DeFi Lending Protocol Yield To Permanently Shut Operations; JPEX Crypto Exchange Launches Asset Lock-Up Plan

Here are some latest developments in the crypto world.
Digital currency
Digital currency

Yield Protocol, a decentralized finance (DeFi) lending platform, plans to permanently shut down its operations due to the “unfavourable” crypto rules in the US, Europe, and the UK.

It cited a lack of business demand and external regulatory hurdles behind its decision to wrap up its operations by December 29 this year. “Liquidity providers for the March-September strategies won’t accrue any further fees,” it said.

JPEX Crypto Exchange Launches Asset Lock-Up Plan

JPEX reportedly plans to transform the platform into a decentralised autonomous organization (DAO) and turn user money into dividend shares with a two-year lock-in incentive.

On October 4, JPEX announced that voting for its DAO “shareholder dividend programme” ended on September 28 and that 68 per cent of users had supported the plan.

The programme allows users to exchange their currently frozen assets at a 1:1 ratio for DAO stakeholder payments. JPEX will offer a 30 per cent repurchase option after a year, and a 100 per cent repurchase option after two years.

Users who agreed to the plan would earn dividends from JPEX through a new token listing, trading fees, and distribution of JPEX Coin (JPC), the exchange’s native token, in proportion to shareholder dividends, according to a JPEX previous press release. Users are reportedly encouraged by the offer to retain their money on the troubled exchangHoneypot scams can cause significant losses. The latest antivirus update has the ability to detect not only honeypots but also various other scams in the Web3 space. Web3 Antivirus (W3A), a browser extension that can carry out a smart contract and token analysis in real time, can quickly identify honeypot techniques. Users of cryptocurrencies can engage securely with DeFi and Web3 applications. Thanks to the tool’s integration with Chrome, Firefox, Brave, and Edge.

New Security Tool To Detect Honeypots and Other Web3 Scams

Honeypot scams can cause significant losses. The latest antivirus update has the ability to detect not only honeypots but also various other scams in the Web3 space. Web3 Antivirus (W3A), a browser extension that can carry out a smart contract and token analysis in real time, can quickly identify honeypot techniques. Users of cryptocurrencies can engage securely with DeFi and Web3 applications. Thanks to the tool’s integration with Chrome, Firefox, Brave, and Edge.

The tool’s most recent upgrade, version 0.10, reportedly greatly increased the accuracy of honeypot detection. Users are protected from potential losses by the antivirus’s ability to pinpoint the precise type of honeypot they come across.

W3A keeps track of transactions intended to drain users’ wallets and alerts them right away. It also tracks Swap trades. Furthermore, the Web3 security tool finds suspicious actions in all connected contracts besides the contract the user may interact with. Thus, it can determine whether a contract is linked with theft, spam, a ponzi scheme, or rug pull.

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