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What is a Testnet? The Blockchain Playground Explained! In the world of blockchain, innovation is constant. But before a new idea, feature, or application goes live on a mainnet, it must first be tested — rigorously and securely. That’s where Testnets come in.  What Exactly is a Testnet? A Testnet (short for test network) is a blockchain environment that replicates the real blockchain (mainnet) but uses valueless tokens and operates independently. It allows developers, users, and projects to experiment with blockchain functionalities without any risk to real funds. Think of it as a sandbox — a safe space where smart contracts can be deployed, bugs can be identified, and upgrades can be trialed before reaching a live environment. Why Testnets Matter Risk-Free Testing : Mistakes on the mainnet can cost millions. Testnets provide a cost-free environment to test contracts and transactions without real-world consequences. Accelerating Innovation : Developers can try new protocols, dApps,...

How Liquidity Pools Work: A Beginner’s Guide! Liquidity pools are a fundamental building block of decentralized finance (DeFi) ecosystems. They enable automated trading, lending, and other financial services without relying on traditional intermediaries like banks or brokers. Here’s an in-depth look at how liquidity pools work and why they matter. What Are Liquidity Pools? Liquidity pools are smart contract-based reserves of tokens locked in a decentralized protocol. These pools are designed to facilitate trading, lending, and earning opportunities on decentralized exchanges (DEXs) and other DeFi platforms. In essence, a liquidity pool is a shared pot of assets contributed by users called “liquidity providers” (LPs). These assets are used to support transactions and provide liquidity to the market. How Do Liquidity Pools Work? 1.  Token Pairs and Balancing These token pairs are balanced using an automated market maker (AMM) algorithm, like the constant product fo...

Kokomo Finance's social media presence and websites are offline, while the price of the KOKO token fell more than 95% within a matter of minutes. Optimism-based lending protocol Kokomo Finance has been suspected of a $4 million “exit scam” that has seen user funds plucked out from the platform via a smart contract loophole. Blockchain Security firm CertiK alerted its followers to the “exit scam” in a March 26 Twitter post, noting that the Kokomo Finance (KOKO) token has plummeted 95% in value in a matter of minutes. CertiK also noted that Kokomo Finance removed all social media accounts immediately following the alleged rug pull too. Kokomo Finance has either deactivated or deleted its Twitter account. Source: Twitter CertiK said the deployer of KOKO attacked the smart contract code of a wrapped Bitcoin token, cBTC, by resetting the reward speed and pausing the borrow function. After that, an address beginning with “0x5a2d..” approved the new cBTC smart contract to spend over 700...

Ethereum continues to be the dominant blockchain for developer activity, however, a few other chains continued to make ground. The notion that bear markets are good for builders appears to be true with the total number of monthly active Web3 developers increasing 5.4% to more than 23,300 over the last 12 months despite a near 70% drop in crypto prices. According to a Jan. 16 report from Electric Capital, “full-time” developers — categorized as those who contribute to 76% of Github commits — also increased 15.2% to over 7000, while “one-time” builders fell 6.2% to over 3,500 during the same time period between December 2021 and December 2022 Despite the crypto market capitalization beginning its long plunge from from its all-time high (ATH) of $2.9 trillion in Nov. 2021, monthly developer activity only began to fall in Jun. 2022 after the metric reached its record high of nearly 26,500. This fall was partly attributed to the fall in developer activity in the Terra ecosystem following ...

From smart contract auditing to enhancing user interactions, executives point out how ChatGPT can potentially affect Web3. With the many possibilities opened by ChatGPT, executives within the Web3 space predicted how the artificial intelligence (AI) tool developed by OpenAI would make its impact on the industry.  From using the bot for smart contract auditing to enhancing user interactions with AI, various executives gave their thoughts on how the new AI tool will have an impact on the Web3 industry. Dmitry Mishunin, the CEO of the smart contract auditing firm HashEx, believes that ChatGPT will have an influence on the security of smart contracts. Mishunin told Cointelegraph that while the future is unsure, it can go both ways. He explained that: “AI algorithms can be so deeply integrated into a niche that they simply stop allowing smart contracts that have not passed verification for deployment." Mishunin said that an outcome like this will be good for the long term because it...

In addition, Forta offers the greatest degree of flexibility for sophisticated monitoring in real-time, block-by-block. In Forta, a decentralized network of independent node operators examines all transactions and changes in block-by-block state for anomalous activity and potential threats. Node operators notify subscribers of possible dangers when an issue is discovered, allowing them to take appropriate action. In other words, Forta uses a work token model to guarantee the accuracy and integrity of the data provided by the network. Node runners are required to stake FORT tokens in order to broadcast real-time operational and security data to the network, and anyone is allowed to stake FORT tokens to signal detection bot quality in the network. In addition, holders of FORT can engage in governance to influence Forta’s development. Moreover, Forta’s runtime monitoring needs the best, fastest data on the blockchain. Forta Network will get data feeds from SupraOracles. Furthermo...