Browsing: Defi

After being hacked on Friday afternoon, the decentralised finance (DeFi) platform Raft lost over $3.3 million in ether (ETH). The assailant might have suffered a loss on the theft, nevertheless. According to on-chain data, the hacker took 1,577 ETH from Raft and transmitted 1,570 ETH to a burn address, erasing the majority of the pilfered assets and leaving them with just 7 ETH. Prior to the attack, the hacker’s address obtained 18 ETH using the cryptocurrency mixer site Tornado Cash, most likely to finance transactions. The exploiter’s crypto wallet held just 14 ETH once the transactions were completed and the…

Read More

On October 11, the European Securities and Markets Authority (ESMA) published a report on the dangers of decentralised finance (DeFi) for the EU market. The 22-page research highlights the potential advantages of DeFi, including greater financial inclusion, the development of novel financial products, and higher speed, security, and affordability of financial transactions. The paper also highlights the considerable risks connected to DeFi, though. Because many crypto-assets are extremely speculative and volatile, ESMA names liquidity risk as its top concern. The regulator finds that Bitcoin and Ether have 30-day volatility that is, on average, 3.6 and 4.7 times higher than the…

Read More

In order to pay back loans on several DeFi platforms, Curve Finance creator Michael Egorov deposited 23.26 million CRV tokens, or about $12.3 million, into Silo. Data from Lookonchain’s monitoring system on September 25 showed that Egorov borrowed 3.75 million crvUSD and then paid back the same sum. He subsequently changed to USDT to pay off his Aave loan. The Curve Finance attack, which had an impact on DeFi protocols, reignited interest in the asset, which is what led to the recent recovery in the CRV token’s value. Egorov used his CRV holdings as security for approximately $100 million in…

Read More
3

To address the liquidity issues in the Cosmos ecosystem, a number of decentralised finance (DeFi) protocols, including Wormhole, Swing, Tashi, and Evmos, have teamed up. Five new bridged tokens will be registered by Wormhole for usage on Evmos: Solana (SOL), wrapped Bitcoin (wBTC), wrapped Ether (wETH), and wrapped Tether (USDT). This proposal’s Wormhole governance voting started on September 19 and is currently close to unanimous. The Swing protocol will incorporate the tokens once they are published on Evmos, enabling users to send them to the platform via any Swing-compatible network, such as BNB Chain, Polygon, Fantom, and others. Additionally, Swing…

Read More
1

Robert Leshner, the creator of the Ethereum-based Compound (COMP) lending protocol, recently expressed doubt about institutional investors’ involvement in the cryptocurrency space. During a panel discussion on the Permissionless Convention in the USA, Leshner voiced his opinion. Leshner raised concerns during the meeting about the likelihood of businesses showing enthusiasm for borrowing or selling cryptocurrencies like ETH, LINK, and other tokens he called “shitcoins.” However, he emphasised that while businesses might be uninterested in cryptocurrencies, they are intrigued by blockchain technology and the concept of decentralised finance (DeFi). Leshner explained The idea of DeFi makes them ecstatic. They adore the…

Read More
2

SpiritSwap, the pioneering decentralized exchange (DEX) built on the Fantom Opera Chain, has formally announced its decision to wind down operations and begin the search for a new organization to assume the reins in a letter sent to the SpiritSwap organization. According to Fantom Ecologist, an X (formerly Twitter) user, the current team at the forefront of this DeFi pioneer is actively looking for an acceptable replacement to keep the platform’s operational chores moving forward. According to the letter: Right now, we’re looking for a group on SpiritSwap and will gladly assist them through their transition period if they want…

Read More
1

Future worth efficiency of Stacks (STX) The Stacks (STX) cryptocurrency is currently at $0.581560, with a 24-hour buying and trading volume of $8,001,540. It also ranks 54th in terms of market capitalization, with $812,813,312. During the preceding week, the Stacks cryptocurrency had a low of $0.572140 and a high of $0.629175. Tezos (XTZ) is losing value. Tezos (XTZ) was trading at $0.797052, with a market size of $748,291,997. Furthermore, its trading volume is $16,317,526 and it ranks 59th on the top 100 cryptocurrency list. Furthermore, over the preceding week, its low point was $0.794915, and its high point was $0.855285.…

Read More
1

Portfolio diversification is vital for fulfillment in crypto investments, as it is in all other investments. According to researchers, building the ultimate crypto portfolio should begin with Bitcoin Spark (BTCS), Cardano (ADA), and Shiba Inu (SHIB). Bitcoin Spark (BTCS) is similar to Bitcoin (BTC) at $1 Bitcoin Spark is a Bitcoin hard fork, which implies it has similar characteristics to Bitcoin (BTC), such as a supply cap of 21 million. Nonetheless, according to analysts such as Fomotion, Bitcoin Spark brings a variety of new features that set it apart and position it for extraordinary success. Because of increased individual transaction…

Read More
DAO

The Rollux mainnet launch date has been set for June 28, 2023 by SYS Labs. An EVM-compatible Layer-2 scaling platform is Rollux. The mainnet launch is planned following a successful testnet and helpful group feedback. The mainnet launch of SYS Labs’ Rollux EVM-L2 scaling platform is scheduled for June 28, 2023. Rollux is an optimistic rollup fork that can deliver the key features that the blockchain ecosystem needs in order to achieve widespread acceptance, including speed, security, affordability, and scalability. Rollux testnet successful According to the SYS Labs staff, the planned mainnet launch of the Rollux mainnet follows the dry-run…

Read More

A recent development revealed that one of the six non-public keys used by the LSD protocol’s unshETH endeavor had been compromised, necessitating an immediate stoppage of unshETH withdrawals. On May 31, at around 10:00 p.m., the incident took place. The official staff promptly halted all unshETHETH withdrawal actions in an effort to avert it from happening. Deposited unshETHETH money totaling $35 million in Whole Worth Locked (TVL) are safeguarded by multi-signature and time-lock procedures in accordance with their safety model, ensuring they don’t appear to be in danger. Additionally, a few subsidiary protocol contracts have been attacked, including farms and…

Read More

Exchanging cryptocurrencies The most recent significant platform to provide users an internal cryptocurrency lending service is ByBit. The service was introduced by the Dubai-based exchange on May 2, and it offers users who deposit cryptocurrency through the new platform interest payments. The business promises to pay out hourly interest from lending pools while allowing lenders to deposit and redeem tokens they have lent out without any lock-up restrictions. Borrowers on ByBit’s exchange can obtain loans in the interim to access capital for a range of trading possibilities on the platform. To protect lenders’ interests, borrowers must post an amount of…

Read More

In the past 24 hours, volume on the Stargate cross-chain bridge has increased 30% as investors try to fulfill the requirements for a suspected LayerZero airdrop. Activity on Stargate (STG) has also increased significantly over the previous five weeks, according to data from DefiLlama. This month, the protocol announced that it had exceeded $1 billion in monthly volume for the first time. Stargate, which serves as a gateway to LayerZero, is the source of most of the money entering the protocol. The trading volume for STG increased by 95% over the last 24 hours.According to CoinMarketCap, the cryptocurrency was up…

Read More

To make it simpler for developers to create, release, and grow their Web3 products and decentralized applications (dapps) on the Ethereum-based layer 2 blockchain, Google Cloud is collaborating with Polygon Labs. The tech giant’s Blockchain Node Engine, which it will make available to the Polygon ecosystem as part of the new partnership, will help developers concentrate on building on the protocol while maintaining full control over where nodes are deployed, according to a statement released by Google Cloud at Consensus 2023 in Austin, Texas. In the statement, Polygon President Ryan Wyatt stated that “today’s announcement with Google Cloud aims to…

Read More

A $22 million investment round has been completed for the multichain decentralized finance (DeFi) system iZUMi Finance. The funds will serve as first liquidity for the startup’s zkSync Era-compatible on-chain order book decentralized exchange, iZiSwap Pro. One-step liquidity-as-a-service, or the exchange of one asset for another asset or cash, is available through iZUMi Finance. According to DeFi Llama data, the platform has a total value lock of around $25.3 million. The business claims that its more recent iZiSwap Pro product, a decentralized exchange powered by an automated market maker (AMM) order book, lowers transaction costs and decreases custody risks compared…

Read More

The Telegram software now allows users to purchase, trade, and withdraw Bitcoin. Instead of Telegram itself, a third party created the Wallet bot and accompanying services that make these features possible. In actuality, the Wallet bot and related services were made by third-party developers using Telegram’s open bot API. Having said that, anyone may use the API to create their own private crypto-based bot with the help of Telegram. According to an announcement made on April 21 by the @wallet account, users of Telegram’s web interface can now access, buy, exchange, withdraw, and conduct P2P transactions with Bitcoin. According to…

Read More

Users will be able to stake assets on Berachain and use those assets for on-chain trading, borrowing, and lending at the same time thanks to the “proof-of-liquidity” consensus mechanism. The DeFi-focused Layer 1 platform Berachain revealed on Thursday, April 20, that it had successfully raised $42 million in Series A funding, valued at $420 million. Along with additional investors like da05, Hack VC, Tribe Capital, CitizenX, Shimla Capital, and Robot Ventures, Polychain Capital oversaw the funding, which was already completed in December 2022. Along with it, a number of unnamed centralized exchanges also made the decision to take part. The…

Read More

One of the three major U.S. credit bureaus, TransUnion, announced on Thursday that it will provide credit scores to decentralized financing (DeFi) lenders. According to a press release, TransUnion will offer conventional (off-chain) credit ratings to anyone who use blockchain-based protocols to apply for loans without jeopardizing their privacy. To offer the service, the company has partnered with DeFi identification and compliance software vendor Quadrata and data security company Spring Labs. A wave of defaults on unsecured crypto loans resulted from the severe cryptocurrency bear market of last year. According to a report by Walter Teng, vice president of digital…

Read More
DAO

This week has seen a rise in interest in the liquid staking market as a result of Ethereum’s successful Shapella hard fork, which made staking withdrawals possible. One liquid staking platform that has seen significant growth recently is Agility, which, according to its papers, is an LSD liquidity distribution network that encourages deposits of ether and liquid staking tokens. The contracts for Agility were just introduced. With over $170 million worth of wrapped ether (wETH) in its possession, Agility’s ETH staking pool contract had its first transaction nine days ago, and its deployer contract had its first transaction fourteen days…

Read More

On April 10, Fortune unveiled the “Fortune Crypto 40,” which it claims to be an industry first. The top five bitcoin companies in each of the eight categories are highlighted on this analysis-based list, which uses both analysis and executive polls to choose the winners. The Crypto 40, according to a Fortune article unveiling the index, is a “definitive list of the most significant crypto companies.” The Crypto 40 was created to spotlight the firms and their technology — as opposed to the popularity of the people and teams driving them, according to an accompanying link outlining the methodology. According…

Read More

According to a Sunday tweet from blockchain security company Blocksec, DeFi protocol SushiSwap has recovered $186,000 worth of ether (ETH) that a hacker stole from one of its customers’ wallets during a $3.3 million vulnerability this weekend. The ‘RouterProcessor2’ contract, which manages trade routing on the SushiSwap exchange, was vulnerable to the assault. By snatching a transaction from renowned SushiSwap user @0xsifu’s wallet to the hacker’s wallet on Sunday, BlockSec was able to recover the 100 ETH. BlockSec was able to successfully save some of the cash by seeing harmful activity during the attack attempt. Jared Grey, the chief developer…

Read More