Month: July 2023

Ethereum scaling protocols drive zero-knowledge proof use: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. This week, Finance Redefined looks at the growing popularity of zero-knowledge proof-based scalable solutions. Zero-knowledge rollups (ZK-rollups) technology has gained a lot of traction over the past year thanks to its increased use in the Ethereum ecosystem. Bug bounties are seen as a great reward system for white hat hackers to weed out bugs in the DeFi ecosystem, which often fall prey…

BlockFi CEO ignored risks from FTX and Alameda exposure, contributing to collapse: court filing

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Zac Prince, the CEO of bankrupt cryptocurrency lending firm BlockFi, allegedly disregarded recommendations from the company’s risk management team over lending assets to Alameda Research.  According to a July 14 filing with United States Bankruptcy Court for the District of New Jersey by the unsecured creditors’ committee, BlockFi’s risk management team reported on the “high risks” associated with lending assets to Alameda. Prince allegedly dismissed concerns from the team on BlockFi lending Alameda $217 million by August 2021. The team suggested there could be risks should the FTX Tokens (FTT) used to…

Could the Ripple XRP Ruling Spell the End of the SEC’s Regulation by Enforcement?

The SEC and those who support its approach are likely concerned that this no-good, very bad day becomes no-good, very bad days. A string of court losses with similar legal reasoning as yesterday’s ruling in the Ripple case would weaken anti-crypto Democrats’ negotiating hand further. One takes this risk when placing all their betting chips on a novel legal strategy. When you lose, you lose significantly, and the other side of the debate understands that your negotiating leverage worsens by the day. Source

Solana DeFi Lender MarginFi Attracts Record Growth, Airdrop Farmers

One token that keeps hitting the max is bSOL, the LST issued by Solana validator service SolBlaze. The 5,000 bSOL tokens currently deposited on MarginFi represent nearly 7% of all bSOL tokens in existence; even more are waiting on the sidelines, said the pseudonymous founder of SolBlaze (who goes by SolBlaze). The founder is cutting trading deals across Solana DeFi to increase bSOL’s prominence, and thus its liquidity, and therefore its caps on MarginFi. Source

Filecoin storage utilization surpasses 7% in Q2: Report

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According to a July 13 report by Messari, Filecoin currently averages 954.2 pebibytes (1.07 billion gigabytes) worth of storage deals on its network, compared with 12.2 exbibytes (14.1 billion gigabytes) worth of raw storage capacity. Until recently, uptake had been sluggish due to high storage costs compared with centralized alternatives such as Amazon Web Services. During the most recent quarter, the protocol generated 2.5 million of its own Filecoin (FIL) in revenue, amounting to $11.5 million, representing a decline of 40.7% compared to last year’s second quarter in dollar terms.…

Ripple’s Legal Win Means It’s Time for Crypto to Stand Up to the SEC

Gensler’s tough cop routine, which to some extent is precisely the point of this crusade against crypto, cannot be abandoned. That would signal weakness, and weakness is political death. The more likely play of a masterful political operator, which the chair undoubtedly is, is to double down on enforcement and, by doing so, demonstrate strength to all those who might otherwise question whether his strategy and style might be the problem. Source

Ripple’s XRP Token Ruling a ‘Milestone Win’ for Crypto Industry, Says J.P. Morgan

“Large capital pools have been reticent to engage in the industry with unclear rules of the road, while the related overhang has also slowed innovation, adoption, and just overall crypto ecosystem valuation, in our opinion — accelerating as regulatory actions heated up over the past year,” analysts wrote. Source CryptoindustryJ.PMilestoneMorganRipplesrulingTokenwinXRP CryptoX Portal