Solend – a DeFi lending protocol built upon the Solana blockchain – attempted to take over a whale account that supposedly could put the protocol in trouble due to its colossal size of collateral at risk of being liquidated. After the crypto community fired at the DAO behind Solend approving such a proposal, the organization...Read More
Crypto lending firm Babel Finance, which abruptly halted client withdrawals and redemptions for all products last Friday, told Bloomberg that it was set to delay its debt repayments after reaching agreements with major counterparts and customers. However, It’s still uncertain when the company will resume withdrawals and redemptions. The Hong Kong-based crypto firm said in...Read More
Prominent DeFi protocol Bancor suspended its Impermanent Loss Protection program, citing “hostile market conditions” and “manipulative behavior” as the main causes behind the action. Assuring users and investors that it’s only a temporary measure, Bancor noted that all funds on the protocol are secure, and trading remains active on all liquidity pools. Impermanent Loss As...Read More
Gary Gensler – Chairman of the Securities and Exchange Commission (SEC) – spoke about crypto during the RFK Human Rights Compass Summer Investors Conference on Tuesday. He cautioned the public about the returns that some companies within the crypto space are promising, which he views as “too good to be true.” Too Good to be...Read More
Terra’s ecosystem had roughly 15% of the DeFi market share before its collapse last month. According to DeFiLlama data, this makes it the second-largest hub for all decentralized finance. But after a $40 billion network goes bankrupt, where do the investors flee? When Terra was still alive and active on May 6, Ethereum had 55%...Read More
DApp discovery and analysis platform DappRadar released a detailed report analyzing the state of the crypto market in May. It mainly covered three areas: DeFi, NFT activities, and crypto games, stating that the Terra debacle did not destroy the overall DeFi ecosystems. NFT trading volume was only down 6% from April if measured in token...Read More
Huobi, the near-decade-old cryptocurrency veteran, has established a new investment arm, called Ivy Blocks, that will focus on supporting the growing ecosystems of decentralized finance and Web 3-based blockchain protocols. The official press release reads that the new feature will “focus on identifying and investing in promising blockchain projects to help unlock their growth potential,...Read More
Cosmos-based DeFi protocol, Osmosis Network, was halted at block #4713064 on June 8th after spotting a critical vulnerability in its liquidity pools. The exploit took place just two blocks before the halt. The attack was first reported by a Reddit user who warned if a customer deposits funds to an Osmosis pool would gain an...Read More
June 7, 2022, marks Cake DeFi’s third anniversary. Reviewing its achievements, the Singapore-based financial technology platform noted that it has managed to record tremendous growth despite the bearish trends, averaging almost 90% quarter-on-quarter since its launch in 2019. Cake DeFi Pays $317M in Rewards to Users Cake DeFi also revealed in a press release that...Read More
Mr. Jason Choi, a member of Forbes’ 30 Under 30 list, co-founded Spartan Group. The Spartan Group is APAC region’s most successful Web3 VC fund. Mr. Jason has expressed his thoughts on the current crypto “bottom.” DeFi 2.0 Lost 98.5% On An Average According to Mr. Choi’s data, all forms of utility and governance holdings...Read More
The top financial regulator of the city-state – the Monetary Authority of Singapore (MAS) – reportedly partnered with the finance industry to introduce “Project Guardian.” The initiative aims to investigate potential use-cases of asset tokenization and decentralized finance (DeFi) and will guide the nation’s efforts to become a cryptocurrency hub. Singapore to Strengthen its Crypto...Read More
The leading decentralized exchange – Uniswap – surpassed a lifetime cumulative trading volume of $1 trillion. Uniswap Protocol announced that more than $1 trillion worth of cryptocurrencies have been traded on the exchange since its launch in 2018. 2/ Over the past three years, The Protocol has 🛹 Onboarded millions of users to the world...Read More
Crypto exchange Bybit collaborated with blockchain analytics platform Nansen to publish another monthly report on the state of the crypto industry. It focused on the broader market condition, DeFi activities, and NFT markets. The paper regarded Terra’s notorious collapse as fundamentally destructive to the nascent crypto community but beneficial to other Layer-one competitors since they...Read More
Julius Baer Group – the Swiss private bank with over $110 billion in AUM as of 2021 – revealed that it will offer digital asset services to high-ended clients. A pilot program has been currently installed to test token booking, trading, and compliance. The group will integrate cryptocurrencies into its wealth management services by first...Read More
Reports are suggesting that all may not be well at the Celsius crypto lending platform. Some customers claim they have been unfairly wiped out, while company CEO Alex Mashinsky asserts that malicious actors are trying to collapse the system. Celsius is one of the crypto industry’s largest lenders, with $11.8 billion worth of assets. The...Read More
DeFi Land, a multi-chain agriculture simulation gaming project built on the Solana blockchain, has unveiled its first play-to-earn game created to gamify all aspects of decentralized finance (DeFi). DeFi Land Launches New P2E Game As per the press release shared with CryptoPotato, the game, scheduled to go live on May 18th at 8 PM UTC,...Read More
If this crypto winter made you so poor that you cannot even pay for the fees of your crypto transactions, keep reading; Robinhood might have the perfect solution to all your problems. The popular stocks and crypto trading app, Robinhood, announced that its upcoming crypto wallet will not charge gas fees and support non-fungible tokens...Read More
Industry analytics firm DappRadar has just released a report on the situation, and it doesn’t look pretty. On May 13, the firm reported that DeFi’s total value locked (TVL) is down more than 40% over the past seven days. It stated that the slump had been caused by investors flipping tokens into stablecoins in preparation...Read More
Blockchain analyst firm Chainalysis published a new report focused on the illicit activities occurring on blockchains, noting that DeFi protocols are the most popular target hackers tend to go after and that money laundering in the space has risen in the past two years. DeFi as Hackers’ Primary Target Since the DeFi Boom occurred in...Read More
Summary: Lido Finance has surpassed Curve finance to become the largest DeFi protocol in terms of total value locked Approximately $19.1 billion is locked on Lido Finance compared to Curve’s $19 billion Lido Finance is available on the blockchain networks of Ethereum, Solana, Terra, Kusama, and Polygon. Earlier today, Lido Finance became the largest DeFi...Read More
2021 was a wild year for the crypto market, with major assets like Bitcoin and Ethereum hitting new all-time highs and attracting an unprecedented amount of institutional investment. Throughout the entire year, investors worldwide took a total profit of $162.7 billion in cryptocurrencies, a fivefold increase from just $32.5 billion in 2020. America-based investors led...Read More
Rug pulls have grown to become a menace in the space of decentralized finance and have resulted in hundreds of millions stolen from users. Being amongst the most common types of scams, some US politicians have taken aim and want to outlaw them. State Senator Kevin Thomas and Assembly member Clyde Vanel have introduced Senate...Read More
Over the last 24 hours, the global crypto market has shifted to a state of uncertainty. The new signs point to a shift in sentiment, which could affect the performance of Bitcoin and other top-tier coins. Despite the fact that the market was beneficial for Bitcoin in the previous 24 hours, it has since changed...Read More
After a notable rally in 2021 a couple of times, 2022 appears to be pretty relaxed, maintaining a squeezed rally. Traders appear to extract their profits with just a minor spike and compel the prices to chop around the lower levels. However, in the upcoming days, the space may witness a significant change which may...Read More
New cryptocurrencies are being introduced to the internet every day. Now, Logarithmic Finance has become the new talking point. Logarithmic Finance is the new layer-3 switching protocol that intends to link investors and innovators smoothly and efficiently. The White Paper of Logarithmic Finance states that their roadmap visualises the future improvement that will be integrated...Read More
Andre Cronje shocked the cryptocurrency world a little over a month ago and hasn’t said a word since. This ended today when he fired an entry on Medium, giving some context to his departure. What Happened With Andre Cronje? Back at the beginning of March, Andre Cronje – largely known for the creation of Yearn...Read More
Nessa Risley, an Uniswap user from North Carolina, invested about $10,400 on low-cap digital tokens such as EthereumMax, Matrix Samurai, and Rocket Bunny between May and July of last year. The trader has since experienced “substantial losses” and thus sought justice through legal action. On April 4, Risley launched the legal proceedings, alleging that Uniswap...Read More
Uniswap Labs – the organization behind the popular DeFi exchange – announced the launch of Uniswap Labs Ventures. As such, it intends to “bring millions of people into the emerging Web3 economy” and invest in additional crypto enterprises. Enter Uniswap Labs Ventures In a recent blog post, the company said it is “proud of the...Read More
Crypto research and portfolio tracker, CoinStats, raised $3.2 million in the latest funding round led by Alex Pack’s Hack VC. Other participants also included a myriad of other funds, including Mike Dudas’s 6th Man Ventures. The funding will be deployed to develop new features to expand DeFi to millions of users. CoinStats’ DeFi Expansion As...Read More
OpenZeppelin, a security audit company for Coinbase, identified $15B rugpull vulnerabilities in Convex Finance, whose anonymous developers later resolved the risk. The surprising discovery occurred during a security review of the Convex Finance protocol. A Bug Only Exploitable From the Inside The Security Research Team from OpenZeppelin found in late 2021 that a significant bug...Read More
