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Quick News‼️

▫️#Bitcoin miners generated $555 million in revenue in July 2022.

▫️#Ethereum miners generated $571 million in revenue in July 2022.

▫️#Nomad cross-chain bridge has been hacked with over $190,000,000 stolen.

🇺🇸 The SEC has charged 11 people for their roles in creating and promoting a $300 million #crypto Ponzi scheme.

🇦🇺 Huobi exchange has been granted full approval to operate in Australia.

🇬🇧 A UK court ruled that the self-proclaimed #Bitcoin creator, Craig Wright, used false evidence in his case against Peter McCormack.

▫️#Ethereum Founder Vitalik Buterin says he does not think current "corporate attempts to intentionally create the metaverse are going anywhere."
Blockchain / Cross-Chain Bridges

▫️What is Bridge?
It's a protocol connecting 2 blockchain ecosystems to enable interactions between them. If you own $BTC but want to participate in DeFi activity on the #ETH network, a blockchain bridge allows you to do that without selling your $BTC.

▫️What Bridges Allow?
🔹The cross-chain transfer of assets & information
🔹Dapps to access the strengths of various blockchains thus enhancing their capabilities.
🔹Users to access new platforms & leverage the benefits of different chains.
🔹Developers from different blockchain ecosystems to collaborate & build new platforms.

▫️2022: 4 Big Bridge Hacks.
🚩February: #Wormhole $320M
🚩March: #Ronin $615M
🚩June: #Harmony $100M
🚩July: #Nomad $165M (amount revised)

▫️What Is Gravity Bridge?
The Gravity Bridge blockchain is the trustless, neutral bridge between #Ethereum and the #Cosmos ecosystem. Built using the #CosmosSDK it uses the validator set to sign transactions, instead of a multi-sig or permissioned set of actors.