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DeFi devs may save months of work with OpenZeppelin’s operations platform

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OpenZeppelin, a blockchain software company known for developing one of the most used implementations of the Ethereum ERC-20 contract, announced on Tuesday the release of a developer suite called Defender.

The tool helps automate many of the development operations associated with running Ethereum-based decentralized apps. It provides a simple dashboard to manage upgrades and admin operations for existing smart contracts, which can help developers keep track of changes.

Other features include a transaction relayer that simplifies integrations with web-based back ends, automated tasks like logging or oracle updates, and a general knowledge base of best practices in development.

The company says that normally, these features need to be developed independently by every team, which diverts time and effort from actual smart contract deployment.

OpenZeppelin’s chief technology officer, Jonathan Alexander, told Cointelegraph that this suite could help mitigate hacks in decentralized finance:

“Multiple exploits we’ve seen in DeFi this year, such as those in YAM, Uniswap, dForce, and Hegic, could have been avoided or reduced by following a careful security process, but teams lack a comprehensive system that fully informs them on security best practices and how to assess risk.”

The knowledge base shows how to mitigate some of the core issues that led to hacks such as the reentrancy attack used on dForce, according to a presentation shown to Cointelegraph.

Beyond the ease of access to best practices, Alexander said that a quick response tool could have reduced the loss of user funds in situations similar to the bZx and Opyn hacks.

The team decided to build the tool following conversations with developers, who “were spending months and months of precious time trying to build their own infrastructure and tools,” Alexander said. “OpenZeppelin Defender is the first SecOps [security operations] platform for Ethereum and as such is a critical addition that the ecosystem has been missing.”

Defender is free for use on testnet, but requires a paid subscription for production use.

It comes as new security and development tools are being released to simplify the process of developing a DApp. On Monday, CertiK announced the release of a blockchain that would create a more liquid market for security audits and scoring.



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Bitcoin hits $35K after Biden reveals infrastructure deal, Paraguay proposes BTC bill

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Bitcoin (BTC)  price received a boost as news that lawmakers in Paraguay plan to present a bill to make BTC legal tender spread across Twitter. Shortly after the unconfirmed news surfaced on Twitter, Bitcoin price rallied to $35,289 before slightly pulling back below the key short-term resistance level. 

While the cryptocurrency Fear and Greed Index still indicates a sentiment of Extreme Fear, it’s worth noting that the measure has risen from 14 on June 23 to 22 on June 24 as traders begin to view the drop below $29,000 and Bitcoin’s rising open interest as signs that the current corrective phase may have ended. 

Cryptocurrency fear and greed index. Source: Alternative

While traders’ sentiment may have improved slightly, Cointelegraph analyst Marcel Pechman suggested that investors could be waiting for the $6 billion in Bitcoin and Ether (ETH) quarterly futures and options to expire on June 25 before making a more decisive move.

Stocks reach new record highs, altcoins rally

The crypto market wasn’t the only market to rally today. Traditional markets also rose to new highs after U.S. President Joe Biden revealed that he had reached an agreement on a $953 billion bipartisan infrastructure spending plan with the Senate.

Following the announcement, the S&P 500 and Nasdaq each rallied to new record intraday highs and closed the day up 24.65 points and 97.98 points respectively, while the Dow gained more than 322 points on the day. 

Daily cryptocurrency market performance. Source: Coin360

As one would expect, altcoins also surged higher as Bitcoin price and traditional markets moved higher. Ether (ETH) rallied back above the psychologically important $2,000 level, while Tron (TRX) and Celo gained 26% and 28% respectively. CELO’s move appears to be driven by the listing of its Celo Euro (cEUR) stablecoin on KuCoin exchange. 

Prior to the recent price rise, VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CELO on June 22.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. CELO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for CELO climbed into the green and reached a high of 73 on June 22, one hour before its price began to spike 56% over the next day. The VORTECS™ Score turned green again on June 24, reaching a high of 74 as CELO began to rally another 25%.

The overall cryptocurrency market cap now stands at $1.4 trillion and Bitcoin’s dominance rate is 46.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.