“Fundamentally, it’s due to U.S. Treasury yields being up and DeFi yields, which are higher risk, giving lower rewards,” Doo, co-founder of StableLab and Asia Lead at MakerDAO, told CoinDesk. “When yields were increased to 8%, we saw DSR [Dai Savings Rate] deposits increase by four times.” Source
Earlier this year, Ordinals — a unique inscription on the smallest unit of a Bitcoin, called a Satoshi — emerged as a controversial new development. Dismissed by some as spam and embraced by others as a way to bring BRC-20 tokens and NFTs to Bitcoin, the technology stimulated a flurry of developments. Now there is excitement around “recursive inscriptions,” which is a very confusing yet potentially much more powerful development. Recursive Inscriptions essentially promise to allow more complex functionality to be built on Bitcoin’s blockchain, akin to smart contracts on…
Decentralized finance (DeFi) protocols Exactly and Harbor were exploited on Aug. 18 in two separate — and apparently unrelated — attacks, according to blockchain security firms DeDotFi and PeckShield. On-chain data reveals 4323.6 Ether (ETH), worth nearly $7.3 million at the time of writing, had been stolen from Exactly Protocol. The hackers then bridged 1490 ETH using the Across Protocol, and 2,832.92 ETH to the Ethereum network via Optimism Bridge. Update: After a thorough review of the Exactly Protocol Hack, we have concluded that the total of stolen amount up…
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. Over two weeks after Curve Finance’s multiple pool exploits, the DeFi protocol has assured the hack victims that it is assessing each impacted user for reimbursement. This comes after the exploiter returned 73% of the stolen funds. The DeFi ecosystem moved beyond the Curve dilemma only to face another set of exploits this past week, with Zunami Protocol seeing its stablecoins pools…
The decentralized finance (defi) sector has seen rapid growth, innovation, and occasional debates. For instance, the U.S. Securities and Exchange Commission (SEC) recently sued HEX, a move that saw the token’s price plunge. Amid this, defi investors and analysts are examining InQubeta and its ongoing presale. InQubeta plans for defi InQubeta taps into the capabilities of blockchain and artificial intelligence (AI). The project’s presale has generated significant interest due to the project’s staking model and non-fungible token (NFT) marketplace. Subsequently, the demand for QUBE has been rising in recent weeks. In the ongoing…
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 DeFi ecosystem is yet to recover from the crisis brought on by the Curve Finance hack, and even though the issue seems contained, another set of exploits hit the DeFi ecosystem this past week. DeFi protocol Steadefi is the latest victim of an ongoing exploit as the ecosystem was still recovering from the Curve crisis. Binance came forward to invest $5…
The venture capital arm of crypto exchange Binance just announced that it is putting money into the native token of the decentralized finance (DeFi) platform Curve. In a statement, Binance Labs says that its $5 million investment in the Curve DAO Token (CRV) signifies its commitment to join forces with the largest stableswap and second-largest decentralized exchange (DEX). The announcement comes as the price of CRV dipped following a massive hack on the platform in late July. Says Binance Labs head Yi He, “Given the recent events that have impacted…
“I don’t necessarily think it’s a sign of unethical behavior, but it does open up risks — exactly as you’ve seen occur — and the risks are not too hard to predict,” remarked Powell. “If you have a $100 million loan, and you have that on leverage, and it’s against your token, there’s a chance your token could drop in price and you’ll need to liquidate it to cover yourself.” Source
Top Stories This Week The decentralized finance (DeFi) ecosystem experienced a challenging week after a seismic security incident led to over $61 million being stolen from Curve Finance’s pools, leaving several protocols facing broader contagion risks. This attack exposed vulnerabilities across DeFi projects and sparked efforts to recover stolen funds over the past few days, hammering the performance of tokens and even stablecoins as a result of the dramatic ups and downs in this story. As the community navigates the aftermath of this exploit, Cointelegraph compiled the week’s events, presenting…
In the midst of the ever-changing cryptocurrency landscape, Optimism (OP) has shown remarkable resilience, posting a notable price increase of 13.53% in the past seven days. Despite facing a slight decline of 1.80% in the last 24 hours and a further 1.35% shrinkage within the hour, Optimism remains on an upward trajectory. With the current price sitting at $1.68 per OP and still 48.38% below its all-time high of $3.26, traders and investors are eager to uncover the reasons behind its recent gains. This article explores the factors contributing to…