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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.
Unrelated BASE Token Jumped 250% After Coinbase Starts Layer 2 Network Base
As of Friday, Coinbase has explicitly stated it has no plans to launch a token for its new blockchain.
Affine Protocol Raises $5.1M From Industry Heavyweights to Develop DeFi Yield Offering
The round was led by Jump Crypto and Hack VC and included contributions from Circle Ventures and Coinbase Ventures.
Coinbase Launches Layer 2 Blockchain Base to Provide On-Ramp for Ethereum, Solana and Others
Base is built on Optimism and Coinbase has no plans to issue a new network token.
XRP Ledger Proposes Cross-Chain Bridge to Increase Network and Token Utility
The proposal defines how funds are locked on one chain and wrapped on another chain to ensure the movement of tokens between XRP Ledger and associated sidechains.
DeFi Liquidity Protocol Synthetix Deploys Version 3 on Ethereum
Synthetix holds over $450 million in locked tokens over the Ethereum and Optimism networks.
Forsage Founders Indicted for $340M Ponzi Scheme Masquerading as DeFi Platform
Company relied on smart contracts whose coding is consistent with a Ponzi scheme, the U.S. Justice Department says.
Klaytn Foundation Proposes Burning 5.28B KLAY Tokens, Cutting Token Supply by Nearly 50%
The proposal suggests an initial burning of 73% of the reserve supply, amounting to 5.28 billion KLAY tokens or approximately 48% of the total token supply.
Layer 2 Network Arbitrum Surpasses Ethereum in Daily Transactions
Arbitrum’s dominance continues to grow in the first quarter of 2023 as the number of unique addresses on Arbitrum reaches an all-time high.
DeFi Recovery in 2023?
Optimism about the DeFi recovery is growing, and lenders in the sector might be at the heart of it. That story and other news shaping the cryptocurrency world in this episode of "The Daily Forkast."
Galaxy Digital, PayPal Lead $20M Fundraise for Chaos Labs
The startup offers an automatic economic security system and simulation engine for decentralized finance projects.
