Gemini – the crypto exchange founded and run by Tyler and Cameron Winklevoss and the issuer of GUSD – pays a 2% annual reward to MakerDAO for using the token as a reserve asset. The proposal, however, argued that the platform could enjoy better revenue opportunities, for example by investing in short-term U.S. Treasuries, which currently offer about a 5% yield. Source
However, DeFi protocols “intuitively possess none of the defining hallmarks of stock exchanges,” according to the DeFi Education Fund’s letter. “Beyond DeFi, the commission’s proposal has no logical limit and would sweep third-party and utility service providers who contract with exchange providers into the exchange regulatory regime.” Source
Decentralized finance (DeFi) platform Sturdy Finance has offered a $100,000 bounty to the hacker that exploited the protocol. The lending platform said that its team won’t pursue the issue further if the attacker accepts the offer. On June 12, the DeFi platform suffered a loss of almost $800,000 in digital assets when an attacker exploited vulnerabilities within the platform. Security firms pinpointed that the cause of the exploit was a faulty price oracle and the hack was carried out through a reentrancy attack. In response, the platform paused all markets…
SEC’s DeFi Rulemaking Do-Over Falls Short Source
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The issuer of Tether (USDT), the world’s most popular stablecoin, is setting up an operation to mine bitcoin (BTC) in Uruguay. This marks the first significant move by Tether into mining and is part of a larger push to provide broader access to crypto services. This comes when Tradecurve, a decentralized finance (DeFi) project in its presale phase, announced that its anonymous trading platform would soon be available globally. >>Buy TCRV tokens now<< Tether to start…
Decentralized finance (DeFi) protocol Sturdy Finance has lost 442 Ether (ETH), worth almost $800,000 when writing, to a security exploit. The attacker exploited a vulnerability that eventually manipulated a faulty price oracle, allowing them to drain funds from the protocol. On June 12, blockchain security firm PeckShield alerted Sturdy Finance and reported a transaction that seemed to be related to price manipulation. Almost an hour later, the DeFi protocol said that they were aware of the exploit and responded by pausing all their markets and assuring its users that no…
The allegations against Binance and Coinbase by the U.S. Securities and Exchange Commission have substantial ramifications for the decentralized finance (DeFi) ecosystem, and they are far from positive. DeFi has developed as a promising area within the crypto industry, aiming to disrupt established financial systems and deliver financial services in a decentralized manner. However, the latest charges against these centralized exchanges raise doubts about the future of DeFi. By targeting Binance and Coinbase for suspected violations of securities laws and operating unregistered exchanges, the regulator seems to be imposing its…
Real-world asset (RWA) protocols have become a hot trend within decentralized finance (DeFi) circles. An RWA protocol is a decentralized application that allows entities to tokenize and trade real-world assets. These assets range from stocks and government bonds to real estate and commodities. They are also known as asset tokenization protocols. DeFi provides certain advantages over TradFi by making the smart contracts transparent and enabling a wide degree of financialization of assets by making them divisible, transferable and tradable on decentralized platforms. The top uncollateralized lending protocols for institutions, TrueFi…
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 United States Securities and Exchange Commission’s (SEC) lawsuits against two leading centralized crypto exchanges — Binance.US and Coinbase — have led to a surge in DeFi trading volume over the past week. While SEC’s enforcement action against centralized exchanges has hogged the headlines, the securities regulator is actively pursuing cases against the decentralized exchange (DEX) ecosystem as well. Crypto venture capital…
Yet, for the subsector to continue to grow, attract capital and become a trusted way to conduct business, DeFi will need to comply with various governments’ regulatory requirements, agreed most participants in closed-door roundtable discussions at Consensus 2023. Source