Tag: DeFi

Arbitrum price soars after DeFi whale address resumes ARB accumulation

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On June 2, the price of Arbitrum jumped alongside the top-ranking cryptocurrencies after the United States Senate voted to raise the debt limit. Why is the ARB price up today? The price of Arbitrum (ARB) rose 9% to an intraday high of $1.25, beating the crypto market’s total overall gains of 1.5% in the same period. ARB/USDT vs. total daily price chart. Source: TradingView Arbitrum’s outperformance coincided with some strange buying activity associated with popular trader Andrew Kang’s crypto addresses. Notably, on June 2, the Mechanism Capital co-founder deposited $1 million worth…

Losses from crypto rug pulls outpaced DeFi exploits in May: 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. May was a month filled with exit scams in the DeFi world, with over $45 million lost to exit scams, while exploits on DeFi protocols racked up less than half that amount over the same period. Uniswap DAO rejected a plan to charge liquidity provider fees as Uniswap (UNI) token holders, citing tax concerns. The proposal would have allowed Uniswap’s governing body…

Losses from crypto rug pulls outpaced DeFi exploits in May: Beosin

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The amount of cryptocurrency lost to “rug pull” or “exit scams” — where founders suddenly up and leave with investors’ money — had outpaced the amount stolen from decentralized finance (DeFi) projects in May, a blockchain security firm has revealed. A June 1 report from Beosin said in May total losses from rug pulls and scams reached over $45 million across six incidents. Meanwhile, there were 10 attacks on decentralized finance (DeFi) protocols that netted only $19.7 million. The amount is a nearly 80% decrease from April and losses from…

Canto Blockchain Difficulties Demonstrate Dreary DeFi Outlook

Canto is a blockchain that was designed for DeFi services like lending, staking and liquidity provision. Since its inception, it has seen a total of $591 million bridged from Ethereum’s mainnet, but that figure has stagnated over the past month as daily inflows struggle to top $3 million versus more than $20 million seen earlier this year, according to data from Dune Analytics. Source

The future of DeFi is ReFi

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The TradFi mindset is holding crypto back  The constantly evolving ecosystem of decentralized finance (DeFi) has emerged as a groundbreaking and experimental alternative to traditional finance (TradFi), demonstrating immense potential while simultaneously facing a myriad of challenges.  Paradoxically, some of the very behaviors that have long characterized TradFi — the prioritization of short-term profits, and extractive practices that benefit a few at the expense of the majority — have seeped into the world of DeFi, hampering the progress of this revolutionary technology towards its initial goals.  The detrimental impacts of…

Jimbo, a DeFi protocol, hacked for $7.5m in a slippage-related flaw

Jimbo, a decentralized finance (DeFi) protocol allowing users to earn interest on their digital assets, is the latest to suffer an attack resulting in the loss of 4,090 ethereum (ETH), worth $7.5 million, a Peckshield update on May 28 shows. The protocol deployed on Arbitrum, an Ethereum layer-2 platform, approximately three weeks ago. Jimbo Protocol hacked The incident occurred due to weakness causing liquidity-shifting procedures to lack slippage control. Slippage refers to the difference between the expected price of a transaction and the price at which it is executed. This…

Top US Crypto Exchange Coinbase Launches Trading Support for Cosmos-Based DeFi Altcoin

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Coinbase customers can now trade the Cosmos (ATOM)-based decentralized finance (DeFi) altcoin Osmosis (OSMO). The top US crypto exchange added support for the altcoin under its “Experimental Label,” a designation it established for riskier, lower liquidity tokens. Osmosis is an automated market maker (AMM) protocol built on the Cosmos software development kit (SDK). It aims to enable cross-chain transactions by utilizing inter-blockchain communication (IBC). Osmosis’ native governance token, OSMO, is trading at around $0.5986 at time of writing. The 110th-ranked crypto asset by market cap is down 0.6% in the…

A week filled with exploits and uncertainty for DeFi: 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. After a bullish April, May was another month of exploits, rug pulls and hacks, bringing back uncertainty to DeFi. The most prominent headline marker in the past week was the Multichain protocol. The cross-chain DeFi protocol’s delayed node upgrade created a spiral impact and tanked its token price by 30%. The Multichain protocol saga impacted multiple DeFi protocols, forcing Binance to suspend…