DeFi

Nexo Suspends Ethereum Improvement Proposal for US Customers

February 13, 2023 1 min read

Crypto lender Nexo has announced that it will no longer be offering its Earn Interest Product (EIP) to U.S. clients, residents, and citizens, effective February 10th. This move comes after the company was fined $22.5 million by the U.S. Securities and Exchange Commission (SEC) for failing to properly register the offer and sale of EIP. In response to the fine, Nexo stated that it would be stopping EIP in eight

Bank of America Embraces Decentralized Finance, Plans for Future Growth

February 9, 2023 1 min read

Bank of America (BAC) has stated in a recent research report that the recent correction in digital asset markets led to a shift in focus and capital from speculative trading to projects with actual functionality. However, the bank believes that decentralized finance (DeFi) currently only “barely scratches the surface.” According to the report, platforms like Gauntlet are driving the evolution of DeFi applications, but regulatory barriers, poor user interfaces, and

BNX to undergo 1:100 split to give major boost of investor confidence for BinaryX games and products

February 9, 2023 3 mins read

Singapore, Singapore, 9th February, 2023 BinaryX, a Gamefi and IGO platform, today announced it will split its token, BNX. The decision was made after the project team ran a DAO vote and received overwhelmingly unanimous support (99.5%) to conduct the split. The exact timeline for the split will be announced on BinaryX’s social media and community channels soon.  BNX is the platform token of BinaryX, and is used as a

Top Protocols Join Forces to Strengthen DeFi Narrative

February 7, 2023 3 mins read

London, United Kingdom, 7th February, 2023 For 24 hours, more than 30 of the top decentralized financial protocols have come together to showcase the open, composable, and permissionless merits of DeFi. More than thirty top projects in the industry are participating in a creative campaign where they extol the interoperable nature of Web3 by “permissionlessly” sharing tweets from other protocols and reinforcing the trustless nature of DeFi.  The participating DeFi

Uniswap Community Votes in Favor of Boba Network Deployment

February 7, 2023 1 min read

Uniswap, the decentralized exchange (DEX) that operates on the Ethereum blockchain, has received the green light to deploy version 3 (v3) of its platform on the Boba Network. This decision was the result of a favorable community vote, and was backed by FranklinDAO and ConsenSys. Boba Network is a separate blockchain that runs on top of Ethereum and offers faster and cheaper user transactions. Uniswap, like other DEXs, operates through

DeFi Hack: Over $180,000 Stolen From CoW Swap

February 7, 2023 2 mins read

The recent hack of the CoW Swap decentralized exchange (DEX) has once again brought attention to the security issues in the DeFi space. The DeFi market has seen billions of dollars stolen in 2022, and 2023 has already seen several incidents, including this one where an attacker was able to siphon over $180,000 in funds from the platform. The attacker used the GPv2Settlement contract and was able to trick the

Aave’s CEO Shares Insights on the Future of Decentralized Finance

February 7, 2023 1 min read

Stani Kulechov, the founder and CEO of Aave, shared his insights on the DeFi space in a fireside chat with Alex Cohen at the StarkWare Sessions event during ETHTLV 2023 week in Tel Aviv, Israel. During the interview, Kulechov discussed the potential for wider adoption of DeFi and how it offers better risk management compared to traditional finance products. Kulechov believes that stablecoins and payments play a crucial role in

Hacker Acquires stETH on Large Margin using Wormhole

February 7, 2023 1 min read

The funds from the Wormhole hack, which was the largest inter-blockchain bridge loss of $325 million, have been linked to a leveraged bet on LidoDAO’s staked ETH (stETH). The thief used a series of looping transactions with LidoDAO’s stETH and MakerDAO’s DAI to become the world’s fifth-largest stETH holder. Chainalysis detected the first movements of the stolen Wormhole Ether on January 30, 2023. The stolen funds were converted into stETH

Solana’s Everlend Protocol to Close Down

February 3, 2023 1 min read

Solana-based DeFi platform, Everlend, has announced that it is shutting down due to a lack of liquidity and a shrinking borrowing and lending market. The project mentioned that even with sufficient runway, continuing to operate and develop the protocol would be a “gamble.” Everlend has switched to withdrawal-only mode and encouraged users to remove their deposited funds. The codebase for the protocol will become open-source, allowing anyone to continue the

BNB Chain and Fellaz Team Up to Bring NFT Ticketing to Ultra Music Festival in Abu Dhabi

February 2, 2023 5 mins read

Abu Dhabi, UAE, 2nd February, 2023 A major step forward in using mainstream blockchain technology in the entertainment industry, offering a secure and convenient way for music fans to buy and manage tickets BNB Chain, the world’s largest smart contract blockchain in terms of daily active users, and Fellaz, a leading Web3 entertainment ecosystem, have announced the launch of a blockchain-based ticketing solution for Ultra Abu Dhabi, the premier EDM music festival,

Mango Markets Exploiter Facing Regulatory Consequences, Says Moody’s

February 2, 2023 1 min read

Moody’s credit rating firm has stated that recent charges against Mango Markets exploiter Avraham Eisenberg will have a positive impact on the decentralized finance (DeFi) space. The enforcement actions by the SEC and CFTC in January show that DeFi is becoming a safer and more regulated environment. Moody’s sees this as a credit positive for the industry and could lead to wider adoption among institutional and retail investors. The firm

Nostr Unveils Mobile App Damus for Decentralized Social Networking

February 2, 2023 1 min read

Nostr, the decentralized social network, has finally launched its mobile app, Damus, on Feb. 1. The app is now available for download on both Google Play and the App Store. The launch was greeted with enthusiasm by Twitter co-founder Jack Dorsey, who called it a “milestone for open protocols.” Dorsey had previously donated Bitcoin to Nostr protocol and made reference to it in his Twitter bio. Damus operates like Twitter