Tag: DeFi

Sui Network to Drive Bitcoin DeFi Growth With Stacks Integration

Key Notes The potential integration of assets from Stacks aligns with Sui Network’s ambition to become a Bitcoin DeFi chain. Bitcoin DeFi is gaining dominance in the niche with soaring Total Value Locked metric. Beyond the SUI Network, other chains like Cardano are also driving the Bitcoin DeFi agenda. Layer-1 blockchain Sui Network has hinted at a strategic integration of sBTC, the one-to-one Bitcoin-backed asset from Stacks. Per Sui’s May 1 post on X, this move would give the network access to a decentralized, secure, and programmable Bitcoin (BTC) asset.…

ZK-proofs unlock trillions in Bitcoin for DeFi — BitcoinOS and Starknet

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BitcoinOS and Starknet aren’t waiting around for the controversial OP_CAT hard fork to add new functionality to Bitcoin, with both projects devising innovative ways to scale Bitcoin using zero-knowledge (ZK) proofs right now.The projects have both demonstrated it’s possible to verify ZK-proofs on Bitcoin’s existing mainnet — even if Bitcoin’s ultra-simple scripting language makes it difficult and expensive. This could create genuine Bitcoin L2s that inherit much of its security, and unlock the intriguing possibility of creating programmable tokens on Bitcoin itself. The holy Grail of trustless bridging. (BOS) Best…

Loopscale Recovers $2.8M After DeFi Hack Amid Bounty Talks

Key Notes Loopscale recouped $2.8M after a weekend hack targeting its vaults. The protocol introduced a bounty program, offering 10% of stolen funds to the hacker. Loopscale remains optimistic about recovering additional stolen assets. Loopscale is one of the latest decentralized finance platforms to fall victim to an exploitation, resulting in a $5.7 million loss. The attackers manipulated the RateX PT token pricing, enabling them to steal from its USDC and SOL vaults. The hack occurred over the weekend, and Loopscale has since disclosed that, after negotiating with the hacker,…

Loopscale recovers $2.8M after weekend DeFi hack and bounty talks

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DeFi protocol Loopscale has recovered nearly half of the funds stolen during a major exploit over the weekend, as white hat negotiations with the attacker show signs of progress. In an April 29 update posted to X, Loopscale confirmed that approximately 19,463 Wrapped SOL (WSOL) (worth roughly $2.88 million) have been returned to its wallets since April 28. The first two returns included 10,000 WSOL (~$1.48 million) and 4,463 WSOL (~$660,000), following an earlier recovery of 5,000 WSOL (~$740,000). “Our pursuit of an amicable resolution regarding Saturday’s incident continues to…

DeFi Development Files for $1 Billion Offering to Buy More SOL

DeFi Development Corp. (JNVR), formerly known as Janover, is doubling down on its plan to buy more Solana for its treasury as it looks to offer up to $1 billion worth of securities. The firm, formerly a commercial real estate lending tech platform, revealed in a U.S. Securities and Exchange Commission (SEC) filing that it plans on using the funds for “general corporate purposes, including the acquisition of Solana.” The offering will include common and preferred stock, debt instruments, warrants, and units. DeFi Development has already acquired approximately $48.2 million…

DeFi Development seeks $1B to boost Solana investments, expand treasury

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DeFi Development Corp (formerly Janover) aims to raise over $1 billion worth of capital to invest in Solana, the industry’s sixth-largest cryptocurrency by market capitalization. The Nasdaq-listed firm, previously a real estate financing platform connecting commercial property lenders and buyers, announced its plans in a Form S-3 registration statement filed with the US Securities and Exchange Commission (SEC) on April 25. The filing states that the funds will be used for general corporate purposes, including Solana (SOL) token acquisitions. DeFi Development Corp S-3 filing. Source: SEC According to the filing,…

DeFi must ditch hype for sustainable liquidity

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Polygon Labs CEO Marc Boiron called for a fundamental shift in how decentralized finance (DeFi) protocols manage liquidity, labeling the sector’s ongoing liquidity crisis as “self-inflicted.” In an exclusive interview, Boiron outlined Polygon’s vision for sustainable DeFi, emphasizing chain-owned liquidity and transparent economic models as the path forward. Boiron criticized DeFi protocols for fueling a cycle of “mercenary capital” by offering sky-high annual percentage yields (APYs) through token emissions. “It’s just renting liquidity; it’s not real loyalty,” he told Cointelegraph, noting that such strategies lead to fleeting liquidity that vanishes…

Citrea Deploys Complete BitVM Bridge Design on Testnet, Furthering Bitcoin’s DeFi Applications

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Citrea, the ZK rollup designed to enhance Bitcoin’s blockspace capabilities, has launched its Clementine Bridge, marking the first complete BitVM bridge design on the Bitcoin Testnet. This deployment represents an advancement in extending bitcoin’s utility to decentralized finance (DeFi) applications, addressing the longstanding challenge of creating a secure bridge between Bitcoin and secondary layers. The […] Original

DeFi platform KiloEx to compensate users impacted by $7.5M hack

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Decentralized exchange (DEX) KiloEx said it will compensate traders and stakers hurt by a $7.5 million exploit that temporarily shut down the platform earlier in April. In an April 24 announcement, KiloEx said traders who had positions open while the platform was suspended would get full compensation if their losses increased or profits decreased. The platform said it would pay the difference.  KiloEx urged traders to close their positions immediately once the platform resumes operations, as delaying could affect their profit and losses, which may then impact the compensation amount.…

DeFi Development (JNVR) Raises Solana Holdings to $48M With Discounted Token Purchase Via BitGo

DeFi Development Corp (JNVR), formerly known as Janover, added another $9.9 million in Solana’s SOL to its corporate treasury, pushing total crypto holdings to 317,273 SOL or about $48 million, the company said on Wednesday. The purchase, made through BitGo’s over-the-counter desk, includes a tranche of locked SOL. These are tokens typically tied to vesting or bankruptcy proceedings that can’t yet move on-chain but are cheaper than spot prices. “By gaining access to locked discounted inventory through a trusted partner like BitGo, we’re able to accumulate some of our SOL…