defi

Prisma Finance Hacker Claims ‘Whitehat Rescue’ After $11.6 Million Exploit

Prisma Finance’s hacker, who stole $11.6 million from the decentralized finance (DeFi) protocol, claims the exploit was a “whitehat rescue” and is enquiring who to contact to refund the funds, according to on-chain messages. A white hat hacker tries to find security vulnerabilities in software code using their hacking skills. Attacker Claims ‘Whitehat Rescue’ Before...
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Osmosis, dYdX, Synthetix Spearhead DeFi Development Surge, Uniswap Trails Behind

Amidst a broader market rebound, several DeFi-related projects appear to be bustling with development activity. Topping the list is Cosmos-based decentralized exchange Osmosis, which experienced a notable surge in development activity, emerging as the leading DeFi project over the past month. Osmosis Leads DeFi Development According to the data shared by Santiment, Osmosis recorded more...
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WOOFi Reports $8.75 Million Loss, Offers 10% Bounty for Return

WOOFi, a decentralized finance platform, experienced an exploit on March 5th that targeted its swap feature on the Arbitrum network. The event resulted in a loss of approximately $8.75 million in crypto assets. The platform said it has initiated efforts to recover these funds and has offered a 10% whitehat bounty to the exploiter. Additionally,...
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Ethereum’s Layer 2 TVL Nears $30 Billion as ETH-Related Tokens Surge

Ethereum has witnessed a notable surge in the past week as its Layer 2 TVL nears the $30 billion milestone with sustained momentum. As shown by L2Beat, the cryptocurrency, second only to Bitcoin in market capitalization, has shown an upward trajectory. It is worth highlighting that assets and tokens associated with its ecosystem have also...
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Gauntlet Will End Contract With AAVE DAO

Aave, the popular decentralized lending platform belonging to the company now known as Avara, will have to look for a new company to provide risk management services following its recently announced split with Gauntlet. The decision was announced by Gauntlet co-founder John Morrow on the AAVE forums yesterday evening. Running The Gauntlet According to Morrow,...
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Uniswap Announces V4 Upgrade and Launch But Its ‘Hooks’ Raise Questions 

In a post on X on Feb. 15, the Uniswap Foundation provided the release window “now that the launch of Dencun [Ethereum upgrade] on Mainnet has been scheduled for March 2024.” The Q3 rollout of Uniswap v4 will occur after Ethereum’s Dencun upgrade, which will enable EIP-1153 for transient storage. EIP-1153 will allow Uniswap v4...
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Farcaster’s Revenue Surges to $600,000 Following Frames Integration

Farcaster, an Ethereum Layer 2 Optimism-based decentralized social protocol, has seen its total revenue surge to $600,000. The platform’s rise has been likened to FriendTech, another decentralized social network, which attracted a lot of users initially until it grappled with high fees that led to its failure. Farcaster’s Growth Surges with Frames Integration Farcaster initially...
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Ethereum Restaking Narrative Grows as EigenLayer TVL Surges

The total value locked on Ethereum restaking protocol EigenLayer has surged 70% over the past week. Furthermore, it is currently at an all-time high of $3.4 billion, according to DeFiLlama. The reason for the surge is a reopening of deposits on the restaking platform and the removal of staking limits or caps. On Feb. 6,...
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SEC Faces Sanctions in Court Over Another Crypto, Files for Dismissal

DEBT Box, a company that primarily provides users of its services with crypto mining software, was taken to court last year by the SEC. According to the regulator, DEBT Box had defrauded investors to the tune of $50 million by selling unregistered securities. The company, which provides an ecosystem to go along with its software,...
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DeFi Regulation: Polygon Labs’ Legal Team Pushes For OCCIP’s Oversight

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...
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This Network Had as Many Users as Ethereum in 2023: Flipside Data

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...
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Binance Labs Thrives Amidst Market Challenges with 25 New Investments in 2023

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...
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dYdX Overtakes Uniswap in Daily Transaction Volumes

Decentralized exchange (DEX) dYdX has made headlines by surpassing Uniswap, a long-standing leader in the sector, to become the platform with the largest 24-hour trading volume. This achievement is particularly significant following dYdX’s strategic migration from the Ethereum blockchain to the Cosmos ecosystem. dYdX Surpasses Uniswap Following Cosmos Transition dYdX, a crypto derivatives platform, announced...
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Fantom Cuts Staking Requirements By 90% in a Bid to Bolster Security

Back in June of 2023, the Fantom Foundation held a vote to determine whether the network should maintain its minimum staked token requirement at 500k FTM tokens or slash it by 90% in a bid to increase the spread of the ecosystem. The change had first been proposed in February 2022 but wasn’t voted on...
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Crypto Loans Surpass RWA as Main Revenue Drivers for MakerDAO

The crypto sentiment seems to have flipped bullish after last year’s gains, and one MakerDAO data point may suggest that optimistic leveraged bets are making a comeback. The data point in question is MakerDAO’s revenue matrix and the fact that crypto-backed loans are now the DeFi protocol’s biggest revenue contributor above Maker’s much-vaunted real-world asset...
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Wintermute OTC Trading Volume Records 400% Growth in 2023: Report

Wintermute – the popular market maker and liquidity provider – witnessed continued growth in all business verticals in 2023 despite the market downturn. In a new report, the platform said that its over-the-counter (OTC) volume surged by over 400% throughout the year as volumes moved off-exchanges. During the first half of 2023, Wintermute’s OTC trading...
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Web3 Apps Surged 124% in 2023, According to DappRadar

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...
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CFTC Report Reveals DeFi’s Achilles’ Heel: Lack of Accountability

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...
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Privacy Token Liquidity Hits Record Low of $5 Million Amid Market Volatility, Report

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...
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Tron’s Balancing Acts: USDT Dominance Peaks as DeFi Experiences a Renaissance: Report

Stablecoin total value locked (TVL) on the Tron blockchain experienced a slight decline in the early part of the second half of 2023 but ultimately surged to reach record highs of approximately $48 billion. This is according to a recent report by Reflexivity, which revealed that around 94% of this total value belonged to USDT....
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Crypto Hacking Losses Dropped by 51% in 2023, Here’s the Total: CertiK

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...
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DeFi Protocol Gamma Strategies Discloses Vulnerability After Preliminary Investigation

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...
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Radiant Capital Flash Loan Attack Leads to $4.5 Million Loss

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...
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CoinGecko Analysis Reveals $26.6 Billion in Crypto Airdrops Over 4 Years

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...
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PancakeSwap’s New Proposal Sparks a 21% Surge in CAKE Value in Just Hours

The PancakeSwap community is proposing a reduction in the overall supply cap of its native token, CAKE. A newly unveiled proposal discussion on December 21st advocates for decreasing the total supply limit of the asset from 750 million to 450 million. Given CAKE’s consistent deflation over the past few months and its intensified focus on...
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Decentralized Exchanges Bounce Back: $29 Billion Traded in November

The recent surge in cryptocurrency markets over the last month seems to have spilled over into the realm of decentralized finance (DeFi). The trading volume on decentralized exchanges (DEX) has traditionally been considerably lower than that of centralized exchanges (CEX). However, the recent market rally has led to increased activity, albeit at a somewhat slower...
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Gemini Proposes Recovery Plan, Angers Creditors

Gemini, the Winklevoss Twins crypto platform offering an exchange, custodian services, and – in partnership with Genesis – Earn services, has been in a bit of trouble ever since the latter filed for bankruptcy last January. Possible Recovery Plan Waiting For Court Approval Genesis, whose legal troubles stemmed partly from a loan to its parent...
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Cautionary Alert from Sushi’s CTO: Potential Exploit Threat in DeFi Protocol

Blockchain initiatives will benefit from security, scalability, and interoperability. How do unsafe projects handle problems? While banks market Blockchain technology, do you think recurring Defi project troubles would make it easy to penetrate mainstream finance?  Recently, cryptocurrencies have significantly transformed the financial landscape, introducing innovative concepts like decentralized finance (DeFi) that promise greater financial inclusion...
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Venus Protocol’s Token Crashes Over 12% Amidst Exploit Claims

Venus Protocol, a prominent lending market on the BNB Chain, has denied allegations of a major security breach over the past weekend. These speculations initially suggested a $54 billion exploit, as blockchain security firm SlowMist reported. Venus Protocol Refutes Claims of Major Exploit Brad Harrison, the Head of Venus Labs, addressed these concerns on December...
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Starknet Foundation Unveils Plan to Allocate 1.8 Billion STRK Tokens for Network Growth

The Starknet Foundation – the organization behind the Ethereum Layer 2 network Starknet – announced plans to allocate over 1.8 billion STRK tokens across multiple initiatives soon. The move is aimed at driving the adoption and growth of the Starknet blockchain. Allocation of 1.8 Billion STRK Tokens According to the official announcement, 900 million STRK...
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