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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.
Future of Nigeria’s Booming Crypto Scene
Nigeria showed more interest in crypto than any other country since the markets began to decline in April, according to a study by price tracker CoinGecko. WomenInDeFi Brand Strategist Umeh Chinonye discusses her outlook on the state of crypto in Nigeria.
Nigerians Flock to Crypto as the Naira Weakens
Some Nigerians are turning to bitcoin (BTC) to hedge against the naira's drop in value amid a collapsing economy. Paxful Deputy General Counsel Jude Ogene and Africa Blockchain Institute Head of Research Oluwaseun Adepoju discuss the role of crypto as a potential tool for financial freedom. Plus, WomenInDeFi Brand Strategist Umeh Chinonye discusses the impact of Web3 and DeFi in Nigeria.
DeFi Platform Kyber Network Discloses $265K Exploit, Vows to Reimburse All Funds
This most recent attack on a decentralized finance platform resulted from malicious website code.
PoW Fork supported?; Making DeFi better
Why are some exchanges backing an ETH PoW fork? And how can we build better DeFi protocol? The answers to those questions and other news shaping the cryptocurrency world in this episode of "The Daily Forkast."
Crypto Asset Manager Babylon Finance Will Shut Down After Failing to Recover From Rari Hack
Babylon’s founder said several liquidity pools and the BABL token price were severely impacted, which contributed to the decision.
Helium Proposes Shifting its Entire Network to Solana Blockchain Months After $200M Raise
Developers cited faster transactions and “higher uptimes” among several reasons behind the proposed move.
Crypto Community Remains ‘Hyper Positive’ Despite Market Downturn: Laguna Labs Founder
Laguna Labs founder Stefan Rust joins "All About Bitcoin" to discuss the state of crypto and Web3 development amid the recent market turbulence. The community that is building in the DeFi world is "hyper positive," Rust said.
Solana-Based DeFi Protocol OptiFi Loses $661K in Programming Blunder
The platform said it will reimburse all users' funds.
DeFi Platform RedStone Raises Nearly $7M to Improve Connectivity Between Blockchains, Real-World Data
The company's new product suite aims to make interoperability between blockchains and external data sources faster and more affordable.
FBI Asks DeFi Platforms to Increase Security Measures, Warns Crypto Investors Against Vulnerabilities
The warning comes after a slew of DeFi hacks this year, which has led to investors losing billions of dollars worth of crypto.
