Tag: DeFi

SEC promotes self-custody and DeFi staking

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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…

Sushi DAO to Set up Defense Legal Defense Fund; Project Receives Unspecified US SEC Subpoena – Defi Bitcoin News

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Sushi, the Web3 exchange that pivoted into a decentralized autonomous organization (DAO), is seeking to organize a legal defense fund. If approved, the proposal, which already is available for voting, will put $3 million USDT as part of a fund to defend itself from legal actions against the organization and its members. The organization disclosed it had recently received a subpoena from the U.S. Securities and Exchange Commission (SEC). Sushi DAO Presents Proposal to Establish Legal Defense Fund Sushi DAO, a Web3 exchange and staking platform, is seeking…

CFTC’s tech committee gathered in DC to talk DeFi, here’s what was discussed

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The United States commodities regulator has gotten a crash course on decentralized finance (DeFi) today, with crypto executives briefing the regulator on key issues affecting the space, including exploits, decentralization and digital identities. As part of a scheduled first meeting of the CFTC’s Technology Advisory Committee (TAC) in Washington D.C., members from the crypto space gave presentations to the regular with the aim of covering key issues currently impacting DeFi. CFTC commissioner Christy Goldsmith Romero opened the meeting with prepared remarks, saying “understanding how DeFi works” is “important” as “policy…

Multichain Wallet Bitkeep Raises $30 Million From Bitget to Strengthen Links Between Defi and Cefi – Bitcoin News

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On Wednesday, the multichain wallet Bitkeep announced it raised $30 million from the crypto derivatives platform Bitget. Bitkeep now has an overall valuation of $300 million, with goals aimed at strengthening the links between decentralized finance (defi) and centralized finance (cefi). Bitget Invests $30 Million in Bitkeep; Wallet Firm Is Now Valued at $300M Crypto derivatives exchange Bitget has announced that it has invested $30 million in the multichain wallet company Bitkeep, making it the startup’s controlling stakeholder. Bitget detailed on Wednesday that the wallet will gain access to the…

Value Locked in Defi Rises Above $50 Billion Mark, Ethereum Dominates TVL by Blockchain – Defi Bitcoin News

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The total value locked (TVL) in decentralized finance (defi) has risen above the $50 billion mark after falling below the range throughout most of March. At present, the value locked in defi is approximately $50.34 billion, up 1.97% over the past 24 hours. Defi Value Swells Close to 2% Higher to Over $50 Billion With crypto assets swelling in value and the crypto economy rising 1.2% to $1.24 trillion, the total value locked (TVL) in defi on Wednesday was $50.34 billion. The defi platform Lido Finance dominates the top defi…

DeFi insurance payouts amounted to $34.4M in 2022: Report

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According to a Mar. 21 report published by decentralized finance analytics firm OpenCover, DeFi insurance companies paid out $34.4 million in claims in 2022. In context, only $36.9 million of such claims have been paid out since OpenCover began tracking the data. Notable payouts include $22.5 million during the collapse of the Terra Luna ecosystem in May 2022 and $4.7 million from the collapse of crypto exchange FTX in November 2022.  Despite the surge in payouts, OpenCover said only $231 million worth of funds in DeFi protocols had been insured…

Lido’s Staked Ethereum Token STETH Reaches $10.3B Market Capitalization, Ranks Ninth by Market Valuation – Defi Bitcoin News

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With the crypto economy experiencing significant gains over the past week and the price of ethereum rising 11.9%, the market capitalization of Lido’s staked ether has increased to $10.3 billion. This recent increase has propelled the token’s overall market valuation to the ninth-largest position, according to the crypto market capitalization aggregation website coingecko.com. Lido Finance’s TVL Dominates Defi with a 21.59% Share The value of liquid staking tokens associated with ethereum (ETH) has increased significantly over the last week following ether’s 11.9% gains against the U.S. dollar. In particular, Lido’s…

Blockchain gaining adoption in more than just DeFi: Report

Anyone familiar with the blockchain industry knows that decentralized finance (DeFi) is one of the sector’s most prominent use cases with the most substantial adoption. Recent issues in the banking sector, like those surrounding Silicon Valley Bank and Credit Suisse, have caused many to take a second look at Bitcoin (BTC) and crypto as an alternative to the traditional banking system. And while the further expansion of DeFi bodes well for the rest of the crypto industry, is blockchain technology expanding and being utilized in other ways as well? That’s…

Revolutionary DeFi Protocol IPOR to Be Listed on Bitget on Mar 22nd, 2023 – Press release Bitcoin News

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press release PRESS RELEASE. Victoria, Seychelles, 20th March, 2023 – Bitget, the largest crypto copy trading platform, has announced the upcoming listing of IPOR in its Innovation Zone of the spot market. The deposit services for digital assets will be available from 7 AM on March 22nd, 2023 (UTC), with trading set to commence at 12 PM (UTC) on the same day. IPOR Protocol is a decentralized interest rate derivative exchange that utilizes the Inter Protocol Over-block Rate (IPOR) index. It offers non-custodian on-chain interest rate swaps through the IPOR…

DeFi sees its biggest hack in 2023 as Euler loses $197M: 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 significant developments over the last week. The DeFi ecosystem was once again an exploiter’s paradise this past week as lending protocol Euler Finance fell victim to a flash loan attack resulting in a net loss of over $196 million — the biggest hack of 2023 so far. Apart from the Euler Finance saga, USD Coin (USDC) depegging was the most significant event dominating last week’s headlines. Due to the collapse…