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BNB Chain-Based Defi Protocol Ankr Suffers Major Exploit

BNB Chain-Based Defi Protocol Ankr Suffers Major ExploitDecentralized Web3 infrastructure provider Ankr has become the latest victim of a hacking attack targeting the defi space. The perpetrators who hit the platform were able to mint and steal a massive amount of tokens in a multimillion-dollar exploit. Defi Protocol Ankr Hit by Unlimited Mint Bug Exploit Worth Millions Ankr, a decentralized finance (defi) […]

FTX US ex-president reportedly seeks $6M funding to launch crypto startup

JPMorgan Expects Major Changes Coming to Crypto Industry and Regulation Post FTX Collapse

JPMorgan Expects Major Changes Coming to Crypto Industry and Regulation Post FTX CollapseJPMorgan has outlined key changes it expects in the crypto industry and its regulation following the collapse of crypto exchange FTX. The global investment bank envisages several new regulatory initiatives, including those focusing on custody, customer asset protection, and transparency. JPMorgan Expects Major Changes in Crypto Industry Post FTX Meltdown Global investment bank JPMorgan published […]

FTX US ex-president reportedly seeks $6M funding to launch crypto startup

Aave Community Proposes Governance Changes Following Attempted Crypto Exploit

Aave Community Proposes Governance Changes Following Attempted Crypto Exploit

Community members of lending and borrowing platform Aave (AAVE) are submitting a governance proposal in the wake of an unsuccessful attempt to exploit the decentralized finance (DeFi) protocol. According to the AAVE community, a wallet with the address “0x57e04786e231af3343562c062e0d058f25dace9e” borrowed a massive amount of Curve DAO Token (CRV) on AAVE using $40 million worth of […]

The post Aave Community Proposes Governance Changes Following Attempted Crypto Exploit appeared first on The Daily Hodl.

FTX US ex-president reportedly seeks $6M funding to launch crypto startup

ApeCoin geo-blocks US stakers, two Apes sell for $1M each, marketplace launched

The U.S. made the list of regions blocked from using an upcoming website for ApeCoin staking with the related DAO claiming regulations are to blame.

United States-based ApeCoin (APE) holders could miss out on staking rewards after the U.S. was added to a list of regions geo-blocked from using an upcoming APE staking service.

Blockchain infrastructure company Horizen Labs, which is building the site on behalf of the ApeCoin decentralized autonomous organization (DAO), revealed the news in a Nov. 24 update regarding ApeStake.io on Twitter, saying “unfortunately, in today’s regulatory environment, we had no good alternative.”

Canada, North Korea, Syria, Iran, Cuba, Russia, and the Russian-controlled areas of Ukraine, Crimea, Donetsk, and Luhansk are also on the block list.

There are likely ways to get around the geo-block. The update noted the website is only an interface to interact with the Ethereum-based open-source smart contract, and “several other” interfaces are being crafted by parties such as exchanges and DeFi platforms.

Prominent Twitter user “Zeneca” told their 312,00 followers that those from regions geo-blocked by ApeStake.io will still be able to stake by interacting with the smart contract directly or using another interface without geo-blocks. Those in blocked regions could also use a virtual private network (VPN) to spoof their location.

The decision to block U.S. users likely resulted from the probe in October by the Securities and Exchange Commission (SEC) into APE creator Yuga Labs. The regulator is investigating if the company’s nonfungible tokens (NFTs) act more like securities and are subsequently violating federal laws.

Two Bored Ape NFTs sell for nearly $1M each

Meanwhile some Bored Apes are still fetching high prices even during the depths of Crypto Winter. An NFT from Yuga Labs’ flagship Bored Ape Yacht Club (BAYC) collection sold for 800 Ether (ETH), or almost $950,000 at the time of sale on Nov. 23.

BAYC #232 was sold to pseudonymous NFT collector “Keungz” — who seemingly has multiple Yuga Labs NFTs according to their OpenSea profile — by Deepak Thapliydal.

Thapliydal is the CEO of Web3 infrastructure company Chain and gained notoriety for making the Guinness World Records for buying the “most expensive NFT collectible” after purchasing CryptoPunk #5822 for 8,000 ETH, or $23.7 million, on Feb. 12.

The sale of BAYC #232 was closely followed by another on Nov. 24 for BAYC #1268 between two unidentified wallets for 780 ETH, or almost $940,000 at the time of sale.

The sales are significant as the NFTs sold far above the current floor price for the collection which has seen a decline over the past months.

According to data from NFT Price Floor, the minimum price for a Bored Ape at the time of writing is just under 63 ETH, or about $75,600, and is 80% down in U.S. dollar terms from its May 1 all-time high of 144.9 ETH, or over $391,000 at the time.

ApeCoin DAO launches marketplace

The community-led DAO made up of ApeCoin holders has launched its own marketplace to buy and sell NFTs from the Yuga Labs ecosystem.

The aptly named ApeCoin Marketplace built by NFT infrastructure firm Snag Solutions was launched on Nov. 24 and supports transactions of the BAYC, Mutant Ape Yacht Club, Bored Ape Kennel Club, and Otherdeed NFT collections.

In a Nov. 24 Twitter thread Snag Solutions CEO, Zach Heerwagen, said the marketplace “includes unique features” specifically for NFT communities including the ability to stake APE.

The marketplace “respects royalties while heavily reducing fees” according to Heerwagen. A 0.25% slice of each sale is held in a multi-signature wallet and used to fund DAO initiatives.

Related: Industry expresses confidence in the NFT space amid the FTX collapse

The marketplace’s support for royalties comes as some other NFT marketplaces such as the Solana (SOL)-based Magic Eden and Ethereum-based LooksRare stopped enforcing creator royalties by default.

Others such as OpenSea have continued to enforce royalties and even created a tool to help NFT creators with on-chain enforcement of royalties, allowing them to blacklist the sale of their NFTs on royalty-free marketplaces.

FTX US ex-president reportedly seeks $6M funding to launch crypto startup

US Lawmaker: FTX Collapse Isn’t a Crypto Failure — It’s a Failure of SEC, Bankman-Fried, Centralized Finance

US Lawmaker: FTX Collapse Isn’t a Crypto Failure — It’s a Failure of SEC, Bankman-Fried, Centralized FinanceU.S. Congressman Tom Emmer says the FTX meltdown is not a crypto failure but a failure with SEC Chairman Gary Gensler, former FTX CEO Sam Bankman-Fried, and centralized finance. “We need to get to the bottom of this. We need to understand why Gary Gensler and the SEC were not doing their job,” the lawmaker […]

FTX US ex-president reportedly seeks $6M funding to launch crypto startup

Crypto and fiat savers are making a fatal error — and DeFi can come to the rescue

Across crypto and fiat, many consumers are making a fatal error: they're letting their assets sit idle in accounts without earning interest.

Mero: Partnership Material

There's no escaping it: the DeFi markets have cooled down over the past year.

After breaking $180 billion in total value locked last November — coinciding with Bitcoin racing to a new all-time high of $68,700 — data from DeFiLlama shows the collective value of this market has now dwindled to around $40 billion.

Nonetheless, experts remain bullish on the potential of decentralized finance. Protocols are continuing to build furiously during the bear market — ensuring that they'll be in a strong position for the next wave of adoption. And although this recent contraction has scared away some retail investors, there are still opportunities to be had.

Here's the problem — across crypto and fiat, many consumers are making a fatal error. Whether their savings are denominated in U.S. dollars or stablecoins, they're letting their capital sit idle in accounts that aren't earning interest. And given the runaway levels of inflation seen in major economies right now, this effectively means that their wealth is diminishing — and spending power is eroding with every passing month.

DeFi can be the answer here, but finding the best opportunities within this nascent space and ensuring that your assets are always allocated efficiently is a task that is virtually impossible to do manually. And even if you come across market-beating levels of yield, it can often change before you are able to take advantage of the opportunity.

Crypto is a volatile market that requires 24/7 monitoring in order to be an efficient investor. Plus, traders often end up with FOMO — a fear of missing out — after deploying their assets to a specific protocol.

What's the answer?

A new concept that's emerging in DeFi is reactive liquidity. This means that crypto enthusiasts have the ability to ensure their digital assets are earning the best risk-adjusted yield up until the very moment their assets are needed in a different position. Investors are given the ability to add customizable market triggers to their liquidity which ensure that their positions are monitored on-chain at all times. The moment conditions are met — which are set by the user — liquidity is shifted to where it is needed.

Mero is championing this approach to decentralized finance, and argues that it can have big benefits during this time of market turbulence. It allows funds to be deposited into liquidity pools in exchange for Mero LP tokens. Liquidity that is provided into Mero liquidity pools earns auto-compounded yield from automated yield-farming strategies. Any user who holds Mero LP tokens can register market triggers or actions to their liquidity — enabling them to earn yield on Mero up until the very moment their assets are needed elsewhere.

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Mero currently supports market triggers, or actions, for topping up or adding additional collateral for loans on protocols such as Aave and Compound. Once registered, the Mero protocol's network of keeper bots keeps a close eye on these loans — and shifts liquidity out of Mero pools (where it earns yield) to the loan's collateral in the blink of an eye in order to avoid liquidations.

The team behind Mero, which was formerly known as Backd, say that they have been driven by a desire to make allocating capital in DeFi not only more efficient, but also a better user experience. Their approach effectively automates the process of asset deployment — ensuring that funds are always allocated most efficiently. When better opportunities emerge, or funds are required for time-sensitive purposes, they can be delegated elsewhere.

All of this can take a lot of weight off a DeFi investor's shoulders — freeing up precious time so they can focus on other things.

Working across DeFi

As you would expect, continually uncovering competitive yields hinges upon onboarding as many pieces of DeFi infrastructure as possible. Fresh from securing $3.5 million in funding over the summer, Mero Finance intends to do just that.

The platform's core liquidity pools, which support deposits for DAI, USDC, and ETH have continuously been ranked among the top 10 pools for base APY on Ethereum according to DeFi Llama. Furthermore, since its initial launch last Spring, three security audits have been completed and new dedicated liquidity pools for USDT and FRAX have been added.

More features beyond collateral top-ups are scheduled to launch in the next six months, and work is underway to roll out a governance token, too.

The project told Cointelegraph: "Mero enables you to maximize the power of your assets with reactive liquidity. Start using DeFi like a pro with Mero's 24/7 on-chain monitoring, interest-bearing assets, and automated liquidity management.”

Material is provided in partnership with Mero

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

FTX US ex-president reportedly seeks $6M funding to launch crypto startup

Ethereum Co-Founder Vitalik Buterin Discusses FTX Collapse — Says ‘Centralized Anything Is by Default Suspect’

Ethereum Co-Founder Vitalik Buterin Discusses FTX Collapse — Says ‘Centralized Anything Is by Default Suspect’Ethereum co-founder Vitalik Buterin says many people in the Ethereum community see the FTX collapse “as a validation of things they believed in all along: centralized anything is by default suspect.” However, he warned that automatically downgrading every single thing former FTX CEO Sam Bankman-Fried believed in “is an error.” Vitalik Buterin on FTX Meltdown […]

FTX US ex-president reportedly seeks $6M funding to launch crypto startup

Cardano (ADA) Commercial Arm Unveils Plan To Launch Fiat-Backed Stablecoin Pegged to US Dollar

Cardano (ADA) Commercial Arm Unveils Plan To Launch Fiat-Backed Stablecoin Pegged to US Dollar

The commercial branch of the Cardano (ADA) blockchain is revealing plans to launch a new fiat-backed crypto asset pegged to the US Dollar. In a new announcement, EMURGO says that it is gearing up to launch USDA, the first ever USD-backed stablecoin for the Cardano ecosystem, early next year. According to EMURGO, the stablecoin was […]

The post Cardano (ADA) Commercial Arm Unveils Plan To Launch Fiat-Backed Stablecoin Pegged to US Dollar appeared first on The Daily Hodl.

FTX US ex-president reportedly seeks $6M funding to launch crypto startup

DeFi platforms see profits amid FTX collapse and CEX exodus

On-chain data flashed positive for DEXs and an increase in protocol revenue, even as markets corrected due to FTX’s insolvency.

A week after the fallout from the FTX and Alameda chaos, some on-chain data points are interesting to observe. Although record amounts of Bitcoin (BTC) and Ether (ETH) are leaving the exchanges, not all decentralized applications (DApps) and protocols have shown growth, mainly due to reliance on FTX and Alameda. 

DeFi earnings highlight positive revenue for some protocols

According to Token Terminal’s earnings leaderboard, in the last seven days, three protocols had revenue above $1 million. Ethereum led the on-chain earnings with over $8.5 million total, a sign of strong post-Merge fundamentals.

OpenSea was a distant second place to Ethereum, earning $1.5 million, while nine protocols and DeFi platforms earned more than $100,000.

Earnings leaderboard. Source: Token Terminal

Decentralized perpetual exchanges see increased trading volume

Combined with the migration away from centralized exchanges (CEXs), the volatile crypto market has users trading in record numbers.

According to data from Token Terminal, the daily trading volume of perpetual exchanges reached $5 billion, which is the highest daily trading volume since the LUNA and TerraUSD (UST) meltdown in May 2022.

Perpetual exchange volume. Source: Token Terminal

While trading volume increased, the total value locked in DeFi lags

Only seven protocols saw a net increase in their total value locked (TVL) over a seven-day period. Gains Network, a perpetual exchange on Polygon, saw the largest seven-day increase at 17.3%

TVL sorted descending from 7-day. Source: Token Terminal

One interchain operability protocol, Ren, witnessed a TVL drop of 50% in the last week. As reported by Cointelegraph, Ren partnered closely with Alameda, receiving quarterly funding and keeping its treasury directly on FTX. The protocol itself benefited from Alameda’s locked liquidity in an attempt to improve interoperability.

Ren TVL. Source: Token Terminal

Data also shows that blockchain revenues are rising amid a constant rate of daily active users. Major blockchains saw an increase of over 300% in daily revenue when compared to previous weeks.

At the same time, daily active users remained steady at 1 million. The dichotomy between these data points suggests that transactions are happening at a more frequent pace among existing users.

Blockchain revenue and daily active users. Source: Token Terminal

Related: FTX collapse followed by an uptick in stablecoin inflows and DEX activity

Blockchain revenues do not necessarily equal earnings

While blockchains saw an increase in revenue,s which is likely primarily due to token emissions, only Ethereum saw positive earnings. Proof-of-stake (PoS) blockchains like Polygon, BNB Smart Chain and Optimism all recorded negative earnings. When PoS blockchains have negative earnings, holders of the tokens are hit with inflationary losses.

Blockchain earnings. Source: Token Terminal

On-chain data continues to exhibit strong points with increased activity on decentralized perpetual trading platforms and positive revenue for DeFi protocols. Even though CEX outflows were historic, daily active DeFi users did not increase, but the fact that they remained consistent is notable. The same data also highlighted lagging blockchain earnings (except for Ethereum) and a decrease in TVL.

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

FTX US ex-president reportedly seeks $6M funding to launch crypto startup

Value Locked in Defi at Its Lowest Point Since March 2021, Smart Contract Tokens Shed $22 Billion in 36 Days

Value Locked in Defi at Its Lowest Point Since March 2021, Smart Contract Tokens Shed  Billion in 36 DaysSmart contract platform tokens and decentralized finance (defi) protocols have taken a beating since the FTX collapse last week. The market capitalization of all the smart contract platform tokens in existence lost more than $22 billion during the last 36 days. The total value locked (TVL) in defi protocols has dropped to $43 billion, the […]

FTX US ex-president reportedly seeks $6M funding to launch crypto startup