Tag Archives: DeFi News

Open source and decentralized protocol ssv.network DAO has launched a $50 million Ecosystem Fund dedicated to supporting the development of Distributed Validator Technology (“DVT”) based applications. According to a press release shared with CryptoPotato, the project secured the funds from various industry investors, including DCG, OKX, HashKey, NGC, Everstake, HackVC, GSR, Chorus.One SevenX, and 1kx. ssv.network noted that the fund is the first to be dedicated solely to DVT...

Cryptocurrency firms struggled greatly in 2022, with multiple companies facing financial issues and bankruptcy. In addition to these challenges, over $3 billion was stolen from crypto projects this year, according to Forbes. These setbacks have caused turmoil in the industry and raised concerns about its stability. According to the report, crypto projects witnessed more than 125 hacks, and the top five heists (all involving decentralized finance (DeFi) protocols) accounted...

The popular DEX aggregator announced the launch of Fusion, which focuses on the 1inch Swap Engine and aims to enhance user experience with DeFi swaps. The team behind the project promised to deliver “almost limitless” liquidity and maximum user protection. The press release shared with CryptoPotato informed that 1inch Swap Engine “facilitates Fusion, which empowers DeFi users to place orders with a specified price and time range, paying no network fees.” 1inch Swap Engine is...

Decentralized exchange aggregator – 1inch – announced the launch of a tool called “Rabbithole.” According to the press release shared with CryptoPotato, the new feature is designed to protect MetaMask traders swapping on the 1inch platform against “sandwich attacks” – a type of front-running attack usually applied over transactions sent to a DEX to buy tokens. RabitHole essentially works by sending swap transactions on 1inch directly to validators while avoiding the mempool,...

The collapse of crypto exchange FTX appears to have sparked surging sales for self-custodial crypto wallets which give users direct ownership of their coins.  SafePal, a Binance-backed crypto wallet brand, has experienced a 10x surge in traffic to its platform since November 11th, and its hardware wallet has made record sales within that time.  SafePal surpassed over 7 million users over the past 6 months, with pronounced gains in November. In a statement shared with...

Binance has announced a pause across the entire Binance Smart Chain (BSC or BNB Chain) following what appears to be one of the largest exploits in DeFi history.  An attacker has reportedly hacked another BNB chain user for 2 million BNB, worth $600 million.  Another DeFi Catastrophe According to BNB Chain on Twitter, the “temporary” pause is due to “irregular activity,” and a “potential exploit.” “All systems are now contained, and we are immediately investigating the...

Sovryn – a Bitcoin-based decentralized finance protocol – was drained of over $1 million in funds on Tuesday using a price manipulation exploit.  The attack allowed the culprit to drain over $1 million worth of crypto from the protocol, including 44.93 RBTC and 211,045 USDT. Sovryn’s First Hack According to Sovryn’s blog post on the topic, the attacks specifically targeted the legacy Sovryn Borrow/Lend protocol. It impacted the RBTC and USDT lending pools.  RBTC and USDT are...

Ethereum layer-2 protocol Boba Network has announced the launch of its L2 scaling and augmenting solution on the Avalanche blockchain.  In a press release shared with CryptoPotato on Wednesday, Boba noted that the latest integration with Avalanche would further boost its status as a leading L2 scaling solution and provide developers network with a new low-cost ecosystem to build dApps. Avalanche Developers to Leverage Boba’s Hybrid Compute The integration allows Avalanche...

Decentralized finance (DeFi) platform Cake DeFi will set up a global R&D hub called Birthday Research to develop best-in-class technologies for the blockchain and digital asset sectors. The project said its initial budget will be set at $50 million. Cake DeFi’s Research Hub  Based in Singapore, Birthday Research will have a budget of $50 million to be spent over the next four years. The headcount at Cake DeFi’s current R&D department will grow to over 100 members from...

Polkadot’s decentralized finance (DeFi) hub Acala suffered a major attack on its newly launched liquidity pool on Sunday. The exploit allowed the hacker to mint more than 1.2 billion aUSD, the project’s stablecoin.  Shortly after the hack, the Acala team updated users on Twitter, noting that the exploit originated from a “misconfiguration of the iBTC/aUSD liquidity pool.” The misconfiguration has now been rectified, according to the project.  We have identified the issue as...