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DeFi

After the US Senate Pros and Cons on Digital Money — What Do We Do With It?

The COVID-19 pandemic has certainly accelerated the digitalization of economies across the globe, opening up discussions on the future of digital financial services and whether our economy should advocate for the financial inclusion of Bitcoin (BTC) and other digital assets.Yet, despite the horror we have been seeing as our industries continue to suffer, the digital payments industry is expected to thrive, based upon recently reported data from the Consumer Confidence Index. Reaching a...

Latest DeFi Craze Involves a One-Man Project With a ‘Worthless’ Token

The trend of usage incentives in decentralized finance kicked off with Compound’s COMP token distribution, and it continued through several other platforms that sought to replicate its perceived success.But the latest DeFi yield farming mania involves yEarn, a yield aggregating platform developed by just one man, Andre Cronje. Despite his warnings that the platform’s token, YFI, is worthless and “won’t be on Uniswap,” it was in fact listed on Uniswap. A price run...

Teller Raises $1M in Seed Funding to Bring Credit Scores to DeFi

Decentralized lending startup Teller has raised $1 million in a seed funding round led by Framework Ventures to build the first algorithmic credit risk protocol for decentralized finance (DeFi).The solution will interact with legacy credit scoring systems, like Equifax, to provide aggregated data into the DeFi lending markets. Parafi Capital and Maven11 Capital also participated in the investment round.“We need solutions that offer seamless transitions between traditional finance and DeFi,” Framework Ventures co-founder,...

Compound’s COMP Token Takes DeFi by Storm, Now Has to Hold Top Spot

When Compound launched its governance token, COMP, on June 16, few in the crypto space could have predicted how rapidly it would rise to the top. As Cointelegraph reported at the time, it only took a single day of trading for COMP to become the leader of the decentralized finance rankings. It was a historic moment for any fans of DeFi, marking the first time that Maker (MKR) had been toppled from its...

Balancer Votes for Centralized Quick Fix to Stop Users Gaming System

Following the meteoric launch of Balancer Labs’ governance token, the decentralized finance (DeFi) protocol has quickly implemented changes to limit large players from exploiting the platform to mine BAL tokens, rather than for crypto asset trading.With $3 million worth of tokens airdropped to users storing assets in Balancer pools, the protocol incentivized storing assets in the exchange’s pools to harvest mining rewards without necessitating significant trading activity — dubbed ‘liquidity mining.’On June 25,...

Surge in Stablecoin and DeFi Growth Bring Ethereum Fees to 2-Year High

The median transaction fees on the Ethereum network are the highest they have been in two years and have risen above Bitcoin fee for the second time in the last three months. Recently, Coinbase researcher Max Bronstein tweeted the chart below and suggested that the most recent surge seems to be due in largely in part to increased interaction with stablecoins on the Ethereum network.Tx. fee earnings of Bitcoin and Ethereum. Source: TwitterAs previously...

DeFi Records ‘Exponential’ Growth in Assets

Decentralized finance (DeFi) continues to grow at an exponential rate with the number of new DeFi assets increasing by almost ten fold over the same time last year. Zerion DeFi project founder Evgeny Yurtaev shared a graphic on Twitter showing the number of new assets almost doubled in the last month and commented that growth “looks exponential to me”. The number of new assets reached over 1,000 for the first time last month with...

A New Token Lets You Save on Ethereum Fees by ‘Storing’ Gas

Ethereum (ETH)’s fees are hard-coded to only be payable in Ether, but a clever trick with smart contracts allows users to effectively pay for gas with a special token, which reduces the total fee they incur.This principle was used by the team behind 1inch.exchange, a decentralized exchange aggregator, to introduce the Chi token. The technology was formally announced on June 5, and it builds on a previous iteration of the concept, called Gas...

DeversiFi 2.0 DEx Integrates Starkware to Enable 9K+ Trades Per Second

The DeversiFi decentralized exchange, or DEX, relaunched as DeversiFi 2.0 on June 3, incorporating Starkware’s zkSTARK layer-2 scaling technology. This new platform will be able to process over 9,000 transactions per second, while maintaining privacy, liquidity and low fees in a non-custodial solution.Zero Knowledge Proof Batch ValidationStarkware’s layer-2 solution utilizes Zero Knowledge Proof, or ZKP, technology to bring scalability to non-custodial trading. It achieves this by processing trades in batches and then submitting...

How Cross-Chain Composability is the Future of Decentralized Finance

Decentralized Finance, or DeFi, has been making strides in providing tools for users to take control of their own money and truly be their own bank. However, the assets that power this revolution exist primarily on blockchains, and historically these networks don’t easily communicate with each other. This creates real roadblocks and liquidity issues for many of the applications that are trying to revolutionize finance. New solutions could pave the way for greater...
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