DeFi

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

January 24, 2023 1 min read

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

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

January 24, 2023 1 min read

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

Curve Finance Introduces New Gauges for Ethereum Pools

January 24, 2023 2 mins read

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

UAE investors launch fund targeting web3 projects with $1 billion

January 11, 2023 1 min read

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

Ondo Finance introduces tokenized US Treasury bonds for stablecoin holders

January 11, 2023 1 min read

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

Crypto losses reach $3.9B in 2022: Immunefi report

January 9, 2023 1 min read

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

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

January 6, 2023 1 min read

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

SushiSwap to End Support for Kashi and MISO Platforms

January 2, 2023 1 min read

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

Lido Finance Surpasses MakerDAO as the DeFi Leader in Total Value Locked

January 2, 2023 1 min read

Lido Finance, a decentralized finance (DeFi) protocol, has seen its total value locked (TVL) rise to the top since Ethereum’s merger in September. As of now, Lido’s liquid staking protocol has a total market cap of $5.96 billion in TVL, surpassing both MakerDAO’s $5.91 billion and AAVE’s $3.26 billion, according to DeFiLlama. Lido’s approach eliminates the need for users to put up the standard 32 ETH minimum to participate in

SushiSwap CEO Proposes New Token Economics to Overcome Liquidity Shortage

January 1, 2023 1 min read

SushiSwap CEO Jared Grey has proposed changes to the token economics of the SUSHI token in an effort to address the liquidity crunch facing the protocol. On December 6, Grey announced that the project’s treasury had a runway of just 1.5 years, leading to a proposal that 100% of fees earned by SushiSwap be redirected to Kanpai, the project’s treasury, for one year or until new token economics are introduced.

DeFi Hacks Result in Loss of $1.5 Billion in 2022’s Top 5 Cryptocurrency Attacks

January 1, 2023 1 min read

The cryptocurrency industry faced significant difficulties in 2022, with various companies experiencing financial difficulties and even bankruptcy. In addition, over $3 billion was reportedly stolen from crypto projects this year, according to Forbes. These setbacks have caused turmoil in the industry and raised concerns about its stability. The report indicates that more than 125 hacks occurred, with the top five (all involving decentralized finance (DeFi) protocols) accounting for $1.48 billion

Trader Joe decentralized exchange is deploying Avalanche DEX on Arbitrum

December 2, 2022 1 min read

Trader Joe, a decentralized exchange, is going live on the Ethereum scaling network Arbitrum. Since the company’s founding in 2021, this is Trader Joe’s first deployment on a new chain. According to DeFiLlama, Trader Joe has the highest overall trading volume across all applications on Avalanche, but this volume has significantly decreased since June. In the coming days, Trader Joe will launch on Arbitrum’s testnet, with a mainnet launch anticipated