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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 Platform Lido to Cease Staking on Polkadot, Kusama in August
The service will be terminated on Aug. 1 with automatic unstaking occurring in June.
Safemoon LP Exploited for $8.9M; SFM Tokens Remain ‘Safe,' CEO Says
A publicly available token burn function in the contract allowed attackers to manipulate the protocol, some said.
Crypto Exchange Mango Markets Considers Raising Interest Rates for Popular Tokens
Only the pool for borrowing and lending SOL tokens would be affected by the proposed changes.
AllianceBlock Strikes Deal With Crunchbase to Bring Traditional Business Data to DeFi
AllianceBlock Data Tunnel users will be able to import Crunchbase data alongside DeFi data.
EOS Ethereum Virtual Machine Testnet Goes Live Ahead of April Mainnet Deployment
The network is the final testnet before a mainnet deployment in April as part of a broader revival plan for EOS.
Hacker Behind $200M Euler Attack Apologizes, Returns Millions in Ether, Dai to Protocol
The attacker sent over 7,000 ether to Euler on Tuesday and seemingly apologized for their actions in a transaction message.
Disney Lays Off Metaverse Team: Report
Fifty people have lost their jobs as Disney disbands its next-generation storytelling and consumer experiences unit as part a company-wide staff reduction.
Lending Platform MakerDAO Approves ‘Constitution,’ Moves Forward With ‘Endgame’ Plan
The proposal sets a new foundation for the largest decentralized lending protocol’s major restructuring, called “Endgame.”
Crypto Lender Kokomo's Developers Used Wrapped Bitcoin for $4M ‘Exit Scam,’ Security Firm Says
Kokomo's tokens fell 97%, and the project deleted its presence on social media.
$119M in Crypto Stolen So Far in 2023, NFT Rug Pulls on the Rise: Crystal Blockchain
Hackers have stolen $119 million in crypto in 19 breaches so far in 2023, Crystal Blockchain says in a new report, which includes data ranging from the Mt. Gox crypto exchange hack in 2011 to Feb. 18, 2023. The blockchain intelligence firm says although DeFi protocols have been hackers’ favorite targets since 2021, they are preying on NFT projects. "The Hash" panel discusses the report and what it reveals about open finance vulnerabilities.
