Altcoin News by Thebittimes.Com

Decentralized exchange Sushi will test native Bitcoin DeFi functionality that promises to allow users to swap BTC across 30 blockchain networks. DeFi platform Sushi has partnered with interoperability platform ZetaChain to explore the possibility of native Bitcoin swaps for its users across 30 different blockchain networks. Sushi’s deployment of its decentralized exchange (DEX) on ZetaChain is touted to enable trading of BTC without wrapping across several blockchains in what the team describes as a “native, decentralized and permissionless manner”. The integration is set to include Sushi’s v2 and v3 automated market makers and Sushi’s cross-chain swap SushiXSwap. ZetaChain core contributor Ankur Nandwani tells Cointelegraph that the partnership can bring Bitcoin’s vast user base to the DeFi sector in a native manner. He also countered arguments that suggest that bridging BTC without wrapping the assets on another chain is not possible. “There have already been early examples like TH...

A Twitter user called out SushiSwap and urged the platform to take steps to prevent incidents in the future. Decentralized finance (DeFi) protocol SushiSwap recently suffered an exploit due to a smart contract bug leading to over $3 million in losses. Members of the crypto community responded to the hack, with some thinking that there was something fishy about the hack.  On April 9, Security firms detected unusual activities in the DeFi platform's smart contract that aggregates trade liquidity. A few hours later, a $3.3 million exploit was reported. Jared Grey, the head developer of the decentralized exchange, asked its users to revoke the permissions that they granted to the platform. The developer also said that they were able to recover some of the funds through a “whitehat Security process.” Community member Adam Cochran tweeted that the hack is “weird.” According to Cochran, the router contract that was "used by almost no one" was instantly exploited after getting...