Defi Financial News

The founder of decentralized finance (DeFi) protocol Synthetix, Kain Warwick, has submitted a proposal that would turn off very high yield returns for SNX stakers and cap the total SNX token supply at 300 million. 

crypto market in India, which attracted a big chunk of new and amateur investors in 2021, is suffering from a lack of trading volumes in 2022 due to a number of factors. The government implemented 30 per cent flat taxation in gains from the sale of crypto assets from April 1, 2022, and levied one per cent TDS on all crypto transactions since July 1, 2022. Market participants believe that despite a panic among the crypto investors, the froth has settled, and high tax rates are now sinking in among the traders. However, the unwillingness may not end anytime soon. Punit Agarwal, Founder and CEO, KoinX, said that the taxation framework was not something that a crypto investor in India was expecting. For the trader that works on small percentage margins, the TDS has been reducing the volume of the funds.

A judge in the Netherlands ruled that Tornado Cash developer Alexey Pertsev has to stay in jail for 90 more days while waiting for charges. Puzzled by the decision, the crypto community rallied to demand the release of the developer. 

The $74 million plan by two former Uniswap Lab executives for a new Uniswap Foundation has just become reality after their proposal received over 99% of the votes from UNI token holders.

Avalanche-based decentralized finance (DeFi) protocol Trader Joe claims it may have found a way to mitigate one of DeFi’s biggest weaknesses — impermanent loss. 

Bankrupt crypto lending company Celsius countersued decentralized finance (DeFi) protocol KeyFi and its CEO Jason Stone on Tuesday in the United States Bankruptcy Court claiming Stone misrepresented himself as an expert in DeFi, and that Stone and KeyFi hadlost Celsius coins through incompetence and deceit. The suit came several weeks after KeyFi sued Celsius for allegedly failing to honor a profit-sharing agreement. 

The Metaverse as a concept is an attempt to fuse physical reality, augmented reality (AR) and virtual reality (VR) into one seamless and immersive experience.

Cross-chain bridges have increasingly become targeted by malicious entities. However, not all hackers can run away with millions in their exploit attempts. Some end up losing money from their own wallets. 

 

On Monday, developers of decentralized nonfungible tokens (NFTs) borrowing and lending protocol Bend DAO proposed new emergency measures in an attempt to stabilize the ecosystem. The same day, it was revealed that the project had just as little as 15 wrapped Ether (wETH) worth $23,715 to pay back lenders. Approximately 15,000 ETH was lent using the mechanism. To save the protocol from a credit crisis, the Bend Dao dev team suggested that the liquidation threshold for collateral would be constrained to 70% of the loan value, down from 85%. 

The CEO of a decentralized derivatives exchange has told Cointelegraph that many DEXs are unusable — and he's determined to change that.

 

Lending protocol BendDAO has run out of Wrapped Ether (wETH) in its contract. At the time of writing, the contract only has 15 WETH to pay lenders, and an estimated 15,000 Ether (ETH) left to be paid to lenders. 

Cardano founder Charles Hoskinson has continued to refute claims that the Cardano’s testnet is “catastrophically broken,” implying the need to finally move forward with the long-delayed Vasil hard fork.

An attack in April 2022, which drained off nearly $80 million from various Rari Fuse pools, required the decentralized finance (DeFi) platform Fei Protocol to come up with a solution that minimizes damage to the ecosystem. Fei Labs’ latest proposal, which partly recommends revoking participation from Tribe DAO, received mixed sentiments from the community.

In light of the recent ban on crypto mixing tool Tornado Cash and the subsequent arrest of the Tornado Cash developer, there has been a growing debate around what crypto services providers would choose between decentralization and censorship in form of compliance.

Interoperability protocol Celer Network (CELR) has asked its users to revoke the approval for several contracts after shutting down its cBridge over a suspected DNS hijacking. 

As the Ethereum Merge draws near, many are speculating on its economic effects. To provide a clearer view to those who anticipate the major upgrade, Lex Sokolin, the head economist at ConsenSys, shared his insights in an interview with Cointelegraph. 

High-profile security incidents continue to be a theme in 2022 as the Acala Network joined a long list of stricken platforms to fall prey to exploits.

Aave token holders have been asked to take part in an Aave Request for Comment (ARC) that would require them to "commit" to Ethereum’s proof-of-stake (PoS) consensus.

Play-to-earn (P2E) blockchain-based games gathered investors’ attention in late 2021, with Axie Infinity leading the pack with over 2 million active users. In P2E games, players are awarded tokens or nonfungible token assets (NFTs) as they progress throughout the game. These digital assets can be sold using marketplaces and cryptocurrency exchanges, generating income in a decentralized manner.