Tag Archives: defi

DeFi regulation has been a major bone of contention among regulatory watchdogs across the world. A recent paper, authored by Rebecca Rettig, Katja Gilman from Polygon Labs, and Michael Mosier from Arktouros, proposes a strategy to classify truly decentralized DeFi protocols as critical infrastructure. This classification would place them under the oversight of the US Treasury’s Office of Cybersecurity and Critical Infrastructure Protection (OCCIP). Although the OCCIP isn’t a...

Polygon, a layer-2 scaling network, nearly matched Ethereum’s user base in 2023, as reported by blockchain analytics firm Flipside. Polygon acquired 15.24 million users that year, coming close to Ethereum’s 15.4 million, with a difference of around 160,000 wallets. Polygon Topped User Acquisition in First Half of 2023 Flipside defines an “acquired” user as someone who engaged in at least two transactions on a specific blockchain, with at least one occurring in 2023. During...

Despite a challenging market and waning trust in centralized crypto entities, Binance Labs disclosed 25 new investments in 2023. In the latest report, Binance Labs primarily focused on decentralized finance (DeFi), Web3 gaming, tooling, and infrastructure throughout the year. In the DeFi sector, Binance Labs invested an undisclosed amount in the lending and borrowing protocol Radiant Capital. Additionally, it allocated $5 million to support Curve DAO Token (CRV) for its...

The dApp industry experienced unprecedented growth, with DappRadar’s 2023 Industry Report revealing a 124% year-over-year increase in Unique Active Wallets (UAW). The report provides an overview of the dynamic landscape, shedding light on key NFTs, DeFi, and blockchain gaming trends. Blockchain Games Dominate Blockchain-powered games took the lead in dApp activity with a dominance of 34%, boasting an average of 1.1 million UAW by year’s end. NFT collections and DeFi sectors...

In its recent report, the Commodity Futures Trading Commission (CFTC) underscored a fundamental issue within DeFi systems, pointing to the absence of clear lines of responsibility and accountability intentionally overlooked by certain industry structures. The report emphasized the substantial risks that DeFi systems pose to consumers, investors, financial stability, market integrity, and the fight against illicit finance. The central concern is the lack of a well-defined...

A new report by Kaiko reveals that the liquidity for privacy tokens has plummeted to an all-time low of just $5 million. This drop follows the delisting of several trading pairs by OKX for not meeting certain criteria. Regulatory Challenges Behind Delisting Regulatory pressures have particularly impacted tokens like Monero (XMR) and Zcash (ZEC), pushing them to the brink of being delisted from platforms like Binance due to low liquidity. Despite the market turmoil, the end of...

CertiK’s latest report reveals a noteworthy decline in cryptocurrency security incidents in 2023. Total losses came down to $1.84 billion across 751 events, marking a 51% decrease from 2022. Moreover. each incident averaged $2.45 million in losses, with the top ten contributing $1.11 billion. Interestingly, the blockchain security firm found that the median loss per incident was a mere $101,132. November claimed the highest amount lost at $363,367,327 from 45 incidents, while...

Gamma Strategies – a DeFi protocol built on the Ethereum blockchain – fell victim to an exploit, resulting in a loss of approximately $3.4 million. In response to the attack, the protocol swiftly implemented measures to prevent further losses, temporarily disabling deposits to all public DeFi vaults while keeping withdrawals active for users in need of accessing their funds. The exploit was initially identified by blockchain investigator PeckShield on January 4, which was...

Cross-chain lending protocol Radiant Capital has suffered a hack resulting in the loss of 1,900 ETH, equivalent to approximately $4.5 million, according to blockchain security and analytics firm PeckShield Inc. Radiant Capital operates as a decentralized borrowing and lending protocol featuring cross-chain functionality built using LayerZero technology. As of the latest data from DefiLlama, the protocol has around $315 million in total value locked. Radiant Capital...

According to an analysis from CoinGecko, the period from 2020 to 2023 has witnessed a surge in crypto airdrops. Led by giants like Uniswap, Apecoin, and dYdX, the top 50 airdrops have distributed $26.6 billion in tokens in that period. Uniswap’s Historic $6.43 Billion Airdrop Uniswap (UNI) led the pack, which made headlines with its historic $6.43 billion airdrop on September 16, 2020. Uniswap’s distribution, calculated at its all-time high (ATH) token price of $42.88, became...