Defi Financial News

The European Union on Friday targeted crypto wallets, banks, currencies and trusts in its fifth package of sanctions on Russia in a bid to close potential loopholes which could allow Russians to move money abroad.

Terraform Labs (TFL) and the Luna Foundation Guard (LFG) have announced they have purchased a combined $200 million worth of AVAX tokens from the Avalanche Foundation. 

Interoperability network Interlay has released a 21-page technical whitepaper, titled XCC: Theft-Resilient and Collateral-Optimized Cryptocurrency-Backed Assets, advocating for the imminent development of cross-blockchain interoperability solutions to unlock a plethora of potential within the decentralized finance (DeFi) ecosystem.

Digital asset management firm Grayscale, has added three new cryptocurrency assets across three main investment funds, while removing two other assets from its Decentralized Finance Fund as part of this year’s first quarterly rebalance. 

Disclaimer: The text below is a press release that was not written by Cryptonews.com.

According to a new industry report published by DappRadar, the number of users engaging in decentralized applications, or DApps, every day surged 396% year over year to 2.4 million. This is only 5.8% below the same user activity level witnessed in Q4 2021.

Disclaimer: The text below is a press release that was not written by Cryptonews.com.

Sky Mavis, the creator of the popular play-to-earn nonfungible token game Axie Infinity has raised $150 million in a new funding round led by Binance. 

Following the successful deployment of twenty-five previous Ethereum Request for Comments (ERC) standards, including the industry-recognized ERC-20 designed for tokens, ERC-721 for nonfungible tokens (NFTs), and the single smart contract multi-token ERC-1155; the newly-passed ERC-4626 is gaining traction within the Ethereum community for its purported yield-bearing benefits.

The perfect blockchain comprises three elements: security, decentralization and scalability. The first two are said to go hand in hand, with decentralization being the backbone of blockchain technology, which requires no central authority or intermediary to operate. For this reason, Bitcoin initially arose as a solution with the ability to transfer funds without involving a central bank. Without an intermediary, security is maintained through a method of validation, where network nodes must approve a transaction.

As decentralized finance (DeFi) and central banking share a number of objectives, building bridges between decentralized and centralized finance (CeFi) could open up new possibilities for the use of central bank digital currencies (CBDCs) , according to the participants of a debate held by the Innovation Hub of the Bank for International Settlements (BIS) and the Swiss National Bank (SNB).

Non-profile picture (PFP) NFTs had been cooling down over the past few months but now that Bitcoin and Ethereum have turned bullish again, altcoins and NFT-focused tokens are beginning to follow.

Decentralized finance (DeFi) protocols are “crucial” for financial inclusion, particularly in the developing world. And despite being inherently centralized, central bank digital currencies (CBDCs) are a welcome part of that, said the participants at a discussion hosted by the Bank for International Settlements (BIS).

The New York Times: “Reality Intrudes on a Utopian Crypto Vision.” Bloomberg: “The Next Crypto Bust May Be Spelled D-A-O.” The Guardian: “Are blockchain-based DAOs really a utopian revolution in the making?”

The last week of March saw the decentralized finance (DeFi) market surge to new highs as institutional investors returned to the market. Amid the rising popularity of DeFi products, Axie Inifity’s Ronin bridge faced the worst hack in crypto history, raising security concerns for the market.

broadcast at ET, spoke with Ashish Anand, Founder of Bru Finance; Pranav Sharma, Founding Partner of Woodstock Fund; and Sumit Ghosh, CEO and Founder, Chingari where they shared an insight of their outlook on the opportunity that will unfold in the said risk involved with the blockchain technology. The year 2020 saw the rise of Decentralised Finance (Defi), a fantastic new crypto industry that grew to prominence. While staking, yield farming, Defi, NFTs are the recent buzz words. However, there is also a notable risk involved in the newfound world of blockchain. The decentralised finance segment has grown with the rise of interest in crypto assets. India, however, has experienced a sudden boom. Opportunities of investments amidst the risk

Terraform Labs CEO Do Kwon has conceded that a crash in the price of Bitcoin would be “negative” for the stability of the UST stablecoin, but that he expects Bitcoin to go up.

Volatility is back in full force in the cryptocurrency market and the price of Bitcoin (BTC) has undergone several $1,000 swings over the past few days and select altcoins have seen their prices surge to new highs after major announcements. 

Polygon network has said that the 'Polygon ID' will be ready before the year end. It is one of the first identity platforms powered by zero-knowledge (ZK) cryptography for privacy and blockchain scaling technology. Polygon ID is expected to be used by organizations and businesses, for identity and trust management purposes, where users can authenticate themselves to blockchain-based applications, without providing passwords or data to every application individually. According to the company’s stated timeline, the proof-of-concept (PoC) has been developed and the complete Polygon ID platform is scheduled to be ready in the third quarter of 2022.

The metaverse-focused Layer 1 blockchain Zilliqa’s native token ZIL once again rose sharply in price today, after new partnerships were announced and the progress in the roll-out of decentralized finance (DeFi) protocol was revealed.

Digital asset manager Grayscale has published a report on smart contract platforms in which it likens the Ethereum (ETH) blockchain to the best and worst parts of New York City.