Tag: DeFi

Ethereum’s Liquid Staking Protocols Attract 400,000 Ether After Shapella Upgrade – Defi Bitcoin News

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Just over two weeks have passed since Ethereum’s Shapella upgrade on April 12, 2023, which occurred at block height 6,209,536, enabling stakers to withdraw for the first time. At the time of the upgrade, slightly over 8 million ethereum was locked into liquid staking protocols. Since then, over 400,000 ether, valued at $763 million, has been added to 17 liquid staking platforms. Ethereum Liquid Staking Platforms Continue to Swell As of today, April 30, 2023, the total value locked into liquid staking protocols such as Lido Finance, Coinbase’s Wrapped Staked…

DeFi Needs More Than ‘Synthetic High-Yield Products’: Dragonfly’s Haseeb Qureshi

Still, when it comes to understanding the current moment in crypto he’s more or less unmatched. Or, at the very least, he’s not afraid to be a little contrarian. At Consensus 2023, for instance, Qureshi argued that CertiK, an auditing firm with a less-than-stellar reputation, was making a mistake by offering to reimburse victims of Merlin, a decentralized finance (DeFi) protocol Certik had recently audited. “This is explicitly insurance,” Qureshi said, arguing that if this move is repeated it would push premiums for audits without necessarily improving their accuracy because…

UK Treasury seeks input on taxing DeFi staking and lending: 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. The taxation arm of His Majesty’s Treasury in the United Kingdom has proposed new regulatory changes to simplify how DeFi returns are taxed and reduce the “administrative burden” for taxpayers. A DeFi options protocol has raised $17 million for a buy-side marketplace and an expanded number of listed tokens. USD Coin (USDC) issuer Circle launched a cross-chain USDC transfer protocol between Ethereum…

UK Treasury seeks input on taxing DeFi staking and lending

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The tax treatment of lending and borrowing on decentralized finance (DeFi) protocols could soon be changed in the United Kingdom as the taxation arm of the Treasury is seeking input on a possible new regime. An April 27 consultation by HM Revenue and Customs will run until June 22 and asks for “investors, professionals and firms engaged in DeFi activities” along with representative bodies and think tanks to submit their views on the government’s proposed DeFi tax treatment. Under the proposed legislative changes, crypto used in DeFi transactions wouldn’t be…

Recursive Introduces Omni Network via Eigen Layer to Enable Scalable and Interoperable DeFi on Various Rollups

The Omni network aims to enable use cases including cross-rollup stablecoins and other DeFi primitives that can aggregate liquidity from different Layer 2 rollups. Blockchain development firm Recursive introduced the Omni Network, a cross-rollup protocol built on the Ethereum restaking project Eigen Layer. The Omni network aims to be the first generalized cross-rollup infrastructure protocol tapping on Ethereum’s vast security infrastructure. Notably, the Omni network facilitates communication between Layer Two rollups while deriving security from the Ethereum mainnet. Recursive and Omni Network Recursive, previously called Ruft, raised about $18 million…

DeFi Protocol iZUMi Finance Raises $22M

The fundraising round was more complicated than a typical “cash in, equity out” arrangement. The company issued an iZUMi zk-Fund through strategic partner Solv Protocol that is a semi-fungible token, or SFT. Investors who purchase the fund receive an SFT in their wallet to represent their share, making them a limited partner of the fund. Upon maturity, investors can redeem the SFT for their principal. Source