Day: May 20, 2022

Cardano accelerator program Genius X ISPO nets $105 million in ADA

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Cardano-based accelerator program Genius X has seen more than $105 million worth of ADA delegated to its initial stake pool offering (ISPO). This comes after the firm’s decentralized automated market maker and liquidity management protocol Genius Yield completed its ISPO on May 10, with over 14,500 delegators staking 270 million Cardano (ADA) across four official stake pools, making it one of the biggest ISPOs within the Cardano ecosystem. Genius Yield is a Cardano-based decentralized finance (DeFi) protocol that features a decentralized exchange with an order book. It integrates a liquidity…

It’s Not Just LUNA. Terra’s DeFi Apps Have Hemmorhaged $28B

As widely reported, much of the lost value was on the lending protocol Anchor, which took the biggest hit, the data show. It held more than $17 billion on May 6 and locked up just over $106 million on Friday – a drop of over 99%. Anchor was home to Terra’s infamous “stable yields,” where investors could lock up their UST to earn about 19% on a yearly basis. Source

Cosmos price rebounds 45% in one week despite Terra’s debacle — What’s next for ATOM?

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Cosmos (ATOM) emerges as the biggest gainer among the top cryptocurrencies this May 20, brushing aside the fears about its association with Terra (LUNA), an algorithmic stablecoin project whose market valuation fell by 99% last week. Cosmos TVL down from $10M to $155K ATOM’s price increased by over 10% intraday to almost $12. The gains appeared as a part of a broader upside retracement that started on May 12 when it had fallen to its eleven-month low near $8. That marked around a 45% price recovery in almost a week.…

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How Blockchain is Finally Getting Africa on the Grid

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Parents lining up to pay school fees in cash, lenders charging extortionate rates, and cash savings held under mattresses—these are some of the things residents in Africa have had to resort to due to financial technology not having yet fully expanded in the developing continent. According to Statista, only 48 percent of the African population has access to banking services in 2022. Accounts being the first point of entry into the formal financial system puts its citizens at an enormous setback as they are forced to turn to transactions that…

What is Compound fork Hundred Finance and can it regain momentum?

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On March 15, the lending protocol Hundred Finance was hacked on the Gnosis chain, losing 2,363 ETH. Immediately, Hundred Finance paused all markets on the chain. Prior to the hack, Hundred Finance was a relatively small DeFi protocol on Gnosis, with highest $313M TVL. As a fork of Compound, its features were nothing special. However, its multi-chain deployment gives it a place to grow. After the hack, all that was shaken. TVL dropped to 30% within one month. But Hundred Finance is still kicking. What exactly is this project and …

What’s the best stablecoin type?

TerraUSD (UST) flipping BinanceUSD (BUSD) for the third spot in the market capitalization list didn’t last long. The once-mighty stablecoin that powers the entire Terra ecosystem finds itself reduced to “Terra is more than UST” tweets. While no one knows for sure if LUNA can stage a comeback, UST will certainly go down as one of the algorithmic stablecoins that went kaput in the same fashion as Basis Cash — which Terra creator Do Kwon was allegedly a part of — and Mark Cuban-backed Iron Finance. UST’s failure begs the…

Vietnam Launches Blockchain Association to Conduct Research and Suggest Regulations – Blockchain Bitcoin News

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A newly established blockchain association aims to help Vietnam promote its digital economy and position the country on the world’s technology map. The organization looks to unite Vietnam’s experts in the field and seek cooperation with blockchain communities around the globe for the research and development of blockchain solutions. Vietnam to Expand Implementation of Blockchain Technologies Vietnam Blockchain Association, the first such entity in the country’s crypto space, was launched in the capital city Hanoi on Tuesday, when it held its first congress. The new body’s main purpose is to…

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