The founder of decentralized finance protocol Aave said the platform generated $6 million worth of revenue during Monday’s crypto market sell-off. Source
Defi Giant Aave Rakes in $6M in Revenue as Crypto Market Plunges
Tag: DeFi
DeFi Protocol Convergence Got Hacked, CVG Token Plunges 99% on Curve
The attacker created (minted) 58 million of the protocol’s CVG token using a vulnerability in the protocol’s codebase, and swapped the tokens for 60 wrapped ether (wETH) and 15,900 crvFRAX stablecoin using liquidity pools on Curve, web3 security auditing firm QuillAudits said. Source
Dakota Looks to Provide Bank-Like Services on DeFi to Crypto Depositors
The model differs from earlier, centralized crypto lenders such as Celsius Network, which filed for bankruptcy in July 2022, and BlockFi, which followed suit four months later, said CEO Ryan Bozarth. In those cases, the companies stood at the center of the process: receiving deposits, lending them out and taking a fee from the interest payment. Source
DeFi Giant dYdX Says Its v3 Platform Is Compromised – Just as It's Reportedly Up for Sale
DeFi Giant dYdX Says Its v3 Platform Is Compromised – Just as It's Reportedly Up for Sale Source
Bitrue announces $40m investment fund to back AI, defi, and gamefi startups
Cryptocurrency exchange Bitrue says it has allocated $40 million for its new fund to help teams develop their technology and “bring their coins to fruition.” Singaporean crypto exchange Bitrue is launching a $40 million investment fund in an effort to support nascent web3 companies, the exchange said in a Thursday blog announcement. Startups can receive up to $200,000 in funding from Bitrue Ventures, along with additional support such as development expertise, industry connections, and management support. Although no specific technical requirements have been outlined, Bitrue Ventures indicated a preference for…
Defi Protocol LI.FI Struck by $8M Exploit
Decentralized finance (DeFi) platform LI.FI protocol has been hit by an exploit worth around $8 million following a series of suspicious withdrawals, on-chain data shows. Source
Exponential.fi Wants to Make It Easier to Invest in DeFi
“We may move to a fully decentralized platform when we can,” said Labbar, but he added, “We prioritize access, and right now, the easiest way to unlock access and to unlock the promise of DeFi, which is about freedom, is to introduce this layer of centralization.” Source
Decentralized Crypto Exchange (DEX) WOOFi Uses Gaming Style NFTs to Boost DeFi Participation
The world of DeFi, a hotbed of innovation several years ago, could probably use some fresh ideas. The WOO ecosystem, which is also known for pushing things like index-linked meme coin perps on the centralized WOOX platform, is appealing to an audience familiar with gaming and exploring the concept of utility NFTs, which have a function beyond being merely collectible. Source
Intimidating Wallet Interfaces Hinder Adoption of Defi Lending Protocols, Says Crypto Veteran
Decentralized finance (defi) has improved efficiency, inclusivity, and performance in consumer lending, but poor user experience remains a significant barrier to adoption, according to Thor Abbasi, co-founder of Zivoe. Abbasi argues that as long as wallet interfaces seem “unintuitive” or intimidating to non-crypto users, defi lending protocols won’t gain traction hence their benefits won’t be […] Source CryptoX Portal
DeFi Tokens Plunge 10%-20%, Led by Pendle Amid Weak Crypto Price Action This Week
The DeFi sector’s struggle coincided with a period of lull in the crypto market, with bitcoin (BTC) and DeFi hotbed ether (ETH) consolidating range-bound below their March peaks. ETH, the second largest crypto asset, is down about 6% from its Monday highs and has erased most of its gains since odds for regulatory approval for U.S. spot ETFs jumped overnight in late May. Source