Cryptocurrency Analysis and News Portal
Crypto prices have surged in value over the past few days, and the total value locked (TVL) in decentralized finance (defi) has surpassed the $50 billion mark for the first time since the collapse of FTX. As of Feb. 16, 2023, the TVL in defi is $51.1 billion, with the
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The Financial Stability Board (FSB), the financial regulator funded by the Bank for International Settlements (BIS), is pushing international regulations for decentralized finance (DeFi).On Feb. 16, the FSB issued a report on the financial stability risks of DeFi, highlighting major vulnerabilities, transmission channels and the evolution of DeFi.Despite providing many
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Decentralized finance “does not differ substantially” from traditional finance in its functions or vulnerabilities, according to the Financial Stability Board. Source
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A bi-partisan anti-money laundering (AML) bill that covers “decentralized entities” such as decentralized finance (DeFi) protocols and DAOs will soon be reintroduced to Congress, according to United States Senator Elizabeth Warren.Warren, a vocal crypto critic, argued at the Feb. 14 Senate Banking Committee’s hearing entitled “Crypto Crash: Why Financial System
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“The question remains whether the regulator would go after all staking programs, even if they provide specific disclosures around yield, allow users to actively stake and un-stake their crypto and operate on a pass-through basis, both on returns and costs,” analysts Gautam Chhugani and Manas Agrawal wrote. Source
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Cyber criminals used a variety of novel ways to carry out hacks and exploits in 2022, with over $2.8 billion of cryptocurrency stolen last year.According to a report from CoinGecko using data sourced from DeFiYield’s REKT Database, nearly half of the total crypto stolen in 2022 was fleeced using diverse
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Web3 uses blockchain technology to create a more equitable internet. The original vision of the internet was that it would be decentralized and accessible to everyone, but unfortunately, this vision has been lost, as the web has become increasingly centralized. DeFi is essentially Web3’s version of a more transparent
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Cryptocurrency exchange Huobi has announced that it will discontinue its Huobi Cloud Wallet platform in May 2023, citing “strategic and product adjustments.“As per an announcement on Huobi’s support page, maintenance and upgrades of the multitoken wallet service will officially stop on Feb. 13. Users that are still using the cloud
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“For now, due to conservative operations, the DGP still has plenty of funds to continue operating without needing a top-up from the community. As of this writing, the program has ~$2,700,000, which consists of ~$2,170,000 worth of DYDX and ~$530,000 worth of USDC,” developers said. Original Source
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As we’ve seen the number of DeFi users stagnate, and its total value locked decline, it is clear that widespread popular adoption isn’t happening on its own. Without a fundamental raison d'etre, DeFi looks less like a financial revolution and more like a pyramid scheme. To build lasting value, DeFi
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