Browsing:DeFi

DeFi lending platform Aave is set to launch the 3rd version
1 year ago 1 min read

Aave launches version 3 of its lending protocol on Ethereum

Decentralized finance (DeFi) lending platform Aave is set to launch the third version of its lending protocol, Aave v3, on Ethereum after a successful vote by the platform’s DAO (Decentralized Autonomous Organization). Aave v3 on Ethereum will support seven assets: wrapped bitcoin, wrapped ether, wrapped staked ether, USDC, DAI, link, and Aave. The asset selection was proposed by DeFi risk manager Chaos Labs and approved by the Aave DAO in January. The pricing for all assets, except wrapped bitcoin and wrapped staked ether, will come directly from a Chainlink feed, an oracle protocol that can provide data such as price

Uniswap has announced that its proposal to deploy its V3 version
1 year ago 1 min read

Uniswap V3 to take on PancakeSwap in the DeFi space

Uniswap, a decentralized exchange platform, has announced that its proposal to deploy its V3 version on the Binance Smart Chain (BSC) has passed a “temperature check” vote with 80% in favor. The proposal, which was first published on January 17th, highlighted the reasons for the proposed deployment on the Binance Smart Chain including the growing user base and high transaction speeds and low fees. This move could pose a significant threat to PancakeSwap’s dominance on the network as it currently holds a 49.39% share of the total value locked on the Binance Smart Chain. Uniswap V3 was launched almost a

ZenGo
1 year ago 3 mins read

ZenGo Becomes First Non-Custodial Wallet on Polygon with no Seed Phrase Vulnerability

Tel-Aviv, Israel, 25th January, 2023 ZenGo has become the first non-custodial wallet with no seed phrase vulnerability to integrate with the Polygon network. As a result, Polygon users can enjoy self-custody of Polygon (MATIC), ETH, BTC, and more with secure asset recovery built-in. By leveraging advanced biometrics and cutting-edge MPC cryptography, ZenGo eliminates onboarding complexities, allowing anyone to safely set up and secure their wallet in seconds from any iOS or Android device. ZenGo’s security model removes the single point of failure that besets traditional non-custodial wallets: Not a single ZenGo wallet has been taken over since the company was founded

Aave community to vote on deploying version 3 on Ethereum
1 year ago 1 min read

Aave community to vote on version 3 launch on Ethereum

Aave Protocol is voting to execute its third iteration, or v3, on the Ethereum blockchain, a critical moment for the decentralized finance (DeFi) community, which hopes to benefit from v3’s focus on risk management and capital efficiency. Aave’s Twitter account is calling v3 the “most significant upgrade to the Aave Protocol” since it launched in January 2017. The vote ends Jan. 25, 2023, at 18:58 UTC. If the proposal passes, the deployment will execute on Friday, Jan. 27. Aimed at improving user experience, risk management, and capital efficiency, v3 on Ethereum comes as Aave leads the charge as the largest

Genesis Capital
1 year ago 1 min read

Genesis creditors take legal action against Barry Silbert and DCG for securities violations

Digital Currency Group (DCG), a Connecticut-based cryptocurrency firm, is facing a new class-action lawsuit from creditors of its subsidiary, Genesis Capital. The securities class action (SCA) lawsuit was filed by Connecticut-based law firm Silver Golub & Teitell (SGT) on behalf of individuals and entities who entered into digital asset lending agreements with Genesis. The complaint against DCG and CEO Barry Silbert alleges that Genesis engaged in an unregistered securities offering in violation of securities laws by executing lending agreements involving securities without qualifying for an exemption from registration under the federal securities laws. The lawsuit also alleges that Genesis committed

BlockFi wants to pay employees retention bonuses
1 year ago 1 min read

BlockFi Fights to Hold on to Staff in the Face of Bankruptcy

BlockFi has been actively seeking court approval to pay retention bonuses to certain employees to prevent a mass exodus. The company filed a 14-page witness declaration with the U.S. Trustee and the creditors’ committee on Jan. 23, 2023, to support the petition. The proposed retention bonuses range from 10% to 50% of the employees’ salaries. The court’s decision is pending. In the meantime, BlockFi has experienced some personnel loss. Since the petition filing last November, 11 employees have left BlockFi. Meanwhile, rival crypto lender Celsius has been granted approval to pay staff assisting with the bankruptcy process. In December 2022,

Ethereum-based DeFi platform, Curve Finance
1 year ago 2 mins read

Curve Finance Introduces New Gauges for Ethereum Pools

Ethereum-based decentralized finance (DeFi) platform Curve Finance has proposed to add more gauges to its liquidity pools on the Ethereum network. The request for additional gauges came from whale addresses on the platform. The gauge system on Curve Finance measures the liquidity of a particular pool or set of pools on the platform. The gauges are used to determine a given pool’s stability fee (or interest rate), with pools with lower gauges having a higher stability fee. With gauges on Curve Finance, liquidity is distributed evenly among its pools. According to Curve Finance, the request for adding more gauges to

Venom Ventures Fund
1 year ago 1 min read

UAE investors launch fund targeting web3 projects with $1 billion

Venom Ventures Fund is hoping to capitalize on the burgeoning DeFi, gaming, and banking services market that has seen immense growth throughout 2021. The two groups believe that Web3 is “the future of digital assets and financial services” and that their investments will help unlock new opportunities in the space. “We are excited to join forces with Venom Foundation to bring our collective experience and network of resources to a whole new level,” said Knez. The partnership between Venom Foundation and Iceberg Capital marks a major milestone in the development of the blockchain and cryptocurrency space, and highlights the potential

Ondo Finance
1 year ago 1 min read

Ondo Finance introduces tokenized US Treasury bonds for stablecoin holders

On Jan. 10, Ondo Finance, a decentralized finance (DeFi) firm launched a tokenized fund, allowing stablecoin holders to invest in U.S. Treasuries and bonds. The three products offered by the firm, U.S Government Bond Fund (OUSG), Short-Term Investment Grade Bond Fund (OSTB), and High Yield Corporate Bond Fund (OHYG) are short-term U.S Treasuries and bonds in popular ETFs managed by firms such as Blackrock and PIMCO. The funds have annual percentage yields (APYs) of 4.62%, 5.45%, and 8.02% respectively, and Ondo Finance will charge an annual management fee of 0.15%. The CEO of Ondo Finance said their goal was to

Immunefi
1 year ago 1 min read

Crypto losses reach $3.9B in 2022: Immunefi report

Immunefi has released its Crypto Losses in 2022 Report, showing that the cryptocurrency industry lost a total of $3.9 billion in 2022. The report found that hacks were the main cause of losses, accounting for 95.6% of all losses, with fraud, scams, and rug pulls accounting for only 4.4%. DeFi platforms were the main target of successful exploits, accounting for 80.5% of losses, while CeFi platforms accounted for 19.5%. The BNB Chain and Ethereum were the two most targeted chains, accounting for 63.3% of attacks. In Q4 2022, the industry saw losses of $1.6 billion, with FTX and BNB Chain

1 year ago 1 min read

Immunefi Researcher Saves $200 Million from Being Stolen on Three Polkadot Parachains

A security researcher known as pwning.eth discovered and reported a software vulnerability that could have been exploited to steal up to $200 million from three Ethereum-compatible parachains on the Polkadot network. The vulnerability was found in a program called Frontier that is used for “wrapping” native tokens on the Moonbeam, Astar Network, and Acala parachains. Wrapping is the process of converting native crypto assets into tokens that can be more easily supported by apps, and is done through the use of a smart contract. The vulnerability could have been used to mint unlimited wrapped tokens, but was fixed by the

SushiSwap
1 year ago 1 min read

SushiSwap to End Support for Kashi and MISO Platforms

Decentralized exchange SushiSwap, has announced that it will be discontinuing two of its offerings—the Kashi lending platform and the MISO token launchpad—due to their poor design and lack of resources. SushiSwap CTO, Matthew Lilley, stated that the company will transition away from these offerings in Q1 2023 and focus on its core decentralized exchange, which has $390 million in total value locked. The Kashi platform, introduced in March 2021, allowed users to borrow cryptocurrency assets within the DeFi space, while MISO (Minimal Initial SushiSwap Offering) was intended as a crowdfunding platform for DeFi projects. Both offerings experienced low user adoption