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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.
DeFi Has Become Crypto Crime’s Main Arena, Crystal Blockchain Says
Hackers and scammers have shifted from breaching centralizing entities to exploiting decentralized projects, according to a new report.
Fantom to Fund Ecosystem Projects Using Portion of Burn Fees
A governance vote saw an overwhelming number of community members in favor of using one-third of Fantom’s burn fees to fund new projects.
Harmony Proposes Issuing ONE Tokens to Reimburse Victims of $100M Hack
Developers decided against using treasury funds, citing the project’s long-term viability.
Fed Expected to Hike Rates by 75 Basis Points This Week
The Federal Reserve is expected to increase its interest rate by 75 basis points to combat rising inflation. Injective Labs CEO Eric Chen discusses the current "risk-off mode" in the crypto markets and the potential impact of macro headwinds on price action. Plus, the state of DeFi amid crisis in crypto lending.
Meme Coin Teddy Doge 'Soft' Rug Pulls $4.5M Worth of Tokens, PeckShield Says
Prices of the TEDDY token fell some 99.7% in the past 24 hours.
How Attackers Stole Around $1.1M Worth of Tokens From Decentralized Music Project Audius
The sophisticated exploit involved attackers passing a malicious governance proposal by exploiting smart contracts.
Crypto Sectors That Have Been Most and Least Impacted by Macro Headwinds
As bitcoin surpasses $23,000, CoinDesk Indices Managing Director Jodie Gunzberg discusses her crypto markets analysis and outlook. Gunzberg points out that the culture and entertainment sector seems to be moving independently from the rest of the market despite the crypto downturn, while the DeFi sector has been impacted by macro headwinds the most.
DeFi Incubator Cumberland Lab Comes Out of Stealth Mode
The growing Singapore-based Web3 lab will have 25 staffers by week's end.
