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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 Firm Orthogonal, Victim of FTX Contagion, Now Faces Internal Dissent
Shortly after Orthogonal got served with default notices on $36 million of crypto loans from Maple Finance, the firm’s credit team published a statement saying it was “speechless” and unaware of the extent of the trading team’s exposures.
Financial Stability Watchdogs Vow to Tackle DeFi, Learn FTX Lessons
Policymakers from the world’s major jurisdictions want an international rulebook for crypto.
Alchemy Releases Web3 App Store to Streamline Dapp Access
Alchemy aims to build trust among developers and blockchain-curious users as they explore the space using one streamlined interface.
DeFi Risk-Sharing Protocol Nexus Expects Loss on Maple Credit Pool Investment as FTX Contagion Widens
Nexus Mutual, which offers an insurance alternative for decentralized finance traders, deposited some $19 million in ETH to Maple’s wrapped ether credit pool, which was rocked by Orthogonal Trading’s recent default.
Aave's Lens Protocol Buys NFT Mobile Game Sonar
Lens Protocol, the blockchain-based social media project from decentralized finance (DeFi) lender Aave, has acquired Sonar, a mobile app whose users pilot NFT-linked avatars through digital worlds. "The Hash" panel discusses what this means for the future of Web3 social and why "now is the moment."
FTX Contagion Spreads as Orthogonal Trading Gets Default Notice for $36M Debt on Maple Finance
Creditor M11 Credit issued a default notice to Orthogonal Trading for $36 million of loans, while Maple Finance severed all ties with Orthogonal for misrepresenting its financial position.
Don’t Let the Neckwear Fool You
This anonymous account has been converting TradFi toffs into crypto bros. That’s why BowTied Bull is one of CoinDesk’s Most Influential 2022.
Betting on a Decentralized, Cross-Chain Crypto Future
The 26-year-old president of Jump Crypto heads a DeFi juggernaut that’s building key infrastructure and cross-chain bridges, and investing in layer1 blockchains. For running on all cylinders in a year of crypto reckoning, Kanav Kariya is one of CoinDesk’s Most Influential 2022.
Crypto Developers Reveal the Perils of Anonymity
The total value locked on the Solana network reached billions of dollars, based in part on sham protocols by two brothers working under multiple aliases. For showing how divorced TVL can be from the truth, Ian and Dylan Macalinao share a spot on CoinDesk’s Most Influential 2022.
First Mover Asia: Bitcoin Hovers Near $17.3K, but Does It Have Staying Power?
ALSO: Sam Reynolds writes that DeFi total value has been rallying recently after tumbling in mid-November, a sign that investors believe in DeFi's potential.
