Canto Migrates to a ZK L2 Powered by Polygon

Canto Migrates to a ZK L2 Powered by Polygon

Canto, the Layer 1 blockchain established in 2022, is gearing up for a significant transition to a zero-knowledge Layer 2 on Ethereum, facilitated by the Polygon Chain Development Kit (CDK). This move, steered by the collaborative Canto Commons framework, marks a pivotal step towards integrating real-world assets into the decentralized finance landscape.

The migration will deepen Canto's ethos of permissionless sovereignty and public liquidity, enhancing security and connectivity to the broader Ethereum ecosystem. Leveraging the open-source Polygon CDK, Canto aims to foster a unified network of interconnected ZK L2 chains, thus unlocking new potentials for off-chain assets with assured security and liquidity.

As Canto embarks on this transformative journey, it promises a seamless transition for validators and stakers, offering users greater decentralization and trustless guarantees during asset transactions. This development is part of a larger industry trend where many primary layer networks are transitioning to become layer 2's on Ethereum, a strategy that not only reduces network security costs but also leverages the robust security infrastructure of the Ethereum mainnet.

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Stanford University to return “FTX money”

Stanford University has announced its intention to give back the substantial financial contributions it received from FTX, a bankrupt cryptocurrency exchange. This decision was reported by Bloomberg. A spokesperson for the university confirmed that they have been engaging in discussions with FTX's creditors' legal representatives in order to reclaim these donations, and that they will be returning the funds in full.

The statement from Stanford follows a lawsuit filed by FTX against the parents of its founder, Sam Bankman-Fried, Joseph Bankman and Barbara Fried. The lawsuit, initiated on Monday, seeks to recover millions of dollars that were allegedly transferred fraudulently and misappropriated.

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Standard Chartered is launching a staking service

Zodia Custody, the crypto-focused branch of Standard Chartered, is set to offer its clients the opportunity to generate returns on their cryptocurrency holdings. Through a collaboration with OpenEden, Zodia Custody is introducing the "Zodia Custody Yield" service, which involves tokenizing tangible assets such as treasury bills. This innovative approach allows investors to earn yield while taking advantage of the numerous benefits offered by blockchain technology.

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DeFi protocol Balancer under attack 

At present, both Balancer's tweets and a warning from the MetaMask wallet indicate that the Balancer URL has fallen victim to a redirect attack. Consequently, users are being directed to a malicious page instead of the legitimate site.

Internet detective ZachXBT has identified a wallet address that suggests over $200,000 worth of digital assets may have been stolen. Data from Nansen.ai reveals that the wallet's current balance is slightly above $100,000, with stETH and DAI comprising the majority of the assets.

On-chain data implies that the individual responsible for the wallet has been transferring some of the stolen funds to Aave. These developments come approximately one month after Balancer issued a public warning regarding an unrelated vulnerability in the protocol's pools, urging users to withdraw their assets.

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Other breaking news

• The Gro community voted to wind down the protocol, and DAO
• Aave governance voted to increase the borrowing rate of GHO
• Deutsche Bank exec pleads guilty over crypto fraud
• Ledger Recover service expected to go live by end of year
• Central Bank of Latvia opens Innovation Hub for emerging technologies

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Wrapping up

In today's update, we spotlighted Canto's strategic shift to a Layer 2 on Ethereum, enhancing the decentralized finance landscape. Meanwhile, Stanford University gears to return substantial contributions from the insolvent FTX, showcasing a marked change in their association with the crypto entity. On a promising note, Zodia Custody introduces a new avenue for investors to earn yields on their crypto assets. Unfortunately, Balancer faced a security breach, emphasizing the ongoing need for robust security in the crypto arena. Keep abreast with us for more critical crypto insights.