The Ethereum blockchain does not appear to have profited from this recent revival in DeFi and NFT activity, and faces issues related to its “network scalability, low transaction speeds and higher fees,” and increased competition from other layer-1 chains, the report said. Source
Forex liquidity and currency swaps are hard to access for many in Africa, which limits the use of United States dollar-based services in the continent’s import-dependent economies. This creates a vacuum that decentralized finance (DeFi) could solve, leveraging cryptocurrencies, blockchain networks and services, according to the CEO of Canza Finance, Pascal Ntsama IV. Ntsama said the neobank’s new DeFi technology, Baki, aims to address this challenge by providing a decentralized foreign exchange (FX) for African currencies, enabling slippage-free swaps at central bank rates. Speaking with Cointelegraph, the CEO and co-founder of…
Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. The eyes of the world are on the trial of FTX founder and former crypto poster-child Sam Bankman-Fried, who has morphed into a symbol of the worst excesses of the last crypto bubble. But the media circus that surrounds proceedings is more true-crime series than legitimate commentary on decentralized finance. It is true that defi has been on a roller coaster over the past several years. The…
According to Lookonchain data, Sigil, a fund in Gibraltar, has exited BLUR, one of this week’s top-performing tokens, for Lido DAO’s LDO, and IMX, the native token Immutable X–a layer-2 scaling solution primarily dedicated to NFT trading. Sigil Fund Sells BLUR For IMX And LDO On November 24, Lookonchain, a crypto analytics platform, noted that Sigil sold 1.55 million BLUR for 807,799 IMX, worth roughly $1.14 million, and 210,905 LDO, trading at $540,000, at spot rates. The exchange was made via multiple transactions and done on-chain. The swap comes roughly three days…
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 attacker who stole $46 million from the KyberSwap protocol has used a complex strategy described by a DeFi expert as an “infinite money glitch.” With the exploit, the attackers tricked the platform’s smart contract into believing it had more liquidity available than it did. Australia’s tax regulator has failed to clarify its rules on DeFi despite Cointelegraph reaching out for answers.…
The attacker who drained $46 million from KyberSwap relied on a “complex and carefully engineered smart contract exploit” to carry out the attack, according to a social media thread by Ambient exchange founder Doug Colkitt. Colkitt labeled the exploit an “infinite money glitch.” According to him, the attacker took advantage of a unique implementation of KyberSwap’s concentrated liquidity feature to “trick” the contract into believing it had more liquidity than it did in reality. 1/ Finished a preliminary deep dive into the Kyber exploit, and think I now have a…
In this era of digital and remote business operations, it’s not uncommon to hear that choosing the location of a company’s headquarters isn’t as important a decision as it used to be. However, if an entrepreneur is launching a decentralized finance company, they’d be wise to set that advice aside. Launching in a relatively young industry with unsettled regulatory environments and unique talent needs means choosing a headquarters locale is actually a critical decision. So what are the details to consider and the checkboxes to tick for an entrepreneur researching…
Changpeng “CZ” Zhao said in a post on social media platform X (formerly Twitter) that he won’t be leaving the space entirely. “My current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech.” Source
Umami Labs CEO Alex O’Donnell grew up on the outskirts of Philadelphia before attending Temple University to study literature and economics. That path led him to devote seven years of his life as a financial journalist at Reuters, where he specialized in M&As IPOs. He said his academic focus created a “pretty natural synthesis” when it came ot financial journalism. However, he said he became “disenchanted” with his industry while he was cooped up at home during the Covid-19 pandemic. “There really was a three-way alliance between journalists, government officials…
The decentralized finance (DeFi) market has been one of the most exciting and volatile sectors in the crypto outside of Bitcoin (BTC). In 2020, the DeFi sector experienced a bull market that saw the total value locked (TVL) in decentralized finance protocols surge from $1 billion to over $100 billion. However, the DeFi market has also been prone to significant corrections. In 2021, the DeFi market experienced a correction that saw the TVL fall from $100 billion to $40 billion. Despite the volatility of the DeFi market, there are ways…