Tag: DeFi

In crypto winter, DeFi needs an overhaul to mature and grow

For several months now, the decentralized finance (DeFi) sector has been on the receiving end of a major bear market, so much so that the total value locked within this space has slipped from its all-time high of $150 billion (achieved back in May 2022) to its current levels of just over $50 billion.  Despite this, the amount of capital flowing into this space from “centralized avenues” has grown, largely due to the collapse of FTX alongside other prominent entities like Celsius, Genesis, Vauld, etc. — even doubling trading volumes…

DeFi lender Tender.fi suffers exploit, white hat hacker suspected

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An alleged ethical hacker has drained $1.59 million from the decentralized finance (DeFi) lending platform Tender.fi, leading the service to halt borrowing while it attempts to recoup its assets. Web3-focused smart contract auditor CertiK, and blockchain analyst Lookonchain, flagged an exploit that saw funds drained from the DeFi lending protocol on March 7. Tender.fi confirmed the incident on Twitter, citing “an unusual amount of borrows” through the protocol: We are investigating an unusual amount of borrows that came through the protocol- in the meantime, we have paused all borrowing. Thank…

Crypto Funding Turns from CeFi to DeFi Following Major Collapses

According to the report, the numbers prove that Decentralized Finance is the new high-development and growth area for the crypto space. The report also suggested that a dip in Centralized funding projects was seen because of a possible saturation in the sector. Virtual asset investment companies have invested more than $2.7 Billion into decentralized finance undertakings in 2022. The investments have increased by 190% since 2021, while investments into centralized finance projects have gone down, dropping by a staggering 73% to $4.3 Billion in a similar timeframe. The exponential rise in…

How are crypto launchpads revolutionizing the DeFi industry?

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There is a tripartite dynamic in the Web3 ecosystem that encompasses the investor, the project and the community. But what does each player get for being on the launchpad?  The most important benefit for the startup listing on a launchpad is the capital it gets from investors and community members of the launchpad. Retail investors who visit the launchpad will have the ability to look at Web3 projects listed, understand the team behind the projects along with the type of community the project has nurtured, and can invest their capital…

7 DeFi protocol hacks in Feb sees $21 million in funds pilfered: DefiLlama

Reentrancy, price oracle attacks and exploits across seven protocols caused decentralized finance (DeFi) space to bleed at least $21 million in crypto in February.  According to DeFi-centric data analytics platform DefiLlama, one of the largest in the month was the flash loan reentrancy attack on Platypus Finance, which led to $8.5 million of funds lost. DefiLlama highlighted six other noteworthy hacks in the month, the first being the price oracle attack on BonqDAO on Feb 1. DeFi platforms suffered seven attacks throughout February. Source: DefiLlama BonqDAO: $1.7 million BonqDAO revealed…

7 DeFi protocol hacks in Feb see $21 million in funds stolen: DefiLlama

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Reentrancy, price oracle attacks and exploits across seven protocols caused the decentralized finance (DeFi) space to bleed at least $21 million in crypto in February.  According to DeFi-centric data analytics platform DefiLlama, one of the largest in the month was the flash loan reentrancy attack on Platypus Finance, which led to $8.5 million of funds lost. DefiLlama highlighted six other noteworthy hacks in the month, the first being the price oracle attack on BonqDAO on Feb 1. DeFi platforms suffered seven attacks throughout February. Source: DefiLlama BonqDAO: $1.7 million BonqDAO…

Crypto funding seen shifting from CeFi to DeFi after major collapses: CoinGecko

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Digital asset investment firms poured $2.7 billion into decentralized finance (DeFi) projects in 2022, up 190% from 2021 as investments into centralized finance (CeFi) projects went the other way — falling 73% to $4.3 billion over the same timeframe. The staggering rise in DeFi funding was despite overall crypto funding figures falling from $31.92 billion in 2021 to $18.25 billion in 2022 as the market shifted from bull to bear. According to a Mar. 1 report from CoinGecko, citing data from DeFiLlama, the figures “potentially points to DeFi as the…

Decentralized Exchange Pancakeswap to Launch Version 3 Iteration in April – Defi Bitcoin News

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On March 4, the decentralized exchange Pancakeswap announced that the team plans to launch its version three (v3) iteration of the platform during the first week of April 2023. Pancakeswap v3 will provide new features and improve liquidity alongside enhancements in interface accessibility and the decentralized exchange (dex) platform’s yield farming experience. Pancakeswap Announces Version 3 Launch Date Pancakeswap, the multichain dex platform, announced the launch of the program’s third iteration, called Pancakeswap v3. The application is set to go live during the first week of April on the Binance…