DeFi

ERROR The MakerDAO community is voting on whether to provide a DAI vault to Huntingdon Valley Bank, a 151-year-old lender in Pennsylvania with $500M in assets. A governance proposal for the vault went live on July 4 and will close on July 7. If passed, the vault will enable the bank to draw up to […]

ERROR The decentralized exchange SushiSwap is partnering with blockchain-based carbon credit protocol, KlimaDAO, to allow traders to offset their carbon emissions on the Polygon network.  A SushiSwap governance proposal outlining the partnership closed on July 4 with more than 99% of voters pledging support. The proposal paves the way for Sushi users to offset their […]

ERROR Ethereum developers have delayed the network’s so-called “difficulty bomb” by about 100 days, placing a rough estimate in September for its long-awaited transition to proof-of-stake.  Ethereum currently uses an energy-intensive proof-of-work (PoW) mechanism to validate transactions. The difficulty bomb is an update built into the protocol that will significantly increase the complexity of PoW […]

ERROR Solana Labs is dedicating a large part of its team to building its mobile effort, according to an exclusive interview with the company’s head of communications. Solana Labs has “about” 10 people working on its Solana Mobile Stack (SMS) initiative, according to Austin Federa. The company, which develops the Solana blockchain, had 71 full-time […]

ERROR Ethereum developers are all about NFTs now, at least if the latest ETHNewYork is a good indication. Ethereum developer platform ETHGlobal hosted its first Ethereum hackathon in New York City since May 2019, this past weekend. The focus leaned heavily on non-fungible tokens, as opposed to decentralized finance in the previous event. Some of […]

ERROR Coinbase, the largest crypto exchange in the U.S., has enabled transfers on Ethereum competitor Solana and on scaling solution Polygon.  The move will make it easier for users to access Polygon and Solana, and will simplify sending assets across networks, a process that’s time-consuming and expensive.  “Sending crypto on Ethereum has become increasingly expensive […]

ERROR In an audacious move to jump start web3 adoption, Solana announced on June 23 it is developing a smartphone.  Yes, that’s right, Solana, one of a handful of Layer 1 smart contract platforms, is making a telephone. Called Saga, the smartphone is part of Solana’s new mobile-first effort which the company is calling Solana […]

ERROR Cross-chain bridges are continuing to prove themselves as DeFi’s weakest link. On June 23, Harmony, a Layer 1 blockchain, said it identified an exploit worth roughly $100M targeting its Horizon bridge. The Harmony team has begun working with “national authorities and forensic specialists” to identify the hacker and attempt to retrieve the stolen funds. […]

ERROR Tether, the issuer of USDT, the largest stablecoin by market capitalization, plans to launch a new stablecoin on Ethereum pegged to the British Pound next month.  It’s a market ripe for the taking – according to CoinGecko, one of the only Pound-pegged stablecoins on the market, the Jarvis Synthetic British Pound, had a 24-hour […]

ERROR Pivoting to build an independent blockchain isn’t often done by established DeFi projects. But that’s exactly what’s in the works as derivatives-focused decentralized exchange dYdX has released plans to develop its own blockchain. dYdX chain will be built using the Cosmos SDK and Tendermint Proof-of-Stake consensus protocol. These technologies are part of the Cosmos […]

ERROR Uniswap Labs is planning to integrate NFTs into the largest decentralized exchange via the acquisition of Genie, an NFT marketplace aggregator, according to a post on the company’s website.  Genie, founded in 2021, allows users to buy NFTs from across different marketplaces in a single purchase. This acquisition comes less than two months after […]

ERROR Uniswap is diving deep down the NFT rabbit hole.  The automated market maker is integrating decentralized NFT marketplace Sudoswap to allow for efficient NFT swaps when it launches its NFT platform. The news was shared by Scott Gray, head of NFT product at Uniswap Labs. The integration will allow users to purchase NFTs using […]

ERROR BlockFi, a crypto lending platform, has secured a revolving line of credit of $250M with FTX, the second-largest crypto exchange by trading volume, leaders of both companies said Tuesday.  BlockFi CEO Zac Prince said the credit would be used “as needed” and would be “subordinate to all client balances across all account types.” The […]

ERROR The U.S. Justice Department’s crackdown on crypto just ratcheted up a notch. On Thursday, Federal prosecutors accused a former employee of Coinbase, the leading crypto exchange, and two others in the first-ever case of insider trading involving cryptocurrencies.  In a 22-page indictment, prosecutors in New York allege former Coinbase product manager Ishan Wahi, his […]

ERROR A stablecoin from leading automated market maker (AMM) Curve Finance may be around the corner. The news comes right after DeFi lender Aave announced plans for its GHO stablecoin earlier this month.  Information is limited so far, but a post from Twitter user mrblocktw, who lists Curve Finance in his bio and also holds […]

ERROR When will Uniswap, DeFi’s leading decentralized exchange in terms of trading volume, start to make money for itself? It’s a question that people have asked since Uniswap V2, the second iteration of the protocol, was launched in May 2020. V2 included code to capture .05% of trading volume, but that function, also known as […]

ERROR On Wednesday, a trio of unaffiliated companies said they have made progress toward building zero-knowledge protocols capable of scaling Ethereum. Ethereum sidechain Polygon released the source code for its Polygon zkEVM, short for zero-knowledge Ethereum virtual machine. Matter Labs, the company behind zkSync, unveiled a roadmap for zkSync 2.0 and plans to launch “the […]

ERROR Crypto investor Balaji Srinivasan’s book The Network State was released on July 10 and centers around creating startup societies that are founded in the cloud, use an integrated cryptocurrency, and crowdfunded physical territories. In a July 12 blog post, Ethereum founder Vitalik Buterin shared his thoughts on the book.  Although Vitalik disagrees with Balaji […]

ERROR Synthetix is taking off after a proposal to increase trade speed was approved. Synthetix’s token SNX, fees generated by the protocol and volume are soaring after Synthetix Improvement Proporsal 120 passed, removing a previous buffer between trades of synthetic assets, called Synths and increasing trading speed. Daily fees have jumped by a multiple of […]

ERROR Bancor, one of the first DeFi trading platforms, suspended its impermanent loss protection program over the weekend due to “hostile market conditions,” prompting cries that it was decentralized in name only.  Liquidity providers on automated market makers such as Uniswap can suffer so-called impermanent loss (IL) if the value of their deposited tokens rises […]

ERROR Lido, the largest liquid staking protocol, plans to bring its stETH token to Ethereum’s layer 2 (L2) networks. “For Ethereum stakers, this means staking with lower fees and access to a new suite of DeFi applications to amplify yields,” Lido said Monday in a blog post detailing the expansion.  No timeline was given for […]

ERROR Ethereum developers have doubled down on a mid-September target for the Merge during a conference call held on Thursday.  The Merge is Ethereum’s highly anticipated transition from a proof-of-work to a proof-of-stake consensus mechanism. It’s expected to slash the blockchain’s energy use and, therefore, carbon emissions, by as much as 99%, addressing one of […]

ERROR StarkWare, the company behind Ethereum layer-2 scaling solution StarkNet, plans to launch a native token designed to decentralize control and maintenance of the network. The token is also intended to reward developers and investors, and its unveiling comes a day after Su Zhu, the enigmatic founder of failed crypto hedge fund Three Arrows Capital, […]