Tag Archives: DeFi News

Sweat Economy – a fitness-focused decentralized application –  announced the launch of a new governance vote on June 7th in the Sweat Wallet application. The move would enable the community to decide the fate of 2 billion idle SWEAT tokens in inactive user accounts. According to the official press release shared with CryptoPotato, users will be given two options. They can either vote in favor of having the 2 billion idle SWEAT tokens recovered and transferred back to the...

A new report by blockchain security company Beosin revealed that the total amount of crypto assets lost to exit scams and rug pulls was higher than the amount stolen from decentralized finance (DeFi) projects through exploits and attacks last month. Beosin also discovered that losses from the exploits in May were down 79% compared to April, signaling a continued decline for two consecutive months. Losses From Rug Pulls Surpass DeFi Exploits Over $45 million was lost to crypto...

IOVLabs – a company that develops decentralized blockchain technologies – launched a $2.5 million “strategic grants program” to accelerate the adoption of Rootstock. The latter is a sidechain tied with Bitcoin and designated to enable smart contracts for the ecosystem. ‘Strong Commitment’ to Advance BTC According to a document seen by CryptoPotato, the Argentina-based blockchain entity will use the financing to enhance the development of Bitcoin’s sidechain – Rootstock....

Blockchain scaling startup – Dymension – announced the launch of the world’s first IBC-enabled EVM rollup on testnet in collaboration with Evmos Core Teams and Celestia. The latest offering is part of Dymension’s roadmap to establish and bootstrap a new ecosystem of IBC-enabled rollups. The collaboration, on the other hand, will bring “superior” EVM blockchain access to the Cosmos ecosystem. IBC-Enabled EVM Rollup According to the press release shared with CryptoPotato, the...

TinyTap – a technological startup that empowers users to create different educational game-based activities – secured an $8.5 million fundraiser. The company, which is a subsidiary of the blockchain gaming platform Animoca Brands, will use the funds to accelerate its product development and hire more staff. Several giants in the finance field led the multi-million funding round, including Sequoia Capital, Liberty City Ventures, Shima Capital, and Kingsway Capital. Polygon...

On April 6, Charli3 was launched on Cardano as its first oracle integrator. The platform’s oracles have been integrated by Liqwid, a leading DeFi project on Cardano. Charli3 provides a decentralized node network with the framework for projects to supply secure, accurate, and safe data to their platforms and users. It could be viewed as the Cardano version of Chainlink. Liqwid is an algorithmic liquidity market protocol built on Cardano for lenders and borrowers. The...

Alibaba Cloud – the arm of Chinese tech conglomerate Alibaba Group – is doubling down its efforts to accelerate the growth of a more inclusive and secure modern internet powered by blockchain technology. To that extent, the cloud giant announced a partnership with a layer one blockchain protocol – Elastos – to build and deploy next-generation solutions. The latest move is touted as an important step in Alibaba Cloud’s broader Web3 strategy, which includes cloud-native...

Trust Wallet – a decentralized, non-custodial crypto wallet provider – collaborated with the payment systems – Ramp and MoonPay – to allow customers to convert their digital asset holdings into fiat directly within the application. Users who own over 100 TWT will get a special discount when withdrawing funds. The New Fiat Off-Ramp Feature According to a document seen by CryptoPotato, Trust Wallet shook hands with Ramp and MoonPay to enable users to move in and out of their...

Sony Network Communications (a tech provider under the umbrella of the Sony Group) partnered with Polkadot’s innovation hub – Astar Network – to present a Web3 Incubation Program. Users willing to join can apply until March 6, 2023.  Focusing on NFTs and DAOs  According to a document seen by CryptoPotato, the program will run from mid-March to mid-June, as people can apply from February 17 until March 6. The partners will review the inquiries and approve 10 to 15 users. Sony...

Jacob Blish, the head of business development at Lido DAO, the decentralized autonomous organization behind the largest liquid staking protocol, believes the recent SEC crackdown on crypto staking services could cause new challenges for decentralized finance (DeFi). According to a Bloomberg report, Blish opined that the state of crypto staking in the U.S. depends on the Securities and Exchange Commission’s (SEC) final resolution. SEC Crackdown on Staking Could Affect DeFi...