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As of early February, more than $1 billion U.S. dollars of assets reside in decentralized finance protocols, commonly called DeFi protocols. DeFi protocols and platforms offer crypto holders sophisticated financial tools that were unavailable to them just a year or two prior, but the rapid evolution and speedy adoption
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Decentralized finance (DeFi) platform Compound is going ahead and decentralizing itself."My personal belief is that nobody would use bitcoin if it was run by the ‘Bitcoin Corporation,’” Robert Leshner, Compound’s founder, told CoinDesk in a phone call. “Its power comes from the fact that nobody truly controls it.”In that spirit,
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As the new decade unreels, a new wave of disruption seems to be coming to the shores of the global financial system. That wave is called decentralized finance protocols.Decentralized finance, or DeFi, simply refers to financial software that is built on the blockchain to make it easy for anyone
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Earlier this week, the decentralized lending protocol bZx was exploited in back-to-back “flash loan” attacks. While the two exploits were distinct, the end results remained the same. In total, $954,000 was gleaned from the platform. But what exactly happened? Was it an exploit, a simple case of arbitrage or
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Insurance works in crypto so far, though it hasn't had many big tests yet.Not many people had insurance on assets locked up in bZx’s Fulcrum, but after a bug yielded an exploit of its smart contract, a couple of accounts that did were covered by Nexus Mutual, the London-based crypto
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There’s now a case study for how DeFi can go awry.bZx, the eighth-largest decentralized finance project according to DeFi Pulse, suffered two attacks last weekend following the introduction of “flash loans,” a new DeFi feature that limits a trader’s risk while improving the upside. Led by CEO Tom Bean, the bZx
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Sergey Nazarov joins today's episode of The Breakdown to discuss the role of price oracles in the recent DeFi attacks, plus what DeFi can learn from early exchange hacks.The DeFi world continues to dissect the recent attacks on bZx. To most, the amount lost in the attacks is far less
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During the second week of February, a new project called tBTC was unveiled that is similar to the Wrapped Bitcoin (WBTC) created
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Are two recent attacks taking advantage of "flash loans," low liquidity and price oracle issues the first of more to come?Part of what makes decentralized finance, or DeFi, interesting to people is how it takes advantage of open-source protocols to enable types of transactions never before available. The problem, however,
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As initial coin offerings and their derivatives continue to fade, venture investment in the space has steadily picked up pace. CryptoX sat down with Michael Anderson, co-founder of Framework Ventures, to learn more about his investment philosophy and outlook on the ecosystem.Anderson’s most notable investments are Chainlink (LINK) and
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