USDC, the key stablecoin in decentralized finance, temporarily lost its dollar peg earlier this month after the collapse of its key banking partner. Source
Circle’s USDC Remains Dominant in DeFi as Pressure Eases on the Stablecoin
Tag: DeFi
DeFi Platform Lido to Cease Staking on Polkadot, Kusama in August
Decentralized finance staking service Lido has passed a governance vote to sunset its staking program with Polkadot and Kusama. Source
Crunchbase taps AllianceBlock to boost novel applications in DeFi
AllianceBlock, a decentralized finance solutions provider, has partnered with Crunchbase, a prospecting platform, to make its data available to Data Tunnel users. This partnership will make Crunchbase’s business data more accessible to blockchain businesses and developers, allowing them to create applications such as default probability models, customer acquisition profiles, maps of untapped markets and more. Crunchbase’s content includes investment and funding information, founding members and individuals in leadership positions, mergers and acquisitions, news and industry trends. The Data Tunnel serves as a platform for both conventional institutions and individuals, who…
AllianceBlock Strikes Deal With Crunchbase to Bring Traditional Business Data to DeFi
“The buying and selling of data is a multibillion dollar growth industry that shows no signs of slowing down,” said Rachid Ajaja, CEO and co-founder of AllianceBlock. “However, until now, decentralized and centralized data providers and users have operated in siloes, unable to interact.” Source
European DeFi startups saw 120% increase in VC investment in 2022: Data
2022 was a turbulent year for the crypto space, to say the least; from an ongoing bear market and crash for LUNA to the downfall of FTX one of the industry’s most prominent players. Despite the setbacks, VC investors continued to show support for crypto startups. According to a new study released by European investment firmRockawayX, VC investment in crypto startups based in Europe reached its all-time high in 2022 with $5.7 billion invested European DeFi startups hit $1.2 billion in 2022, which is a 120% increase from the previous…
DeFi Derivatives Exchanges Struggle with Liquidity, Posing Concerns in Crypto Market
Liquidity is a big problem in the cryptocurrency market today and decentralized finance (DeFi) has not been immune to this. One of the most interesting developments in the Defi space has been the emergence of decentralized derivatives exchanges. These exchanges are more efficient than centralized exchanges, making them attractive to investors despite the regulatory risks. However, they are currently struggling with liquidity, which is a cause for worry, a report in Coindesk said. dYdX, the first perpetual futures decentralized derivatives exchange, has been successful, but it is not completely decentralized…
Arbitrum airdrop hype grips DeFi world: 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. The much-awaited airdrop of layer-2 scalability protocol Arbitrum has dominated headlines throughout the week. The hype around the token has led to exploits, fake airdrops and even a significant surge in volume for other layer-2 protocols. Apart from the Arbitrum hype, the Euler Finance hack has also seen some new developments. The person or group behind the attack returned a portion of the funds…
DeFi Protocol ROOK ‘Gagged’ From Sharing Roadmap by Clients, CEO Says
In a governance call on ROOK’s Discord server that CoinDesk attended, the project’s pseudonymous leader Hazard pushed back on perceptions that management has failed to deliver. Their recent silence on progress and lack of a roadmap is a function of ROOK’s clientele and their “conservative” lawyers’ preference for staying quiet, he said. Source
Cosmos-Based DeFi Protocol Quasar to Start Mainnet After Raising More Than $11.5M
In the wake of the spectacular failure of centralized exchanges such as FTX, both crypto natives and investors have increased their focus on decentralized finance (DeFi) and security. Quasar is aiming to address these issues by creating a dedicated layer 1 protocol that will allow investors to deposit funds into permissionless, non-custodial investment vehicles known as “vaults,” that are optimized to work across multiple blockchains, the press release said. Source
SEC promotes self-custody and DeFi staking
Staking on centralized exchanges and staking in decentralized finance (DeFi) are two distinct methods of participating in blockchain networks and earning rewards. While both involve holding onto and “staking” assets, the way they operate and the benefits they offer are different. Centralized exchanges offer staking as a way for users to earn rewards by holding onto specific cryptocurrencies within the exchange. The exchange acts as a centralized intermediary, meaning users have to trust the exchange to hold and secure their assets, as well as to distribute rewards accurately. On the…