Crypto Market Overview May 31th | Dex-Trade

Crypto Market Overview May 31th | Dex-Trade

Crypto-Drama About Ethereum Will Be Available on Decentraland and Lumiere metaverses

Announced in April, The Infinite Machine, a feature film about the story of Vitalik Buterin and the developers of Ethereum, and produced by Oscar-winning director Ridley Scott, is the first crypto-drama exclusively funded by NFTs. These days, production company Versus Entertainment announced that the release of the film will take place in the metaverses of Decentraland and Lumiere, whose representatives have already agreed to place the film. The film is based on a book by financial journalist and crypto expert Camilla Russo. It describes the wild and often hopeless adventures of a team of "hippy-anarchists," a cohesive vision of a super-powerful global network that is reluctantly led by an "ambivalent visionary"(actually Vitalik Buterin). According to the plot of the book, the nineteen-year-old Buterin persuades a group of professional programmers, including Gavin Wood and Charles Hoskinson, who later respectively founded Polkadot and Cardano, to join his concept, which is not yet completely clear even to himself. The film will be written and directed by Shyam Madiraju along with Ridley Scott, Tom Moran and Vera Meyer of Scott Free. The film will be produced by Alejandro Miranda of Versus Entertainment. According to the project roadmap, the film script should be ready by the third quarter of this year.


LUNA Classic and UST Lead to Mirror Protocol Hack and $2 Million Theft

The Mirror synthetic protocol, used to price real assets online with millions of dollars of locked pools, was hacked due to a LUNA price oracle error that indicated that the price of Luna Classic exceeded 5 UST. The attacker withdrew funds from mBTC, mETH and two other pools, and 12 hours later redirected the attack to other assets. Members of the Terra community have already asked Do Kwon to fix the LUNA price oracle as it could drain all liquidity pools on the Mirror, cause the system to collapse, and jeopardize the whole idea of ​​a decentralized synthetic asset market. Mirror developers were able to quickly respond to the threat and completely block the use of mBTC, mETH, mGLXY and mDOT pools for collateral transactions, which sharply discouraged the hacker from continuing the attack. If this had happened 15 minutes later, the thieves would have gained access to the remaining pools, causing the platform to crash. Due to a bug in the oracle calculation, the hackers were able to receive $1.3 million in collateral while LUNA Classic was falsely valued at $1,000, and then borrowed and withdrawn even more funds, setting off a borrowing death spiral with millions in collateral.


Web3 Is a "An Enormous Grift": Opinion of Crypto-Skeptic Molly White

Massachusetts-based Wikipedia editor and software engineer Molly White, who blogs “Web3 Is Going Just Great,” is “fast becoming the cryptocurrency world’s biggest critic" according to the Washington Post. The publication dedicated an article to White, which many skeptics are already quoting. The programmer’s narrative goes into criticism of Web3 as a strategy for the future of the Internet, the essence of which is often covered up by high-profile advertising projects: “Generally speaking, web3 is an umbrella term to refer to the “future of the Internet”, which believers say will be decentralized and based on the blockchain. Proponents tend to tout how data won’t be controlled by ‘Big Tech’, and how it will be uncensorable and egalitarian. There is, however, no shortage of examples in this timeline of how many ‘web3’ projects are indeed centralized in similar ways to Big Tech, as well as instances where ‘uncensorable’ or ‘unmodifiable’ platforms have removed or modified data.“ Yesterday White also published an article criticizing the Superlative Apes NFT collection, which has already caused a "holy war" between supporters and opponents of web3. But the programmer argues her position quite powerfully, so we can say that we are entering a new era of web3 skepticism, which we seem to have deserved.