Tag: DeFi

DeFi driving zkSync growth as 1inch deploys on Ethereum layer-2 scaling platform

boss

Decentralized finance (DeFi) protocol 1inch has deployed its aggregation and limit order protocols on Ethereum layer-2 scaling solution zkSync Era to tap into faster and cheaper transactions. 1inch Network is the latest of a host of Ethereum-based platforms and services to deploy on the zero-knowledge proof (zk-proof) based scaling platform. Uniswap, SushiSwap, Maker and Curve Finance have also launched on the zk-proof roll-up zkSync Era. 1inch Network co-founder Sergej Kunz highlighted the promise of the layer-2 solution as his platform joins a handful of first-movers to integrate with the zk-proof…

SEC Lays Its Cards on the Table With Assertion That DeFi Falls Under Securities Rules

“We see this new technology, and we’re not willing to make any adjustments to accommodate it,” SEC Commissioner Hester Peirce said Monday on CoinDesk TV, further detailing her criticism of last week’s move, which she opposed. “If you don’t look exactly like incumbent firms, then we’re just going to be fine with killing you off or driving you offshore or forcing you to turn yourself into a centralized entity.” Original Source AssertionCardsDeFiFallsLaysRulesSECSecuritiesTable CryptoX Portal

What DeFi Must Sacrifice to Appease Regulators

The solution is called the “internet financial system,” or IFS, which combines the best of DeFi and traditional finance (TradFi) in one unified network. An idea championed first by Chris Burniske, IFS is built on open crypto rails and preserves blockchain’s most important attributes such as decentralized settlement, self-custody, transparency and composability. Source

Lending Protocol Hundred Finance Loses $7M in Fresh DeFi Exploit

The hacker was able to withdraw more tokens than were initially deposited. There appears to be a rising case of DeFi exploits and multichain lending protocol Hundred Finance may be the latest victim. According to a recent announcement by the protocol, attackers found a loophole to successfully manipulate the exchange rate between ERC-20 tokens and hTOKENS. And as a result, the attacker has reportedly made away with no less than $7.4 million from the protocol. Meanwhile, it might be worth noting that this is the second time in as many…

DeFi lending protocol, Hundred Finance, hacked for $7.4m

Multichain lending protocol, Hundred Finance, was hacked on Ethereum’s layer-2 scaling solution, Optimism, resulting in a loss of approximately $7.4m. Hundred Finance hacked On April 15, the DeFi platform announced that it had contacted the hacker and collaborated with many security teams. The protocol also requested anyone with information to get in touch. Estimated current loss is ~7m USD. Once again we hope the hacker will reach out back to us and we will be able to find a joint solution to resolve this matter. 🙏 Thank you everyone for…

Liquid Staking Protocols See Increase in Monthly ETH Deposits Despite Withdrawals Post-Shapella Hard Fork – Defi Bitcoin News

boss

Following the Shapella hard fork on April 12, 2023, approximately 332,368 ether, valued at around $699 million, has been withdrawn. Despite these withdrawals, liquid staking protocols like Lido, Rocketpool, and others have experienced an increase in ether deposits over the last 30 days. Since March 14, a total of 281,498 ether worth $592 million have been added to these protocols. TVL in Staked Ether Accounts for Over 30% of Defi’s Locked Value, With Lido Leading the Pack As of April 15, 2023, there’s $53.68 billion total value locked (TVL) across…

SEC targets DeFi in vote to revisit proposal concerning the definition of ‘exchange’

boss

The United States Securities and Exchange Commission (SEC) has announced it will be revisiting the proposed redefinition of an “exchange” under the agency’s rules — a move which could include crypto market participants in decentralized finance, or DeFi. In an April 14 open meeting with SEC commissioners and staff, chair Gary Gensler said the proposed rule amendments could benefit investors and markets by bringing certain brokers under additional regulatory scrutiny as well as “modernizing” rules which define an exchange. Under the proposal, an “exchange” would be more closely defined as…

U.S. SEC Poised to Move Toward DeFi Oversight As It Reopens Proposed Regulations

“The cryptocurrency industry is rapidly expanding with some industry lobbyists insisting that their offerings and platforms fall outside the securities laws and regulations,” Better Markets, a Washington-based group advocating for tougher protections in the financial system, wrote in a comment letter last year. “But clearly, the commission must apply securities regulation equally to all securities regardless of how novel, ‘innovative,’ popular, or profitable such offerings may be.” Source

DeFi Protocol Balancer Experiences Budget Cuts, Headcount Slashes Ahead of Strategy Pivot

Balancer’s OpCo, which manages the protocol’s front end, has laid off two engineers and reduced its operating budget, the providers’ team revealed during the Discord call attended by more than 20 people. The headcount reduction comes as the protocol turns its focus toward improving its user interface and marketing. To that end, the platform’s service provider, Orb Collective, which directs the protocol’s design, marketing and regulatory strategies, will build out a specialized marketing team that can discuss the mechanics of how Balancer works with the platform’s users. The new outreach…