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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.
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.
Arbitrum Tokens Rack Up $2B in Trading Volume, Analysts Point to Growth Ahead
Integration into Arbitrum’s wider DeFi system could provide some new impetus for bullish sentiment for ARB tokens, one exchange executive said.
Cosmos-Based DeFi Protocol Quasar to Start Mainnet After Raising More Than $11.5M
Quasar is optimized for managing DeFi investments across multiple blockchains.
Radix Tokens Raises $10M Ahead of Introducing Smart Contract Capability
The funding round was led by market maker and investment firm DWF Labs and gives the firm a valuation of $400 million.
Ethereum Network DRPC Aims to Quell Centralization Risks Ahead of Shanghai Upgrade
DRPC developers say Ethereum remains dependent on a few major centralized RPC players, which undermines ecosystem sustainability and security.
Arbitrum Users Claim 42M ARB Tokens in First Hour of Airdrop
Users likely claimed the tokens by interacting with the smart contract directly as blockchain scanners and the website were temporarily down.
Arbitrum's ARB Token Trades at $3.99 as 625,143 Wallets Receive Airdrop
Decentralized exchange GMX becomes the largest single holder of ARB after receiving 8 million tokens.
Arbitrum Site, Blockchain Scanner Down Ahead of ARB Airdrop
The front ends were down amid massive interest from traders.
Ethereum Usage Will Drop If the Blockchain Doesn’t Boost Speed: Bank of America
The network has had a first-mover advantage thus far as a platform developers could build apps on, a report from the bank said.
