Tag: DeFi

Sushi to test Bitcoin swaps and Opyn DeFi protocol founders cave to CFTC pressure: Finance Redefined

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. A new DeFi report has highlighted that a significant amount of crypto lost to exploits was due to traditional Web2 flaws and security issues, such as centralization of information, which makes it easier to exploit. Decentralized exchange (DEX) platform Sushi is set to begin testing for Bitcoin (BTC) swaps on 30 blockchains using the interoperability platform ZetaChain. The two founders of the…

DeFi Group Aave Companies Rebrands to Avara to Increase Its Web3 Appeal

Avara is hoping to create extensive access and usability for blockchain technology. Aave Companies have rebranded to Avara as a way of repositioning itself to attract a wider Web3 audience. According to Stani Kulechov, founder and CEO of the company, the move is necessary due to the growing list of offerings by Aave (now Avara). Kulechov believes that an umbrella brand such as Avara would help streamline the group’s growing list of infrastructure products. Those include liquidity protocol Aave, Lens Protocol, Sonar, and the GHO stablecoin. But more importantly, the…

Sushi taps into ZetaChain to begin testing native Bitcoin DeFi swaps

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DeFi platform Sushi has partnered with interoperability platform ZetaChain to explore the possibility of native Bitcoin (BTC) swaps for its users across 30 different blockchain networks. Sushi’s deployment of its decentralized exchange (DEX) on ZetaChain is touted to enable trading of BTC without wrapping across several blockchains in what the team describes as a “native, decentralized and permissionless manner.” The integration is set to include Sushi’s v2 and v3 automated market makers and Sushi’s cross-chain swap, SushiXSwap. ZetaChain core contributor Ankur Nandwani told Cointelegraph that the partnership can bring Bitcoin’s…

Ethereum-Based Blockchain Kinto Aims to Bring Real-World Assets (RWA) to Decentralized Finance (DeFi) with Fresh Investment

Kinto secured $1.5 million in a pre-seed investment earlier this year from Kyber Capital Crypto, according to a press release on Tuesday. It received another $3.5 million recently in a round led by Kyber Capital Crypto, Spartan Group and Parafi. SkyBridge Capital, Kraynos, Soft Holdings, Deep Ventures, Modular, Tane and Robot Ventures also participated in the round. Source link

Opyn DeFi protocol founders are leaving crypto after CFTC crackdown

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Zubin Koticha and Alexis Gauba, two founders of the Opyn decentralized finance (DeFi) protocol, are stepping down from the project and “leaving crypto,” according to a statement from Koticha posted to social media on November 14. The statement comes approximately two months after Opyn settled an enforcement action against it from the US Commodity and Futures Trading Commision (CFTC). Hey Crypto Twitter, It’s been a while This one’s a tough one… After the regulatory action against Opyn, @alexisgauba and I have made the decision that we are leaving crypto. This…

New Fee Model Rakes In Over $1 Million In A Month Amid DeFi Frenzy

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Uniswap Labs, the company behind the decentralized finance (DeFi) protocol, has achieved a milestone in its revenue generation strategy. Just a month after its implementation, the firm’s newly introduced front-end fees have crossed roughly $1 million, a testament to the platform’s robust activity and user base. This achievement comes shortly after the mid-October decision to introduce a 0.15% fee on some certain tokens transacted on its front-end interface. This new fee structure applies to various assets, including popular ones like ETH, USDC, WETH, USDT, DAI, WBTC, and others. Analyzing Uniswap…

DeFi vulnerability leading to $6.7M exploit ‘not detected’ by auditors

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Decentralized U.S. dollar stablecoin protocol Raft claims that despite multiple security audits, the firm still suffered a security exploit leading to the loss of $6.7 million last week. According to the project’s Nov. 13 post-mortem report, a few days prior, a hacker borrowed 6,000 Coinbase-wrapped staked Ether (cbETH) on decentralized finance protocol Aave, transferred the sum to Raft, and minted 6.7 million Raft stablecoin, dubbed “R,” using a smart contract glitch. The unauthorized minted funds were then swapped off the platform through liquidity pools on decentralized exchanges Balancer and Uniswap,…