So, today, almost ending #februaryinleo, we have #wednesdaytech as a theme. So, Coinbase recovery tool. Did you hear of it?
Coinbase's asset recovery tool has expanded to BNB Smartchain and Polygon blockchains. According to what they say, this tool helped users recover more than $160M worth of funds. In December 2022, it was first launched for ETH, to help users recover almost 4000 unsupported tokens mistakenly sent to their Coinbase wallet. But on Tuesday, we were informed that the tool can recover up to 3000 unsupported tokens on BSC. BSC is not supported by Coinbase, but some users still sent and lost funds to their Coinbase address. Polygon was already introduced in December 2023, but we were reminded of it now, with BSC added to the mix.
How does this work? Coinbase charges a 5% fee for recovering assets worth over $100, and a separate network fee is applied to all recovered tokens. You need to know the ETH, BSC or Polygon transaction ID for the transaction where the asset was lost and the contract address of the lost asset. The feature is not available in Japan or for institutional customers (Coinbase Prime). Binance, its direct competitor, does not offer token recoveries, but if you suffered a significant loss, it may assist you at its discretion, and the recovery is not guaranteed.
It seems that lately, these kinds of features are quite important for most of the customers, as the frustration of dealing with a mistake can be quite high, as in our mind we think that a mistake in crypto is quite irreversible. Look for example at the Oval, an MEV capture mechanism that acts as a layer between Chainlink and lending protocols. Oval enables protocols to be paid for updates from Chainlink. Oval wraps Chainlink Data Feeds and delivers Chainlink price updates to protocols, wrapped in an OEV auction. By adding Oval to your protocol, Oval requires searchers to pay you for the right to use updated prices. Effectively redirecting OEV to you, instead of to the builders. The underlying Chainlink prices are not changed; Oval simply adds an auction between the update and when it is accessible by your protocol.50% of the OEV is directed to an address specified by the protocol that originally generated the revenue. The remaining 50% is allocated to UMA and its partners. You can learn more about revenue sharing in their documentation (https://docs.oval.xyz/mechanism-details/revenue-sharing).
Do you know any other similar features/projects? I would like to learn more about it.
All the best,
George
Why not...
...have fun and win rewards on my favourite blockchain games (Splinterlands- Hearthstone-like card game) (Mobox - GamiFI NFT platform) (Upland - real-life virtual land) (Holozing - Pokemon-like game)and (Rising Star - Music creators game).
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