Tag: DeFi

What is institutional DeFi, and how can banks benefit?

boss

Financial services institutions and banks have increasingly engaged with Web3 since 2020. This is also true within institutional decentralized finance (DeFi), as several potential use cases have emerged that could trigger a new wave of innovation within these organizations.  Institutional DeFi does not refer to growing institutional investments in DeFi protocols and decentralized applications (DApps) but rather to large institutions using DeFi protocols to tokenize real-world assets with regulatory compliance and institutional-level controls for consumer protection. A common question that comes up is: What benefits does DeFi offer on top…

Hong Kong lawmaker wants to turn CBDC into stablecoin featuring DeFi

boss

Hong Kong authorities are looking for new designs for a central bank digital currency (CBDC), now proposing to issue a CBDC in the form of a stablecoin backed by the government. Wu Jiezhuang, a member of the Legislative Council of the Hong Kong Special Administrative Region, believes that turning the Hong Kong digital dollar (e-HKD) into a stablecoin would provide benefits for the adoption of new technologies like Web3. The option of developing e-HKD into a stablecoin has the potential to address the risks associated with virtual assets in Web3…

Cake DeFi publishes Merkle tree-based proof of reserves

boss

Singapore-based decentralized finance (DeFi) services firm Cake DeFi has announced the release of its proof of reserves using the cryptographically audited Merkle tree method.  Developed by Ralph Merkle in 1979, the Merkle tree method is a way of proving that a certain piece of data is included in a set of data, without revealing the entire set of data. Under the proof-of-reserves method, a Merkle tree is used to prove that a cryptocurrency exchange has the reserves it claims to have, without revealing the exact amounts of each cryptocurrency that…

DeFi auditor nets $40,000 for identifying Uniswap vulnerability

boss

Uniswap’s recently launched bug bounty program has led to the discovery of a now-fixed vulnerability of the protocol’s Universal Router smart contract. The automated market maker released two new smart contracts to its platform in November 2022. Permit2 allows token approvals to be shared and managed across different applications, while Universal Router unifies ERC-20 and nonfungible tokens (NFTs) swapping into a single swap router. Uniswap also advertised a lucrative bug bounty program to identify potential vulnerabilities in its smart contracts toward the end of 2022 as it looked to assure the…

DeFi Tool Convex to Make Changes to Staking Service for Curve Token Rewards

Convex allows users to access liquidity and earn fees from Ethereum-based stablecoin exchange Curve Finance, once the largest DeFi protocols with a total value locked (TVL) of $23 billion. As of Wednesday, Curve’s TVL had dropped to $3.2 billion, in line with a broader market fall. Convex locks over $3 billion and held over $21 billion during its 2021 lifetime peak. Source BitcoinConvexcryptoexchangeCurveDeFiExchangesRewardsServiceStakingTokenTool CryptoX Portal

DeFi Is Taking Over, Which Is Why You Should Buy Rocketize, Oasis Network, and Avalanche

Place/Date: – January 3rd, 2023 at 2:05 pm UTC · 4 min read Source: Rocketize As more cryptocurrencies enter the market, finding projects with a high probability of success becomes increasingly challenging. Before selecting a project to invest in, it is preferable to choose projects which have the potential to yield significant profits like Rocketize (JATO), Oasis Network (ROSE), and Avalanche (AVAX). Analysts have carefully researched Rocketize (JATO) as the next big token to hit the meme coin market. Unlike other meme projects before it, Rocketize (JATO) aims to build…

DeFi Protocol Sushi to Shutter Lending Product to Focus on DEX

As CoinDesk reported, the Sushi treasury provided for only 18 months of runway calculated from the first week of December, causing a significant deficit in its treasury. Lead developer Jared Gray proposed setting Kanpai, a fee-diversion protocol, to 100% of fees diverted to the treasury multisig for one year at the time, or until new token distribution and reward schemes were implemented. Source

After an uncertain year, DeFi has high hopes for 2023

boss

Decentralized finance (DeFi) is defined as any product or service offered by the Web3 world that helps users conduct financial activities such as payments, borrowing, lending, investing, trading and staking.  Several Web3 use cases, including DeFi, GameFi, SocialFi and nonfungible tokens (NFTs), emerged through the last bullish cycle. DeFi has been the largest market cap activity within Web3, with a peak total value locked (TVL) of over $175 billion at the peak of the 2021 bull market. DeFi: The primary use case for blockchain? Things have not been the same…

Lido overtakes MakerDAO and now has the highest TVL in DeFi

boss

Liquid staking protocol Lido Finance appears to have benefited most from the Ethereum merge in September, with its total value locked (TVL) now sitting at the top position among other decentralized finance (DeFi) protocols. According to data from DeFiLlama, Lido’s liquid staking protocol now commands $5.9 billion in TVL, compared to MakerDAO’s $5.89 billion and AAVE’s $3.7 billion. Lido now has the highest TVL of any DeFi protocol. pic.twitter.com/2xsM3lVGVl — Patrick | Dynamo DeFi (@Dynamo_Patrick) January 1, 2023 According to Lido Finance’s website, as at Jan. 2 had $5.8 billion…

DeFi sees exploits and exit scam drama in the last week of 2022: Finance Redefined

boss

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. For DeFi, the last week of 2022 saw another slew of exploits, insider job accusations and exit scam drama. It all started on Christmas, when Defrost Finance, a decentralized leveraged trading platform on the Avalanche blockchain, was exploited by a DeFi flash loan attack causing $12 million in losses. However, the hacker behind the attacks reportedly returned a portion of the funds the next…