The protocol’s new service, called Marinade Native, eliminates the smart contract risk of swapping SOL for mSOL while preserving the expected yield of around 7%, developers say. That’s because users retain custody of their SOL as opposed to receiving what amounts to a yield-infused depository receipt. Source
It is more important than ever, with increasing cost of living pressures, for firms to ensure their customers are receiving fair value on their savings. We note that some firms have raised the rates of existing savings products, and others have taken positive steps to communicate with their customers to ensure they know the best rates available to them. However, too many customers are sitting on low rates or not accessing products that may offer better value. Some firms have queried whether data protection regulations prevent them from telling savings…
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. This week, Finance Redefined looks at the growing popularity of zero-knowledge proof-based scalable solutions. Zero-knowledge rollups (ZK-rollups) technology has gained a lot of traction over the past year thanks to its increased use in the Ethereum ecosystem. Bug bounties are seen as a great reward system for white hat hackers to weed out bugs in the DeFi ecosystem, which often fall prey…
Lending protocol Geist Finance is shutting down permanently due to losses from the Multichain exploit, according to a July 14 social media post from the app’s development team. Geist contracts were been paused on July 6, then resumed in “withdraw and repay only” mode on July 9. The latest post confirms the team does not plan to reopen lending and borrowing on Geist. 1/2 After confirmation from Multichain that the funds will not be recovered, we are announcing that Geist will not reopen. Because Chainlink oracles are tracking the value…
Tokenized Treasurys has grown to a $600 million market, with Ondo Finance’s OUSG token claiming a significant share of $134 million since its inception in January. Flux Finance, developed by Ondo’s team and governed by a decentralized autonomous organization (DAO) through community votes, lets investors take out loans by pledging OUSG as collateral. It has $44 million of total value locked on the platform, according to DefiLlama. Source
“In recent months, the Committee on Finance initiated a bipartisan effort to identify key questions that lie at the intersection of digital assets and tax law,” the letter said. “The Internal Revenue Code of 1986, as amended (IRC), draws distinctions between types of property, with no straightforward classification for digital assets. This uncertainty creates complex reporting issues for taxpayers …” Source
United States Senate Financial Services Committee Chair Ron Wyden and ranking member Mike Crapo released an open letter to the digital asset community on July 11 asking for input on the taxation of digital assets. The senators are looking for solutions to highly complex taxation issues, so much so that they offered background reading from the Joint Committee on Taxation to prepare respondents. The Internal Revenue Code of 1986 provides “no straightforward classification for digital assets,” the senators said. They asked a large number of questions grouped into nine subject areas,…
Prosecutors in New York are reportedly looking into former FTX Digital Markets co-CEO Ryan Salame for potential violations of campaign finance law in the United States. According to a July 11 report from The New York Times, Salame and his girlfriend Michelle Bond — a Republican candidate who ran to represent New York’s 1st congressional district in 2022 — may have exceeded the federal limits on contributions during her campaign. Authorities are reportedly investigating financial ties between Salame and Bond dealing with her congressional campaign, which did not move beyond…
Arbitrum-based decentralized finance (DeFi) protocol Rodeo Finance was exploited for $1.53 million on July 11. The DeFi protocol was exploited using a code vulnerability in its Oracle, leading to a loss of over 810 Ether (ETH). According to data shared by blockchain analytic firm PeckShield, the exploiter later bridged the stolen funds from Arbitrum to Ethereum and swapped 285 ETH for unshETH. The exploiter then deposited the ETH on Eth2 staking. Finally, the exploiter routed the stolen ETH using the popular mixer service Tornado Cash, which exploiters often use as…
Arcadia Finance, a decentralized finance (defi) protocol, has suffered a major setback, falling victim to a code exploit, resulting in a significant loss of approximately $455,000. The breach was initially detected by blockchain security firm PeckShield, which identified a coding oversight related to untrusted input validation as the root cause of the vulnerability. Exploiting this coding loophole, a hacker managed to drain funds from Arcadia’s Ethereum and Optimism vaults, putting the defi protocol in a precarious position. The company confirmed the breach on Twitter and suspended the affected contracts to…