DEFI
What is DeFi?
Decentralized Finance, DeFi as a concept is to be able to offer almost all the financial services available with legacy and centralized institutions, typically banks, but on the blockchain. Whatever traditional services financial institutions provide can be expected to be offered through DeFi. In short, Defi is blockchain-based financial services that traditional financial services map into, creating new services or derivatives stemming from blockchain's unique features. Although we have had concepts like distributed computing and decentralized computing for decades, DeFi is in fact a new concept and an expansion of the application scope of blockchain as infrastructure.
Decentralized Finance, DeFi as a concept is to be able to offer almost all the financial services available with legacy and centralized institutions, typically banks, but on the blockchain. Whatever traditional services financial institutions provide can be expected to be offered through DeFi. In short, Defi is blockchain-based financial services that traditional financial services map into, creating new services or derivatives stemming from blockchain's unique features. Although we have had concepts like distributed computing and decentralized computing for decades, DeFi is in fact a new concept and an expansion of the application scope of blockchain as infrastructure.
UAE and OKX Unveil Framework for Metaverse Self-Governance
The UAE AI Office, in collaboration with Web3 tech firm OKX, has released a whitepaper on a "Responsible Metaverse Self-Governance Framework" to address the growing influence of the metaverse and the need for standardized operational guidelines. The report stresses international cooperation for establishing self-regulatory principles ensuring transparent, safe, and ethical metaverse operations.
Cobo Argus Boosts DeFi Strategies Security via Chainlink Price Feeds Integration
Cobo Argus has integrated Chainlink Price Feeds on Arbitrum mainnet to bolster its automated DeFi strategies, enhancing security and facilitating swift fund withdrawals during token depegs. This collaboration with Chainlink also underscores Cobo Argus's commitment to providing fortified, efficient on-chain DeFi management solutions.
Sui Network Redirects Additional 40M SUI, Totaling 157 Million
The Sui Foundation has redirected an additional 40 million SUI tokens towards ecosystem and community development, adding to the previous 117 million SUI, making a total of 157 million SUI. This reallocation aims to bolster the DeFi ecosystem of Sui Network, which has shown a significant uptick in total value locked, marking over 100% increase in the last two months. The initiative follows a series of remarkable achievements by Sui, underscoring its commitment to fostering a robust ecosystem for decentralized applications and financial protocols.
THORSwap Resumes Operations with Enhanced Security Measures to Combat Illicit Funds Transfer
THORSwap, a decentralized exchange (DEX) leveraging the THORChain protocol, resumed operations on October 13, following a temporary shutdown to address concerns of illicit funds transfer. The platform has enhanced its security measures, updated its terms of service, and partnered with an industry leader to prevent the movement of illicit funds. Although the move was met with mixed reactions from the community, it underscores THORSwap's commitment to providing a secure trading environment amid rising regulatory pressures in the DeFi sector.
Uniswap Expands Mobile Footprint with Android Wallet Launch
Uniswap has launched a beta version of its mobile wallet for Android on October 12, following the successful iOS app release in April. The Android wallet facilitates easier swaps on various chains without manual network switching, offers robust swap protection against frontrunning, and ensures a transparent fee structure for its users. The launch, part of a broader trend among decentralized exchanges, signifies the growing emphasis on mobile platforms in DeFi.
Curve Founder Michael Egorov Withdraws Near 12 Million CRV Tokens
Michael Egorov, the founder of Curve Finance, withdrew nearly 12 million CRV tokens, equivalent to $5.08 million, from the platform's vesting contracts on October 12, 2023. This move aligns with the vesting schedule of CRV, enabling Egorov to claim $235,000 worth of CRV daily.
Platypus Finance Suffers Exploit Resulting in Over $2M Loss
Platypus Finance, a DeFi protocol on the Avalanche blockchain, suffered an exploit on 12th October 2023, leading to a loss of over $2 million. The protocol had temporarily suspended all pools due to suspicious activities and is working towards resolving the issue. Blockchain security firm PeckShield Inc identified and disclosed the exploit, underscoring the need for enhanced security measures in the DeFi space.
DWF Ventures Explores Innovations in Perpetual DEXs Landscape
DWF Ventures delves into perpetual DEXs, emphasizing the blend of decentralization and innovation. The discourse spans from perpetuals' inception in 2016 to notable DEX protocols like dYdX and HyperliquidX advancing the ecosystem. The narrative underscores the continuous innovation and the anticipation for future advancements in the perpetual DEX landscape.
Nansen CEO Predicts Six Key Trends in Crypto
Nansen.ai CEO, Alex Svanevik, outlined six pivotal crypto trends on Twitter, emphasizing the synergy of fintech and crypto, DeFi's potential in gambling, the growing relevance of real-world assets like T-bills, the impending rise of Web3 gaming, SocialFi's development, and Physical NFTs' retail integration. The thread also welcomed community input, reflecting on other emerging trends like blockchain in fantasy sports.
Ripple CTO Advocates for Community Consensus on XRP Ledger's AMM Feature Integration
Ripple's CTO, David Schwartz, stresses the importance of community consensus for integrating the Automated Market Maker (AMM) feature on the XRP Ledger. Through discussions on X (formerly Twitter), Schwartz outlines a methodical approach to addressing concerns and urges validators to support the amendment only after achieving community agreement. The AMM feature, seen as a significant stride in decentralized finance on XRPL, was introduced in rippled version 1.12.0 alongside a potential clawback feature aimed at legal liability protection for developers. Schwartz's engagement exemplifies a balanced approach to evolving XRPL while preserving its decentralized character.