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DeFi – Decentralized Finance

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October 2021

Bug bites DeFi protocol Compound again

Technical woes continue to beset decentralized finance (DeFi) protocol Compound this week as a hack resulted in 202,472 COMP, or US$68 million at the time, being transferred from its reservoir to its Comptroller where the funds remain vulnerable to being drained by subsequent transactions. Fast facts Yearn.Finance developer Banteg tweeted about the hack late Sunday […]

September 2021

DeFi benefits from China ban; Gamevil increases Coinone stake

DeFi benefits from China ban while Gamevil increases Coinone stake

Following crypto ban, digital wallet imToken restricts some access for China users

Decentralized wallet imToken is restricting access to some of the services it offers for users in China, in the wake of the latest ban imposed by top Chinese authorities last Friday. Fast facts The company has restricted users in China from accessing and using third-party financial applications, including those from decentralized crypto exchanges, stake mining […]

Why China’s latest stomp on crypto is turbo-charging DeFi growth

DeFi tokens like dYdX soared after China’s latest move to throttle crypto. Is this a short-term spurt or decentralized finance shifting into high gear?

Crypto markets shrug off China’s latest saber-rattling

Is China’s influence over Bitcoin and the global crypto market waning? Chinese exchanges get a thrashing as decentralized exchanges get happy on clampdown news.
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Why DeFi holds the key to metaverse success

A profound shift is underway in online culture, writes Anndy Lian of BigOne Exchange. Here’s how decentralized finance might one day power the NFT and metaverse economy.

How Southeast Asia flowered into a global crypto hub

Until recently, most Southeast Asians had no internet. Now the region is abloom with blockchain innovation. How did they do it?

Crypto platform Cobo raises $40M to expand one-stop DeFi shop for institutions

Cobo, a Singapore-based crypto custody and asset management platform, today announced the completion of its US$40 million Series B fundraise to accelerate the rollout of its decentralized finance (DeFi) as a service (DaaS) product. Fast facts In an interview, Cobo Chief Operating Officer Lily Zhuo told Forkast.News that Cobo’s DeFi as a service (DaaS) product, […]

Avalanche’s AVAX token surges to all-time high after $230M fundraise

AVAX — the native token of the Avalanche blockchain — today surged to a new all-time high of US$68.34, according to CoinGecko data, boosted by news of a US$230 million investment into the Avalanche ecosystem. AVAX has increased by 60% over the past seven days. Fast facts Launched in September 2020, Avalanche is an open, […]

Institutional DeFi poised to become a $1 trillion industry, Blockdata says

Blockchain research firm sees explosive growth in smart contract-based products that can replace existing financial services.

Why Cardano’s Charles Hoskinson says DeFi is ‘up for grabs’

As Cardano’s Alonzo upgrade goes live, founder Charles Hoskinson of IOHK calls DeFi a ‘bubble.’ How does he think the regulation that is sure to come will reshape DeFi in the future?

Huobi Ventures bets on DeFi and gaming in $10M GameFi fund

Huobi Ventures, the investment arm of cryptocurrency exchange Huobi, today announced the launch of a US$10 million “GameFi” fund to invest in early-stage projects that integrate blockchain gaming and decentralized finance (DeFi). Fast facts Huobi’s new GameFi fund follows the launch of its US$100 million DeFi fund in May and comes amid increasing mainstream interest […]

What are smart contracts and what are they used for?

In this Forkast.News explainer, learn why blockchains with smart contract capability are surging in popularity and the new darlings of investors.

Why Algorand’s price is on a two-year high right now

Algorand’s ALGO cryptocurrency prices have surged by 90% over the past seven days, crossing the US$2 mark and hit a two-year high of US$2.44 today, according to CoinGecko data. ALGO, ranked the 17th largest cryptocurrency by market value, has not seen such price heights since its launch in 2019. Fast facts Algorand is an open-source, […]

C.R.E.A.M. Finance integrates 6 NFT tokens as part of DeFi bridge strategy

C.R.E.A.M. Finance, a Taipei-based decentralized finance (DeFi) lending platform, on Sept. 8 announced its support of six metaverse and non-fungible tokens (NFTs) that will allow users to borrow and lend against the assets. Fast facts NFTs, unique digital assets whose authenticity and ownership are tracked on a blockchain, have seen exponential growth over the past […]

Binance Smart Chain one year on — from DeFi to NFTs and gaming

Have DeFi exploits on BSC hindered the blockchain’s success? NFTs and gaming offer a boost.

The world of crypto opens up life-changing earning opportunities for Indian tweens and teens

Gajesh Naik and Laya Mathikshara, two Indian 13-year-olds, are getting global recognition — and making astronomical sums — through their ventures in crypto and NFTs.

How DeFi can unlock staking rewards and boost liquidity

As the blockchain industry shifts to ‘proof of stake,’ staking’s bonding period can lock up capital. What are the alternatives?

Deadline looms for Korean exchanges; Doge meme tokenization explodes

Deadline looms for Korean exchanges as Doge meme valuation explodes

OKEx launches NFT marketplace and DeFi hub

OKEx, the world’s second-largest crypto derivatives exchange by trading volume, is amplifying its decentralized finance (DeFi) efforts by launching its DeFi Hub, along with a non-fungible token (NFT) marketplace. Fast facts OKEx has launched DeFi Hub, a platform that offers users the ability to view and manage decentralized assets across major blockchain networks and DeFi […]

Hacked DeFi platform pledges to replace stolen crypto to users

C.R.E.A.M. Finance suffered a flash loan exploit that was much larger than earlier estimates

New Korean DeFi service launches to increase scalability of ‘Kimchi coins’

Donkey, launched Sept. 1, aims to become a DeFi service that brings more South Korean investors into decentralized finance by making their favorite cryptos more scalable and available. Fast facts Donkey is a virtual asset deposit and lending protocol that runs on the Ethereum blockchain where anyone can deposit crypto as collateral and borrow other […]

DeFi TVL hits new all-time high; US, Vietnam, Thailand lead global DeFi adoption

The United States, Vietnam, Thailand, China and the United Kingdom lead global adoption in decentralized finance (DeFi), according to Chainalysis’ Global DeFi Adoption Index published this month. Fast facts “While grassroots cryptocurrency adoption generally is highest in emerging markets, DeFi adoption is strongest in high-income countries that already had substantial cryptocurrency usage, especially amongst traders […]

August 2021

C.R.E.A.M. Finance suffers $28M flash loan hack

C.R.E.A.M. Finance, a Taipei-based decentralized lending platform for individuals, institutions and protocols to access financial services, has suffered a flash loan exploit that led to a loss of about US$28 million, underlining the potential vulnerabilities of decentralized finance mechanisms. Fast facts C.R.E.A.M. tweeted on Monday that its market on Ethereum suffered an exploit, “resulting in […]

Square’s Jack Dorsey to build decentralized Bitcoin exchange

Jack Dorsey, CEO of tech giants Square and Twitter, announced on Friday that Square’s new decentralized finance division, TBD, plans to build a decentralized Bitcoin exchange. Fast facts “We’ve determined TBD’s direction: help us build an open platform to create a decentralized exchange for Bitcoin,” he tweeted. Project lead for TBD Mike Brock also tweeted […]

Why some big investors are diving into DeFi but others are holding back

Decentralized finance (DeFi) is attracting a lot of attention from traditional banks and venture capital, but many institutions remain firmly on the sidelines. Forkast.News explores why.

Korea reveals crypto exchange ‘Death Note’: DeFi investment booms

Korea reveals crypto exchange ‘Death Note’: DeFi investment booms

DeFi TVL hits all-time high, breaking past correlation with Ethereum price

While DeFi has historically moved with the Ethereum price, the latest all-time high in total value locked in can largely be attributed to new blockchains purpose-built for the sector and institutional interest.

Celsius Network grows 1,900% this year, US$20B AUM

In another sign of decentralized finance’s continued growth, Celsius Network has just announced it now has more than US$20 billion in assets under management – making it one of the largest DeFi platforms in the world. Fast facts These figures came from Celsius’ most recent quarterly internal audit, according to a company press release, which […]
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Why institutional investors cannot afford to ignore DeFi

Much of traditional finance still believes DeFi is too risky and not worth the bother, writes Ilia Maksimenka of PlasmaFinance. Are these perceptions accurate?

Liquid crypto exchange hackers use ETH mixer to evade detection

The hunt for hackers who stole an estimated US$97 million from the Japanese crypto exchange Liquid last week has hit some snags as the cybercriminals have been actively hiding their tracks with a crypto mixing tool as they move to transfer their loot into other wallets. Fast facts According to public blockchain information on Etherscan, […]

Poly Network offers hacker top job as another hacker saves SushiSwap from potential $350M attack

Poly Network wants to hire the hacker who stole over US$600 million worth of tokens from the platform last week — as its chief security advisor, according to a tweet by the company. Fast facts In response to the job offer, the hacker posted a joke on the Ethereum blockchain that was shared in a […]

How stablecoins can help investors weather crypto storms

Notwithstanding Iron Finance’s collapse, stablecoins can play important roles for consumers and the economy, writes Julian Hosp of Cake DeFi.

U.S., Indonesia drive NFT wave, DappRadar report shows

A new report by DappRadar shows that interest in NFTs has come mainly from the United States and Indonesia, and that Russia and India have a presence in the market as well. Fast facts DappRadar, an NFT and decentralized finance and decentralized app store and a data provider, revealed this month in its user behavior […]

Cardano ADA breaks $2 for first time since May as Alonzo launch date announced

Cardano breached the US$2 mark for the first time in almost three months as key developers announced a release date for the planned “Alonzo” hard fork on Friday, which will allow full smart contract functionality on the network. Fast facts Slated for full release on September 12, the upgrade to Cardano’s mainnet completes the Alonzo […]

Largest hack in DeFi history; ADA hits two month high

Largest hack in DeFi history while ADA hits two month high

Why honest centralization is superior to chaotic decentralization

Are DAOs and decentralization always beneficial for the group or the user? Antoni Trenchev of Nexo urges you to think again.

Cardano ADA surges 20% with smart contracts on the horizon

As Cardano’s Alonzo Purple upgrade launches and the full roll-out of smart contract support is teased, the price of ADA — the native cryptocurrency of the Cardano blockchain network — surged more than 20% in the past 24 hours. ADA was trading at US$1.71 at press time — its highest in over two months, according to […]

First SEC DeFi bust made in US$30M fraud case

The U.S. Securities and Exchange Commission has taken its first regulatory action involving decentralized finance in a case involving the “unregistered sales of more than US$30 million in securities,” according to an agency press release. Fast facts Gregory Keough and Derek Acree were charged along with their Cayman Islands-based company, Blockchain Credit Partners, over allegedly […]

Ethereum prices hit resistance as major London Upgrade looms

ETH rose in a historic run in anticipation of ‘Ethereum halving’ — but dipped on the eve of the London hard fork. Forkast.News asks top cryptocurrency analysts to find out why.

Ethereum addresses using DeFi soar 65% to over 2.9M

The Ethereum ecosystem is continuing to see strong growth, with institutional capital ‘flooding’ into decentralized finance and decentralized autonomous organizations flourishing.

Blockchain applications that will change the world in the next 5 years

The next half decade will see mass adoption of decentralized technology, writes Max Kordek of Lisk. Here are the leading uses.

Square acquires Afterpay for $29B to expand into ‘buy now pay later’

Global payments giant Square — which recently made moves into decentralized finance — is acquiring Australian “buy now pay later” fintech company Afterpay for US$29 billion (AU$39 billion) to expand its range of services, according to a recent company press release. Fast facts The purchase will enable Square’s CashApp and Seller business units to offer […]

July 2021

How Wall Street’s ‘best-kept secret’ now fuels high cryptocurrency yields

Celsius Network CEO says crypto lenders are using Wall Street’s ‘safest’ business tactic to provide high interest rates to customers. What are the risks?

Band Protocol launches Phase 2 to bring off-chain data to DeFi

Oracle platform Band Protocol is aiming to enable data providers like Google Cloud and Bloomberg to work better with decentralized applications.

June 2021

How to assess the maturity of a network and DeFi ecosystem

What does a fully functioning network with DeFi applications look like, and why is it important to assess? Garrette Furo of Cosmos explains.

What will Ethereum’s London hard fork do as an upgrade?

A major Ethereum upgrade via London hard fork — which experts call a ‘seismic shift’ for the industry — is coming soon. Are ‘Ethereum killers’ doomed?
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Polkadot DeFi hub Acala’s Karura network wins first Kusama auction

Decentralized finance hub Acala Network’s sister network, Karura, has won the first parachain lease auction on Kusama, Polkadot’s pre-production network, and is now successfully producing blocks, according to an announcement today. Fast facts: The successful completion of Kusama’s first parachain slot auction and Karura’s launch brings Polkdot ever closer to its rollout. Karura raised more […]

What is Ethereum, and could it become the future of blockchain?

Ethereum is much more than a cryptocurrency, and it has already attracted huge interest among investors. What’s all the fuss about? Forkast.News explains.

Iron Finance’s DeFi bank run — and how Mark Cuban got ‘rekt’

Iron Finance, once a DeFi darling, went from billions to bust in a day. Should investors have seen the crash coming? How stable are algorithmic stablecoins?

Grayscale eyes 13 more crypto assets including Polygon, Bancor

Institutional digital asset manager Grayscale announced today that it is exploring 13 more assets for its trusts, mainly related to decentralized finance.

How DeFi exchanges like SynFutures may challenge TradFi and CeFi

Singapore-based decentralized exchange SynFutures has closed a $14 million series A round to bring crypto derivatives to new users around the world.

Singapore DeFi derivatives exchange SynFutures closes US$14M fund raise

SynFutures, a Singapore-based decentralized derivatives exchange, today announced the closure of a US$14 million series series-A funding round led by Polychain Capital.

What is yield farming in DeFi and how does it work?

One of DeFi’s hottest trends, yield farming can bring riches but is not for crypto beginners or those who can’t afford to lose. Forkast.News explains why.

Jump Trading partners with Solana-based DeFi protocol Oxygen

Jump Trading, a high-frequency trading firm, is joining Oxygen, a decentralized finance prime brokerage protocol, as a strategic partner and market-maker to provide liquidity on the Oxygen platform.

UNICEF invests in blockchain startups for financial inclusion

UNICEF Venture Fund is awarding up to $100,000 to blockchain startups, including India’s GovBlocks, in its latest funding round. Here are the other projects.

How NFTs are redrawing Asia’s art scene from artists to galleries

From Phillips auction house in Hong Kong to Art Fair Philippines, non-fungible tokens are redefining how Asia appreciates, buys and profits from art.

World Economic Forum offers DeFi ‘toolkit’ for policymakers

In collaboration with Wharton business school, WEF releases a toolkit for governments to consider the opportunities and risks of decentralized finance.

Is India’s central bank greenlighting crypto? Bitcoin fees fall to new lows. Cardano rolls out Alonzo upgrade for DeFi.

Other top blockchain and crypto news: Thailand’s SEC tries to rein in DeFi via regulation. Will China’s future DCEP digital yuan offer smart contracts?

Thailand warns over DeFi; India green lights cryptos | The Daily Forkast

Thailand becomes one of the first governments to attempt DeFi regulation as India’s RBI clarifies that banking ban no longer exists.

S. Korean banks process US$57B linked to crypto exchanges

South Korean banks processed over 64 trillion won (US$57 billion) of deposits and withdrawals linked to crypto exchanges in the first quarter.

Thailand’s DeFi sector targeted for regulation over coin offerings

Thailand’s Securities regulator has announced that digital tokens issued and offered for transactions must have its approval.

May 2021

Bridging the DeFi data gap with indexing blockchain data

Blockchain technology has massive data requirements, but the data can be difficult and costly to access. What are some of the solutions?

Vitalik Buterin speaks: What lies in the future of Ethereum?

Breaking into occasional Mandarin at a Hong Kong conference, Ethereum’s visionary creator tells all — including why Ethereum 2.0 is taking so long.

DeFi has boosted challenger banks. Now it’s their customers’ turn

New and innovative lenders are taking advantage of DeFi’s low costs to offer savings account interest rates that Main Street banks simply can’t match.

China crypto crackdown fallout; Politician turns influencer in Korea | The Daily Forkast

China’s miners prepare for migration and Hong Kong reacts to possible retail ban. Meanwhile a South Korean governor becomes a crypto influencer.

Bitcoin price plunges and altcoins sell-off as crypto market decline intensifies

Bitcoin and altcoin prices take heavy hits and sell-off deepens as more bad news, including a blatant DeFi exit scam, continue battering crypto markets.

Bank on change: DeFi’s challenge to traditional finance and fintech

As mainstream finance embraces decentralized finance, neither it nor its younger challengers are likely to escape the evolutionary forces at work.

Thailand’s The Brooker Group still bullish on crypto, planning US$3M investment in DeFi

The Booker Group announced that it now holds approximately US$35 million in crypto and plans to invest US$3 million into DeFi in Q2.

Chainlink joins Hedera council in push to link DeFi with traditional finance

Chainlink, a data oracle, has joined the Hedera Governing Council, which oversees the distributed governance of the Hedera network, an enterprise-grade public network for the decentralized economy.

Rejecting traditional finance, some firms now turn to DeFi for growth capital

DeFi project Maple Finance is launching a $17 million lending pool to provide crypto startups with capital. Is this the start of a DeFi credit underwriting trend?

China shuts banks, finance firms out of cryptocurrency business

China has slapped a ban on finance sector businesses, including payment firms, from offering cryptocurrency services.