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Home > News
Published: 06/03/2024
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Author: Leexim
Coachella Partners with Opensea to Launch Exclusive NFTs
Coachella partners with OpenSea to introduce NFT collections for the 2024 festival, offering exclusive access and merchandise.
Azcnews (2)
Coachella Valley Music and Arts Festival, one of the leading major music events in the world, has announced an innovative new partnership with OpenSea, the leading NFT marketplace, to showcase works digital anniversary brings a unique experience to the 2024 edition.
This festival will release three unique NFT collections, giving owners special benefits with unlimited experiences and goods. This move aims to optimize the audience engagement experience by delicately combining the physical and digital worlds through cutting-edge Web3 technology.
Exclusive benefits for NFT holders at Coachella 2024
Coachella Nft
Coachella Nft
The NFTs will be hosted on the Avalanche blockchain and will be released in three phases. The first batch will have 1,000 NFTs that grant VIP access, along with many other unique benefits.
Sam Schoonover, head of creative at Coachella, emphasized that the event marks an important step towards the future, as ownership of NFTs opens up the possibility of uniquely personalizing events. This partnership is not only a strong marker for the integration of NFTs into traditional events, but also brings a harmonious combination of collectible artistry and tangible festival perks to attendees.
The collaboration comes as the NFT market is facing challenges, with sales falling to a three-year low. However, the partnership with Coachella is a strategic effort, opening up new aspects of NFTs beyond collectibles, to enhance the live experience of the event.
Coachella Festival Nft
Coachella previously ventured into the NFT space with FTX in 2022, offering collectibles that included lifetime festival passes. Despite the setback with the demise of FTX, the festival continues to explore the potential of NFTs, ensuring that the interests of NFT holders will be appreciated.
Devin Finzer, CEO of OpenSea, hailed this partnership as an important step in combining digital and physical experiences, opening up the possibility of setting new standards for the ticketing industry and event organization.
Related: Bitcoin NFTs Stage Impressive Comeback, Dominating Weekly Sales
The association between Coachella and OpenSea represents an innovative approach, using blockchain technology to enrich the festival experience, combining the excitement of live events with the unique world of technical assets number is growing.
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Published: 06/03/2024
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Author: Leexim
Arbitrum DEX Fell Victim to Hacks
The WOOFi exchange running on Arbitrum faced an increase in malicious activities following a recent flash loan exploit.
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Table of Contents
WOOFi, a decentralized exchange running on the Arbitrum [ARB] network, became the target of malicious attackers and faced a short-term loan mining attack, with the value increasing to $8 million.
In this context, flash loan exploitation has become a popular attack tactic in the decentralized finance (DeFi) sector. This tactic allows attackers to take advantage of the unique characteristics of payday loans to dominate the financial system.
Flash loan protocols allow users to borrow large amounts of money without collateral, on the condition that the amount is returned within the same block of transactions. Once the borrowed money is in place, an attacker can use it to manipulate prices or take advantage of vulnerabilities in decentralized protocols, such as decentralized exchanges or lending platforms. Their goal is to create temporary market imbalances, manipulate prices or exploit vulnerabilities to profitably withdraw money.
Screenshot 2024 03 06 at 11.24.19%E2%80%AFAM.png
Source: X
During their investigation of the attack, researchers discovered that the hacker took advantage of one of the oracles on the Arbitrum network, specifically affecting the WOOFi WooPPV2 contract. The attacker deployed a contained flash loan attack to interfere with the price of the WOO token. Notably, they made loan repayments amid a decline in the price of the underlying asset.
After receiving initial warnings from Twitter administrators like Spreek and PeckShield, the Woo project team immediately halted all activities and began a thorough investigation. To date, the attacker has managed to withdraw funds worth approximately 2,000 ETH.
Malicious attackers get to work
Arbitrum ARB 11.32.57 06 Mar 2024.png
Source: Santiment
Although the DEX investigation is continuing, the Woo project has assured the community that there is no immediate risk to assets in Earn vaults, WOOFi shares, or other WOO contracts.
Related: Arbitrum Foundation Funds Crypto Film
Despite facing financial difficulties, WOOFi now has to contend with other malicious actors trying to exploit unsuspecting WOO users on the X network. After just two hours of the attack, the WOOFi team issued an alert, informing users about a fake account on X, pretending to be the official handle of the project.
Sentiment on the Arbitrum[ARB] network, where the attack took place, remains neutral. The price of the ARB token, relative to the network, does not fluctuate significantly.
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Published: 06/03/2024
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Author: Kane
Frax Finance (FXS) Launches Mainnet Layer-2 Fraxtal
After one month of deploying layer-2 for certain specific partners, Frax Finance has opened the mainnet layer-2 Fraxtal to ordinary users.
Azcnews Breaking
The well-known DeFi project on the Ethereum network, Frax Finance (FXS), has just officially launched access to the Fraxtal mainnet layer-2 for all users.
Previously, the platform only allowed certain partner applications such as Safe, Chainlink, Axelar, and LayerZero to “open” the mainnet.
From today, users can easily convert ETH, CRV, sfxETH, and other assets from Ethereum to Fraxtal.
Developed based on the OP Stack toolkit, Fraxtal is a strategic partner layer-2 of the Optimism Superchain, along with many other prominent names like Base, Mode, Aevo, Lyra, and Zora.
Interface Frax Finance
Interface Frax Finance
Fraxtal aims to provide a platform with security levels equivalent to Ethereum, with faster transaction speeds and optimized usage costs. Additionally, the project also aims to develop towards a modular blockchain approach similar to Celestia or Manta Network.
Fraxtal implements the FXTL reward accumulation mechanism for layer-2 activities, including liquidity provision, interaction with smart contracts/dApps, and asset holding.
As previously announced, Frax will snapshot the staking token veFXS activity on the Ethereum mainnet at 23:59 AM on March 6, 2024 (UTC). Valid users will receive FXTL airdrop points that can be converted into tokens in the future.
Additionally, the project introduces an incentive mechanism called Flox, which rewards users based on the gas fees they have spent on the network.
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FXS/USD Chart after the Announcement from Frax Finance
At the time of writing, the FXS token price of Frax Finance has not shown significant reaction following the announcement of the Fraxtal launch earlier. The price is adjusting downward in line with the Bitcoin downtrend this morning.
Chart
FXS/USDT on Tradingview at 09:50 AM on March 6, 2024.
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#Frax Finance
#FXS
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Azcnews (2)
News | Editor Choice | NFT 06/03/2024
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