi insurance payouts amounted to $34.4M in 2022: ReportAccording to a March 21 report by DeFi analytics firm OpenCover, DeFi insurance companies paid out $34.4 million in claims in 2022. Only $36.9 million of such claims have been paid since OpenCover began tracking the data. Notable payouts include $22.5 million during the collapse of the Terra ecosystem in May 2022 and $4.7 million from the collapse of the crypto exchange FTX in November 2022.Despite the surge in payouts, OpenCover said only $231 million worth of funds in DeFi protocols had been insured as per its data, representing just 0.5% of the total value locked in the DeFi industry. Cointelegraph reported on Jan. 5 that DeFi security exploits rose by 47.4% year-over-year in 2022 to $3.64 billion.Continue readingEuler Finance exploit saga sees new developmentsEthereum-based lending protocol Euler Finance could be a step closer to recovering funds stolen in a $196 million flash loan attack last week, with private discussions now initiated with the exploiter.In an on-chain message to Euler on March 20, days after sending funds to a red-flagged North Korean address, the exploiter claimed they wanted to “come to an agreement” with Euler.On March 18, roughly 3,000 ETH ($5.4 million) was returned to Euler Finance’s deployer address from the hacker’s address. Blockchain investigator PeckShield identified three transactions that were used to send the funds.Continue readingMetaMask Institutional unlocks solo ETH staking marketplaceMetaMask Institutional is set to be an avenue for creating new Ethereum validators after announcing a new staking marketplace for its institutional clients.Institutions that use MetaMask’s institutional-grade wallet and custody service will be able to manage ETH staking through four vendors — ConsenSys Staking, Allnodes, Blockdaemon and Kiln. The marketplace aims to simplify access and management of solo staking, allowing institutions to become Ethereum network validators.Continue readingDeFi market overviewAnalytical data reveals that DeFi’s total market value rose above $50 billion this past week. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bullish week, with most of the tokens trading in green, barring a few.Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education in this dynamically advancing space.

NEAR Protocol, a decentralized application (dApp) forum that competes with Ethereum, has recently announced its latest partnership with Google Cloud. The platform has shared on Twitter that the collaboration is focused on enhancing Web3 adoption across the globe. A blog post was also published by Drew Gorton (NEAR’s Head of Developer Relations) on the official website of Google Cloud to explain the respective partnership.NEAR Partners with Google Cloud to Spread Web3 AdoptionIn that blog post, the executive mentioned that NEAR builds infrastructure services by using Google Cloud. He stated that the Web3 sector is witnessing a paradigm shift that permits users to control their assets, data, and identity with the provision of decentralized web services. As per Gorton, to accomplish this vision, the platform requires a fundamental infrastructure layer. The respective layers can perform scaling for numerous consumers along with the maintenance of a secure and decentralized environment.He added that the respective infrastructure will become autonomously sustainable with time. As per him, that project is essential to drive Web3 adoption on a wide scale. However, it is not satisfactory by itself. Specifically, usability is considered among the biggest things hindering the adoption of this burgeoning space. The technology is even now relatively new and was introduced only 10 years back.In addition to this, the product layers, tooling, and data infrastructure of this technology are even fresher. Numerous people utilize Web3 technology at present however a greater number of people are still linked to Web2. The executive disclosed that the platform was developed to deal with this issue by offering an open-source L1 blockchain platform.The Platform Attempts to Accomplish a 4-Phased Nightshade Sharding to Fulfill the Needs of the ClientsThe purpose of NEAR’s blockchain forum was to offer a dynamically sharded and scalable network to provide convenience for developers to develop usable products. To contribute to NEAR’s ongoing adoption, several upgrades are present on the platform’s roadmap that includes Nightshade Sharding as its conclusive phase. With Sharding, the network is scaled through parallelization to handle the spikes in demand as well as ultimately support several consumers.The sharding mechanism of the chain is divided into 4 stages. Currently, it is going through its 2nd phase where the shards have a fixed number. The upcoming phase will witness the sharding of both processing and state. After that, the final stage will introduce dynamic resharding. This will automatically split the network’s shards and merge them according to the needs in line with the usage.