Tag: DeFi

DeFi protocol Venus seeks to patch $270K hole from oracle incident

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Decentralized finance protocol Venus confirmed it was impacted by an issue with one of its price feed oracles, resulting in borrows totaling around $270,000 on Dec. 11. However, it has downplayed the incident from being an exploit as described by analysts, and it also vowed to replace funds from the treasury. On Dec. 10, reports emerged that the Binance Smart Chain-based decentralized lending and borrowing marketplace had been affected by a malfunctioning price oracle. X (formerly Twitter) user SaulCapital alerted followers that the “isolated pool on Venus Protocol for liquid staked…

DeFi share in crypto market increases by 18% in November

In November, the decentralized finance (DeFi) sector’s share of the cryptocurrency market increased by 18% compared to last month. November also turned green for non-fungible tokens (NFTs). Trading volumes recently jumped 200%, according to the latest report from Binance Research. Analysts noted that the rate remained from 3.8% to 4.1% throughout the year. However, in November, it began to overgrow. Over the month, the share of the DeFi sector increased by 18% and ended at 4.44%. The main drivers of significant growth were THORChain, PancakeSwap, Uniswap, and Synthetix. Additionally, since…

Solana-Based DeFi Protocol Jito Airdrops $225M Free Tokens to Users 

With the airdrop distribution now complete, Jito states that all claimable tokens will be available for 18 months starting on the token generation date. Jito, a decentralized finance (DeFi) liquid staking protocol based on the Solana (SOL) ecosystem, started the distribution of its long-awaited airdrop on Thursday, sharing a total of over 90 million of its native token to early birds who helped in bootstrapping the network. According to reports, the digital asset JTO, which also serves as the governance token within the protocol, was listed on many Solana-based exchanges…

What Is Defi? An Explainer And Guide

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Decentralized Finance, commonly known as DeFi, is rapidly reshaping the landscape of financial transactions and systems in our increasingly digital world. This innovative approach to finance merges traditional monetary processes with the cutting-edge technology of blockchain, offering a more accessible, transparent, and efficient financial system. In this guide, we delve into the question “What Is DeFi”, we aim to demystify decentralized finance, illustrating its importance and impact in today’s financial and cryptocurrency landscapes. What Is DeFi? DeFi, short for Decentralized Finance, represents a paradigm shift in the way we think…

What is composability in DeFi?

Importance of composability in the DeFi ecosystem Composability acts as a catalyst for growth, propelling decentralized finance’s ongoing development and growth. In decentralized finance (DeFi), composability refers to the ability of various apps and protocols to seamlessly communicate with each other, allowing their building blocks to be combined and integrated to create new functionalities or financial services. This interoperability is similar to Lego blocks in that different protocols can be assembled and flexibly combined. The significance of composability in the DeFi ecosystem lies in stimulating innovation by allowing developers to…

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…