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Binance CEO Says Exchange Recovered $450 Million From the Curve Finance Attack

Binance CEO Says Exchange Recovered 0 Million From the Curve Finance AttackFollowing the recent Curve Finance attack, Binance CEO Changpeng Zhao announced that the exchange had recovered $450 million from hackers. The decentralized finance (defi) platform Curve saw roughly $570 million siphoned from the application on August 9. Binance Boss Says Exchange Froze 83% of the Curve Finance Hack Funds, Domain Provider Says Exploit Was DNS […]

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1inch plugs into KuCoin Wallet to improve token swaps

1inch Network expands to another cryptocurrency exchange as KuCoin Wallet integrates its automated market maker functionality to improve token swaps.

Cryptocurrency exchange KuCoin will introduce native token swap functionality to its in-house wallet after integrating decentralized finance (DeFi) market maker 1inch’s application programming interface.

1inch’s Pathfinder algorithm will increase the functionality of KuCoin Wallet, the exchange’s recently launched decentralized wallet platform, which features cross-chain trading, and DeFi and nonfungible token (NFT) support.

The algorithm will aggregate liquidity from over 250 sources from automated market makers and proactive market makers across the DeFi ecosystem. 1inch plugs into liquidity sources running on nine different blockchain networks, providing a wide range of tradable asset pairs.

Related: DeFi market has room for growth in Korea: 1inch co-founder — KBW 2022

The partnership will also afford KuCoin Wallet users access to 1inch’s Limit Order Protocol functionality. These orders are filled at a predetermined price once it is reached. This includes gasless limit orders for Ether (ETH), requests for quotations on the blockchain and other tokens that require permits rather than transaction approval.

KuCoin Wallet head Jeff Haul noted that 1inch has established itself as a leader in the DeFi aggregator space, and its functionality should improve KuCoin Wallet’s offering to its users:

“Swap is a high-frequency feature of the wallet, and 1inch is one of the most popular DEXs in the Web3 industry, so we’re working together through native integration to provide a smooth and cost-effective trading experience for our users.”

KuCoin rolled out its browser-based self-custodial wallet in June 2022 and hinted at imminent support for DeFi, NFTs and GameFi. The original NFT functionality was powered by KuCoin’s proprietary NFT marketplace Windvane.

The exchange earmarked a $150-million pre-Series B fundraising round in 2022 to bankroll the development of Web3, DeFi and NFT services and offerings within its ecosystem.

1inch continues to expand its footprint across the cryptocurrency ecosystem, sealing a pivotal partnership with South Korea’s burgeoning metaverse blockchain Klaytn in August 2022.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Here Are Some of the Biggest Plays in Crypto Right Now, According to Pantera Capital CEO Dan Morehead

Here Are Some of the Biggest Plays in Crypto Right Now, According to Pantera Capital CEO Dan Morehead

The founder of a crypto-focused hedge fund is looking ahead to see which industry niches might thrive once the current bear market cycle ends. In an interview with RealVision, Pantera Capital CEO Dan Morehead tells host Raoul Pal that the world of crypto is cyclical because as projects either complete or fade away, there are […]

The post Here Are Some of the Biggest Plays in Crypto Right Now, According to Pantera Capital CEO Dan Morehead appeared first on The Daily Hodl.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

DeFi needs a ‘killer app’ to go next level, says Ripple exec

A panel at the Blockchain Futurist Conference was asked about the future of decentralized finance and what was needed to be done to bring about mainstream adoption.

A “killer app” for consumers is what will be needed to bring the decentralized finance (DeFi) sector to a level that draws in a mainstream audience, said Ripple Lab’s head of DeFi markets Boris Alergant.

Alergant nade the comments during a panel at the Blockchain Futurist Conference titled "The Future of Decentralized Finance" on Aug. 9, which was covered by Cointelegraph reporters on the ground in Toronto, Canada.

Alongside Alergant, Aventus Ventures CEO Kevin Hobbs, FLUIDEFI co-founder and CEO Lisa Loud, and Teller Finance CEO and co-founder Ryan Berkin also featured on the panel.

The general sentiment among the panelists was that centralized finance institutions will ultimately push DeFi towards mainstream adoption. Alergant suggested that growth will likely come from a user-friendly CeFi app that offers exposure to DeFi services:

“For an average user, you tell your mom how to go out and stake on Aave or ETH [...] and this is a process. She doesn’t know how to use MetaMask, but she wants to generate that yield somehow. She wants to transact but she doesn’t know how to do it.”

“So I think institutional adoption is where it's going, and the institutions are what is going to enable [...] that killer app for consumers to really bring crypto and DeFi to the next level.”

FLUIDEFI co-founder and CEO Loud expressed a similar view, noting how the everyday person eventually adopted the internet despite not understanding the internet protocol suite, also known as TCP/IP. 

“We all use the internet right? The internet was a paradigm shift for us, but we don't know how to use TCP/IP. Right now, everybody who uses DeFi knows how to use the protocols, it's not sustainable, it's not a good model for adoption.”

“If we look at two years, I see institutions investing more in DeFi and I see companies making simpler user experiences,” she added.

The Ripple executive also outlined that the DeFi sector will soon work hand in hand with the CeFi sector to provide financial services to customers.

“DeFi will ultimately supplement and complement CeFi. In the end you don’t really care if a trade is done through decentralized means in a centralized exchange. I just want the best damn execution,” he said.

Related: Decentralized finance faces multiple barriers to mainstream adoption

The Blockchain Futurist Conference is the largest annual blockchain and crypto conference in Toronto, Canada, and is running until Aug. 10. 2022, marking the fifth year of the event. This year's event is expected to see Ethereum co-founder Vitalik Buterin speak there despite appearing at the Korea Blockchain Week only two days ago.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Total value locked in DeFi dropped by 66%, but multiple metrics reflect steady growth

Decentralized finance TVL is down by 66%, but growth in DEX aggregators, active addresses and steady fund raises show “DeFi winter” is not upon us.

The aggregate total value locked (TVL) in the crypto market measures the amount of funds deposited in smart contracts and this figure declined from $160 billion in mid-April to the current $70 billion, which is the lowest level since March 2021. While this 66% contraction is worrying, a great deal of data suggests that the decentralized finance (DeFi) sector is resilient.

The issue with using TVL as a broad metric is the lack of detail that is not shown. For example, the number of DeFi transactions, growth of layer-2 scaling solutions and venture capital inflows in the ecosystem are not reflected in the metric.

In DappRadar's July 29 Crypto adoption report, data shows that the DeFi 2Q transaction count closed down by 15% versus the previous quarter. This figure is far less concerning than the devastating TVL decline and is corroborated by a 12% drop in the number of unique active wallets in the same period.

Layer-2 is the path for sustainable DeFi growth

Iakov Levin, CEO and founder of Midas Investments told Cointelegraph that:

"I am firmly convinced that the current bear market is not the 'end' of the DeFi industry. For instance, there is a growing competition amongst decentralized exchanges on layer-2 Ethereum scaling platform Optimism, as Velodrome reached more than $130 million in TVL."

Optimism is an Ethereum scalability solution using layer-2 to bundle transaction verifications off-chain, reducing the processing and transaction cost for decentralized applications on the network.

Optimism network TVL, USD million. Source: Defi Llama

Venture capital inflows further support the resilience of DeFi thesis. On July 12, the crypto-centric Multicoin Capital launched a $430 million fund. The investment managing firm was founded in 2017 and aims to focus on developing Web3 infrastructure, DeFi applications and autonomous business models.

On July 28, Variant announced a successful $450 million capital increase to fund, among others, "financial empowerment through DeFi." The strategy includes the financialization and productivity of NFTs, stablecoins, lending optimizers, DEX aggregators and "products that bridge the legacy financial system with DeFi."

These significant-size fund raises lead Levin to believe that scaling solutions will take decentralized finance applications to the next level in a way that was not possible during the so-called "DeFi Summer 2.0" in the 3Q of 2021. The average Ethereum network transaction fee during that period stood above $25, making it almost impossible for the applications to gain traction. Midas Investments CEO Levin said:

"Ultimately, I see layer-2 as a potential factor for reviving the sector's growth. This will be driven by the scalability rise due to the optimistic and zk-Rollups solutions implementation. By providing users with cheaper transaction fees and near-instant semi-confirmations, layer-2 will dramatically improve user experience and will soon have the capacity to onboard a new wave of users."

Metamask Swap and 1inch Network stand out

The number of active addresses using DeFi applications has held reasonably stable over the past 30 days, according to data from DappRadar.

Leading DeFi applications by 30-day active addresses. Source: DappRadar

Data shows an average 2% drop in active addresses, but four out of the top fiv applications presented growth. In addition, DEX aggregators 1inch Network and MetaMask posted considerable user gains, thus invalidating concerns of a "DeFi winter."

In a nutshell, the decentralized finance industry continues to grow in the number of active addresses, venture capital investments and innovative solutions offering cheaper and faster processing capabilities compared to the last peak in late 2021.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Crypto Firms Raised Over $30,000,000,000 in First Six Months of 2022 Despite Bear Winter: Analytics Company

Crypto Firms Raised Over ,000,000,000 in First Six Months of 2022 Despite Bear Winter: Analytics Company

New data from crypto analytics firm Messari reveals that money is pouring into crypto projects in defiance of falling markets. According to a new report compiled with fundraising tracker Dove Metrics, Messari shows that crypto firms raised over $30 billion in nearly 1,200 rounds during the first half of 2022. The report highlights several key […]

The post Crypto Firms Raised Over $30,000,000,000 in First Six Months of 2022 Despite Bear Winter: Analytics Company appeared first on The Daily Hodl.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Report Shows Crypto Startups Raised $30.3 Billion in H1 2022, Exceeding Total Raised in 2021

Report Shows Crypto Startups Raised .3 Billion in H1 2022, Exceeding Total Raised in 2021While cryptocurrency markets have seen poor performances during the first two quarters of 2022, a recently published fundraising report authored by Messari researchers notes that $30.3 billion was raised by crypto projects and startups during the first half of 2022. The $30.3 billion raised across 1,199 fundraising rounds surpasses all the funding blockchain startups and […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Debridge Finance Suspects North Korean Hacking Syndicate Lazarus Group Attacked the Protocol’s Team

Debridge Finance Suspects North Korean Hacking Syndicate Lazarus Group Attacked the Protocol’s TeamAccording to the co-founder of Debridge Finance, Alex Smirnov, the infamous North Korean hacking syndicate Lazarus Group subjected Debridge to an attempted cyberattack. Smirnov has warned Web3 teams that the campaign is likely widespread. Lazarus Group Suspected of Attacking Debridge Finance Team Members With a Malicious Group Email There’s been a great number of attacks […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Coinbase Officially Adds Support for Two Under-the-Radar Altcoins After Recent Roadmap Listings

Coinbase Officially Adds Support for Two Under-the-Radar Altcoins After Recent Roadmap Listings

Top US crypto exchange platform Coinbase is officially rolling out trading services for two under-the-radar altcoins recently added to its listing roadmap. Coinbase listed Stargate Finance (STG), an Ethereum-based decentralized finance (DeFi) protocol that enables the transfer of virtual assets across different blockchains. Stargate Finance aims to make the process of swapping crypto assets across […]

The post Coinbase Officially Adds Support for Two Under-the-Radar Altcoins After Recent Roadmap Listings appeared first on The Daily Hodl.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Contagion only hit firms with ‘poor balance sheet management’ — Kraken Aus boss

The crypto contagion only hurt entities that poorly managed their treasuries, but didn't affect the underlying blockchain technology, he said.

The crypto contagion sparked by Terra’s infamous implosion this year only spread to companies and protocols with “poor balance sheet management” and not the underlying blockchain technology, says Kraken Australia’s managing director Jonathon Miller.

Speaking with Cointelegraph, the Australian crypto exchange head argued that sectors such as Ethereum-based decentralized finance (DeFi) revealed its fundamental strength this year by weathering severe market conditions:

“Some of the contagion that we saw across some of the lending models in the space, [was in] this traditional finance kind of lending model sitting on top of crypto. But what we didn't see is a kind of catastrophic failure of the underlying protocols. And I think that's been recognized by a lot of people.”

“Platforms like Ethereum did not fail when the volatility hit. You saw decentralized markets, decentralized lending models, DeFi in general, not fall over. There was no contagion there. What you saw was poor balance sheet management from closed shop trade fee lenders,” he added.

Miller's comment comes despite CoinGecko reporting a 74.6% market cap decline in DeFi during Q2 2022 following the collapse of Terra and a rise in DeFi exploits. Though the crypto data aggregator also noted that the industry managed to retain most of its daily active users. 

Miller also added that blockchain projects only ran into issues when the design of their underlying protocols was “obviously poor”, such as the case of Terra’s algorithmic stablecoin TerraClassic USD (USTC).

“I think that's a trade off. There's a Treasury management problem, not a blockchain problem,” he said.

Questioned about how Kraken fared through the crypto bear market this year, Miller suggested the company was well primed to deal with the volatility. He noted that the company has survived many downturns in its 11-year history, and notably didn’t blow a lot of money on marketing during the bull run last year.

“We're in a slightly different position as perhaps some of the other exchanges that have been out there spending lots of money on advertising. We've got a really strong word-of-mouth business model,” he explained.

Related: Crypto contagion deters investors in near term, but fundamentals stay strong

Miller was also optimistic about the current state of the Australian crypto sector, stating that there are a lot of “bullish underlying signals from businesses who are still building products.”

He pointed to major banks such as ANZ recently testing the use of its own stablecoin on Ethereum, and major payments giants such as Mastercard joining the Blockchain Australia Association, signaling strong “intent to become involved in crypto and blockchain.”

“So you know, institutions making use of the underlying tech, maybe some heat out of some of the speculative characteristics, that we saw through 2022, which is potentially even a good thing.”

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode