Tag Archives: defi

Cardano introduces the Chang hard fork, a step towards decentralized governance. The new governance system includes DReps and a tricameral layout to ensure balanced decision-making. The Cardano blockchain has taken an immense step toward decentralized governance with the release of the Chang hard fork. At 10:44 p.m. London time on Sunday, Cardano began handing control of its $13 billion blockchain to holders of its native ADA coin. This is the first stage of the blockchain’s shift to a fully...

Household DeFi protocol Maker replaced its decentralized DAI stablecoin with centralized USDS as it rebranded to Sky. Users are not happy. DeFi lending protocol, Maker, came out of its rebranding efforts as Sky. With that, Maker’s stablecoin, DAI—the largest decentralized stablecoin in the crypto ecosystem—was replaced by the new USDS. Maker’s MKR governance token also saw an upgrade as the rebranding ushered in the SKY governance token. Sky’s team suggested the rebranding will help take this...

Maker, one of the first and largest DeFi lending protocols on Ethereum, has rebranded to “Sky” following key upgrades to its decentralized stablecoin system. That stablecoin, previously known as DAI, has also rebranded to USDS, and the MKR governance token has been changed to SKY. From MKR to SKY: What’s New? As announced over Twitter on Tuesday, SKY is an “upgraded version” of MKR obtainable by supplying USDS token to the Sky protocol through Sky.money. 1 DAI can be...

Tron founder Justin Sun has downplayed concerns following the removal of 12,000 Bitcoin, worth over $729 million, from the reserves backing Decentralized USD (USDD), a stablecoin governed by the Tron DAO Reserve. The action was recorded on August 19, when the blockchain observer Blockchair discovered that the Bitcoin was taken out of the address that was linked to the USDD collateral. This led to concerns on the social media platform x (former Twitter), where some of the users said that Sun...

Decentralized exchanges are the lifeblood of decentralized finance (DeFi), allocating billions of dollars worth in total value locked (TVL) into the industry.  Compared to centralized exchanges (CEXs), DEXs only account for a small percentage of the total trading volumes across margin and derivatives trading. However, they’re becoming increasingly more sophisticated with time. They provide some of the same benefits and features found within CEXs but also offer a trustless...

Jump Crypto previously sold hundreds of millions of dollars of ETH. This coincided with ETH’s price not breaking through to the next level, with ETH ETFs debuting in the US and the asset further crashing when the Nikkei experienced a bloodbath. Jump Crypto, trading firm Jump Trading’s crypto vertical, unstaked 17,049 ETH worth $46.44 million, moving the funds to exchange accounts. Many crypto market participants fear the firm will sell these funds, causing ETH’s price to drop again. Jump...

Vitalik Buterin, the famous Ethereum co-founder, has given his blessings for a proposal by DeFi protocols Uniswap and Across aimed at bringing a new Ethereum standard. This proposal, ERC (Ethereum Request for Comment)-7683, will ensure secure and efficient cross-chain decentralized trading. The proposal was posted on the Ethereum Magicians forum and describes how it can make the trading process between protocols operating in the broader Ethereum ecosystem efficient. That includes multichain...

Jump Trading’s crypto vertical Jump Crypto unstaked and sold another 11,501 ETH worth $29 million, leaving it with another $63 million to sell. Out of the $63 million, it has already unstaked $48 million of ETH in preparations to sell. The market maker was heavily called out for unstaking and moving its ETH to exchanges over the past weekend as crypto prices dropped tremendously due to macroeconomic factors. Such large amounts sold by those with significant holdings add tremendous selling...

This Year’s Theme: “On the Move” Throughout history, people have left their homes for a variety of reasons and have found themselves in faraway places. This has led to encounters with foreign lands, their inhabitants, their customs, their flora and fauna. Cultural heritage collections are full of artifacts resulting from and bearing witness to those people “on the move”: archival records, travel reports, audiovisual documents, object collections, oral histories etc. These...

Nexera, a DeFi protocol, was hacked for $1.5 million on August 7, according to blockchain security firm Cyvers. It revealed the exploit in an X post, “Hey @Nexera_Official, Our system has detected a suspicious transaction involving your proxy contract. An address took ownership of your proxy contract and upgraded it. Shortly after, the address used the withdraw admin function to transfer all the $NXRA tokens.” The protocol connects DeFi with traditional finance, enabling the tokenizing of...