Protocol Labs, the company behind decentralized file storage network Filecoin, is laying off 21% of its staff, CEO Juan Benet announced in a blog post on Friday. Source
Filecoin Parent Company Protocol Labs Cuts 21% of Staff
Day: February 3, 2023
Overstock-funded tZERO Crypto exchange will shut down March 6
The tZERO Crypto exchange, whose majority owner is Overstock, will shut down on March 6, the company announced via Twitter on Feb. 3. The company says that it will continue to focus on its regulated securities products after the shutdown, as the United States Securities and Exchange Commission (SEC) and other regulators clarify the legal status of crypto assets. Today, tZERO Crypto informed its customers that it will be ceasing operations on March 6, following an orderly withdrawal of assets by the customers, which continue to be held by the…
Options Automated Market Maker Lyra Deploys to Arbitrum Network
Before the upgrade, Lyra’s market maker vaults (MMVs) paid swapping fees for every collateralization and hedging trade. For example, when a trader buys a call option contract on ether (ETH), Lyra’s MMVs would purchase ether from a spot exchange, incurring a fee; once the trader’s position has closed, Lyra’s MMVs would sell back the ETH used for collateral, incurring yet another fee. Source
Legal Expert Says Mango Markets Exploit Case Is Wake-Up Call For DAOs
Bathgate said the case against Eisenberg is also different and “unusual to some extent” because Eisenberg’s name was made public. In other exploits, a supposed bad actor isn’t as easy to find, but because Eisenberg outed himself, “it does raise the question if you’re doxxed, are you going to make these arguments now in the court of law?’ Source
Why Crypto Is Not an ‘Industry’
Skimming through the main crypto news sites this morning, there are articles about crypto exchanges, non-fungible token (NFT) platforms, decentralized lenders, game developers, new blockchains, custody services, data storage, asset managers and more. What is the common business activity here? Source
Sberbank Set to Launch Decentralized Finance Platform Based on Ethereum – Defi Bitcoin News
A recent report details that Russia’s largest financial institution, Sberbank, plans to launch a decentralized finance (defi) platform in May. Konstantin Klimenko, product director of Sberbank’s blockchain laboratory, said that open testing will begin in March. Sberbank’s Defi Platform to Enable Large-Scale Commercial Operations According to a report published by the news outlet Interfax, state-owned financial services company Sberbank, based in Moscow, plans to launch a decentralized finance (defi) application. The platform is currently undergoing closed beta testing, according to Konstantin Klimenko, Sberbank’s blockchain laboratory product director. “We have set…
CFTC head looks to new Congress for action on crypto regulation
Rostin Behnam, chair of the United States Commodity Futures Trading Commission, or CFTC, has said he will be continuing efforts for the agency to regulate non-security tokens. In remarks released for a Feb. 3 American Bar Association event, Behnam pointed to “bankruptcies, failures, and runs” as part of the justification for Congress to give the CFTC the authority to address regulation for cryptocurrencies. According to the CFTC chair, the commission was “well positioned” to address any regulatory gaps but deferred to U.S. lawmakers to pull the trigger on legislation. “Regulation…
DeFi enjoys a prolific start to 2023: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. 2023 started on a bullish note for the entire crypto market, including the DeFi ecosystem, with most of the tokens posting double-digit gains in January and recording multi-month highs. Aside from the bull rally, January also saw a 93% year-on-year decline in losses from DeFi exploits and hacks. The slew of regulatory action against the Mango Markets exploiter is being hailed as a big…
MakerDAO Constitution Would Fund Sustainability Efforts With 20K MKR Tokens From Reserves, Emissions
On Twitter, in response to the 20,000 MKR being allocated to fight climate change, Moneysupply.eth, a risk analyst and governance contributor for several decentralized protocols, including MakerDAO, wrote, “So here’s a contrarian take: I am not convinced this specific initiative is the best path forward but [decentralized finance] desperately needs to start winning the battle for public opinion, the alternative is all of us in jail and the rest of the world buying their bug rations with cbdc [central bank digital currencies].” Source
Are Cosmos’ ecosystem growth and roadmap enough to sustain ATOM’s current 50% monthly rally?
In September 2022, Interchain Foundation, the team behind Cosmos’ development , introduced the Cosmos ATOM 2.0 whitepaper. The document proposed significant changes to Cosmos’s design, including a tokenomics upgrade to fund the Cosmos ecosystem development and reduce ATOM inflation. While the whitepaper launch acted as a bullish catalyst for ATOM price, the community vote to pass the proposal eventually failed, primarily because of its enormity. Some community members wanted to take a measured approach to each development feature listed in the whitepaper, starting with Interchain Security in Q1 2023. Interchain…