DEXs rely on smart contracts instead of middlemen to provide financial services, such as trading, lending, or borrowing, to users. Users deposit their tokens to pools to provide liquidity to the platform for rewards – typically a cut of fees paid by traders who use these services. Source
Rootstock, a censorship-resistant and permissionless Bitcoin sidechain, added seven DeFi protocols, integrated new tools, and removed the BTC/rBTC two-way peg as they move closer to complete decentralization, a press release on Mar. 10 shows. Rootstock added, among others, Qredo Wallet, a non-custodial wallet; Paydece, a trustless platform for swapping tokens for fiat; MyEtherWallet, an open-source Ethereum-compatible wallet; and BitOK, a portfolio tracker for cryptocurrencies and NFTs. These solutions were integrated in February 2023 and allowed Rootstock to further enhance its DeFi ecosystem on Bitcoin. The Bitcoin sidechain also integrated Chaindrop…
“Curve pools have become a bellwether for investor sentiment regarding stablecoins,” said Andrew Thurman, head of research at data firm Nansen. “They also play a key structural part in maintaining on-chain pegs, and an imbalanced pool can exacerbate liquidity woes, adding to panics.” Source
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. DeFi has become a prominent choice for investors after multiple centralized finance (CeFi) collapses throughout 2022. Some key interest areas for investors include “NFTfi,” on-chain derivative platforms, decentralized stablecoins and Ethereum layer 2’s. February saw seven DeFi exploits resulting in a net loss of about $21 million. March is no different, with multiple exploits already recorded, such as on Hedera’s mainnet. DeFi lender Tender.fi…
Gate.io, one of the leading cryptocurrency exchanges supporting over 1,400 coins and stablecoins, will list Mintlayer’s ML token from Mar. 21, 2023. Mintlayer is a layer-2 solution that opens Bitcoin to decentralized finance (DeFi) and more. Users can autonomously swap bitcoin (BTC), through automatic swaps, for other tokens minted on the platform. Gate.io to list ML The ML token is for staking, governance, and powering the protocol’s ecosystem tools. Besides, the token is used for paying network fees. Projects wishing to issue tokens on the layer-2 platform must also pay…
Troubled DeFi stablecoin exchange mStable has been searching for a buyer after its founder announced he would leave at the end of March. Source
The attack occurred after Tender.fi upgraded its price feed to relay data from a Chainlink pricing oracle as opposed to a time-weighted average price (TWAP). The code, which was audited by PeckShield, contained an error and returned a number with too many zeros behind it. This meant the attacker was able to deposit one GMX token, worth around $70, effectively tricking the system into allowing infinite borrows, according to a postmortem published on Tender.fi’s Medium page. Source
“One of the biggest challenges that crypto faces in realizing its potential as the future of finance is how to increase on-chain liquidity,” Paul Veradittakit, managing partner at digital asset investment firm Pantera Capital, investor in Maverick. “Maverick makes liquidity work harder, and opens the door to the next phase of DeFi’s expansion and development.” Source link
The total value locked (TVL) in DeFi applications on the Arbitrum, a layer-2 Ethereum network blockchain, has doubled since the start of 2023. While investors’ hope of an ARBI token airdrop is a major factor attracting activity to the Ethereum layer-1 network, the ecosystem’s DeFi growth is also showing robust growth. Arbitrum has become a major hub for decentralized derivatives trading and offers high yields for crypto yield hunters, reminiscent of wild west DeFi days of 2020. GMX and Gains Network takeover decentralized derivatives trading GMX is the leading DApp…
CryptoX – Cryptocurrency Analysis and News Portal A white hat hacker borrowed $1.59 million in assets despite depositing one GMX token. Source The post DeFi Protocol Tender.fi's TND Token Plunges Then Rebounds After White Hat Hack appeared first on CryptoX. CryptoX Portal