Tag: DeFi

Cosmos-based networks Umee and Osmosis to merge, creating ‘DeFi Hub’

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Cosmos-based networks Umee and Osmosis will merge via a software upgrade, according to a Dec. 4 announcement. Umee’s UX Chain code will be reimplemented on the Osmosis chain, allowing features of the two networks to be combined and creating what the development teams call a “DeFi Hub” for the Cosmos ecosystem. Umee user interface. Source: Umee. Umee is a decentralized lending protocol that runs on its own dedicated Cosmos chain called “UX Chain.” Osmosis, on the other hand, is one of the largest decentralized exchanges (DEXs) in the Cosmos ecosystem,…

Jellyverse Lands $2M in Seed Funding to Accelerate DeFi 3.0 Revolution

In addition to portfolio management, Jellyverse will feature JellySwap, a decentralized exchange that will serve as home to its native crypto JLY. Jelly Labs AG and Fintonomy LTD, the companies developing the initial protocols for Jellyverse, a decentralized finance network built on the Ethereum Virtual Machine (EVM)-compatible layer-2 DeFiMetaChain (DMC), have announced the completion of their joint seed funding round. According to a press release shared with Coinspeaker, the two companies secured $2 million from undisclosed investors to bolster the development of Jellyverse and drive the evolution of the next…

OKX Wallet integrates DeSyn defi protocol

The OKX Wallet is integrating DeSyn, a decentralized finance (defi) protocol powered by Ethereum (ETH), to enable users to generate synthetic assets and engage in decentralized asset management. The OKX Wallet is a cryptocurrency wallet from the stables of OKX exchange. It grants access to over 80 blockchains and incorporates MPC technology for convenient wallet recovery, the company says.  Operating on the Ethereum blockchain, DeSyn empowers users to effortlessly create diverse synthetic assets and trade seamlessly within genuine market dynamics. Users can efficiently manage personalized pool-based portfolios incorporating a range…

KyberSwap hacker wants control, law firm says Aussie DeFi tax rules ‘non-binding’: Finance Redefined

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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 hacker who stole over $46 million from the DeFi protocol KyberSwap has released a list of demands, including total control over the Kyber company and all its assets. The hacker specified a deadline for the Kyber team to fulfill the demands. A law firm in Australia described the DeFi tax guidance released by the country’s finance regulator as “toilet paper.” Cadena…

DeFi Protocol Grove Secures $7.9M in Funding for Business Expansion

Boosted by the news of the fundraising, the platform’s native token POKT experienced a notable increase over the past 24 hours.  In a significant move towards bolstering its decentralized finance (DeFi) operations, Grove, formerly known as Pocket Network Inc, has raised $7.9 million from prominent institutional investors, CoinDesk informed on Thursday. According to the report, citing an emailed statement, the investment round garnered support from major venture capital companies, including Fidelity-affiliated Avon Ventures, Placeholder Capital, and Druid Ventures. DeFi Protocol Grove to Expand Its Business Offerings The platform, which provides…

DeFi could solve Africa’s foreign exchange problems, neobank CEO says

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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…

With the right tools, Solana can be the incubator for defi 2.0

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…

Crypto Fund Exits BLUR For Lido And IMX—Endorsing DeFi?

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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…