DeFi

DeFi, short for decentralized finance, represents a shift in the financial sector by leveraging blockchain technology, primarily Ethereum, to eliminate traditional financial intermediaries. It enables various financial applications, from simple transactions to complex contracts, through smart contracts that execute automatically under specific conditions. Key DeFi applications include decentralized exchanges (DEXs), stablecoins, lending platforms, and prediction markets. DeFi offers financial services like loans and interest-earning opportunities without traditional identity verification, relying instead on collateral, usually in cryptocurrency. This innovative sector promises increased accessibility and efficiency but comes with risks, such as market volatility and unregulated projects.

Tech

How Solvency Check Error Led to USP Depegging on Avalanche-Based Platypus Finance

Platypus Finance’s native stablecoin fell to 48 cents from $1 earlier on Friday following the attack.

By Shaurya MalwaFeb 17, 2023

Markets

USP Stablecoin Loses Dollar Peg as DeFi Protocol Platypus Suffers $8.5M Attack

The flash loan attack caused Platypus Finance’s native stablecoin to fall to 48 cents from $1. The potential loss is $8.5 million, according to blockchain security firm CertiK.

By Krisztian SandorFeb 16, 2023

Policy

Global Standard Setters Will Team Up to Tackle DeFi Regulation: FSB

Decentralized finance “does not differ substantially” from traditional finance in its functions or vulnerabilities, according to the Financial Stability Board.

By Camomile ShumbaFeb 16, 2023

Finance

Gaming Network Oasys Onboards Japan Conglomerate SoftBank as Network Validator

Softbank was one of four companies that joined the network, bringing the total number of validators to 25.

By Shaurya Malwa, Sam ReynoldsFeb 16, 2023

Markets

Privacy-Focused Gnosis Chain Co-Founder Proposes Plan to Reduce Ethereum Dependency for GNO Token

Martin Köppelmann flagged potential security issues in a proposal discussion on Gnosis’ governance forums.

By Shaurya MalwaFeb 16, 2023

Markets

Ether Staking Service Lido Granted 1M Optimism Tokens to Incentivize Wrapped Staked Ether Adoption

Lido and Optimism aim to increase the availability of wrapped staked ether (wstETH) with OP tokens through the new liquidity mining and user incentives program.

By Shaurya MalwaFeb 15, 2023

Tech

Crypto Wallet Messaging Application Push Protocol Expands to BNB Chain

The move to BNB Chain could attract more users to Push, its founder said.

By Shaurya MalwaFeb 15, 2023

Finance

Nomura’s Crypto Arm Invests in Institutional Hybrid DeFi Protocol Infinity Exchange

The investment showcases a growing trend of merging DeFi infrastructure and TradFi solutions to enable tokenizing traditional assets and to create blockchain-based markets for institutional investors.

By Krisztian SandorFeb 15, 2023