decentralized finance

Ethereum’s Gas Spike Forces Coinbase Pro to Pass Network Fees to Customers

While Ethereum network fees have jumped to new highs this year, the popular cryptocurrency exchange, Coinbase Pro, announced that the trading platform would be passing network fees onto customers. The move followed the exchange listing Uniswap’s native token UNI, an airdrop that saw miners collect close to $1 million in gas in less than an …

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What Is DeFi?

DeFi is short for “decentralized finance,” an umbrella term for a variety of financial applications in cryptocurrency or blockchain geared toward disrupting financial intermediaries. DeFi draws inspiration from blockchain, the technology behind the digital currency bitcoin, which allows several entities to hold a copy of a history of transactions, meaning it isn’t controlled by a …

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Defi Economy Rebounds: Total-Value Locked Jumps 28% Capturing Close to $9B

,The total-value locked (TVL) in decentralized finance (defi) economy has recaptured much of the value lost during the Sushiswap fiasco last week. At the time, the defi TVL tumbled down to $6.8 billion from the $9.6 billion high on September 8, suffering a loss of close to -29%. Since then, however, the rise northbound has …

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OKEx goes all in on Uniswap’s new token amid soaring DeFi fees

Crypto exchange OKEx added Uniswap’s new UNI token to the array of assets offered on its platform, in addition to trading products around the asset.  “Not only has OKEx added support for spot trading of UNI, but it is also providing its users with the most comprehensive range of trading products for this hot DeFi …

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Defi Protocol Bzx Loses $8.1 Million in Third Hack This Year

So called decentralized finance (defi) lending platform Bzx on Sunday lost $8.1 million in a new hacking attack, the third this year, caused by a flawed code in its smart contracts. The bug allowed the hacker to mint 219,200 LINK tokens (valued at $2.6 million); 4,503 ETH ($1.65 million); 1,756,351 USDT ($1.76 million); 1,412,048 USDC …

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Why DeFi, in its current state, is destined to fail

Decentralized finance, in a nutshell, promises transparency and offers beneficial terms for borrowers. DeFi platforms are supposed to build an alternative financial system for offering/receiving loans, exchanging currencies, making payments, etc. There are no banks, brokers or trusted third parties, governments are not involved, and finally, notorious middlemen are eliminated. There is just secure, transparent …

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Chef Nomi has returned all funds back to the SushiSwap community

In a surprising turn of events, SushiSwap’s former head, anonymously known as Chef Nomi on Twitter, has apologized for their mistakes and returned $14M to the project’s development fund. Nomi said in a Sept. 11 Tweet thread: To everyone. I f***** up. And I am sorry. On Sept. 6, news broke that Nomi had given …

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Messari’s Ryan Selkis Says DeFi bubble will pop soon

Ryan Selkis, founder of crypto data site Messari, predicted an upcoming demise for the decentralized finance, or DeFi, space — similar to what happened with initial coin offerings, or ICOs.  “The DeFi bubble will pop sooner than people expect,” Selkis tweeted on Sept. 10. “We’re nearing the apex of Ponzi economics, rug pulls, and ‘yield’ …

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Another DeFi exit scam just made off with $20M in investor funds

The rapidly expanding DeFi space is becoming riddled with scams as another suspicious project has headed for the exits carrying speculators’ money. “A new liquidity mining pool DeFi project, Yfdexf.Finance has exited the market after defrauding investors of $20 million in total funds locked in its protocol,” media outlet ZyCrypto wrote on Sept. 10. The …

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