DEFI
Decentralized Finance, DeFi as a concept is to be able to offer almost all the financial services available with legacy and centralized institutions, typically banks, but on the blockchain. Whatever traditional services financial institutions provide can be expected to be offered through DeFi. In short, Defi is blockchain-based financial services that traditional financial services map into, creating new services or derivatives stemming from blockchain's unique features. Although we have had concepts like distributed computing and decentralized computing for decades, DeFi is in fact a new concept and an expansion of the application scope of blockchain as infrastructure.
PancakeSwap's CAKE Token Skyrockets by Over 50%
PancakeSwap's CAKE token experienced a 50% surge in a week, thanks to strategic token burn and a new supply cap proposal, marking a significant DeFi milestone.
Lido DAO Faces Class-Action Lawsuit Over LDO Token Alleged to be Unregistered Security
A class-action lawsuit against Lido DAO alleges its LDO token is an unregistered security, claiming responsibility for investor losses following the token's price decline.
Yearn.finance Appeals to Arbitrage Traders for $1.4 Million in Recovery Funds After Multisig Error
Yearn.finance seeks the return of $1.4 million from traders after a multisignature scripting error drained its treasury.
SushiSwap CEO Proposes New Token Model
SushiSwap's CEO, Jared Grey, is leading a community proposal to revamp the platform's tokenomics, aiming to improve reward efficiency, recalibrate incentives, and diversify revenue streams.
Australian Taxation Office Clarifies CGT on DeFi and Crypto Wrapping
The Australian Taxation Office has issued guidelines on the capital gains tax implications for decentralized finance activities and crypto token wrapping, following a recent security breach.
Uniswap's Front-End Fees Surpass $1 Million
Uniswap's front-end fees exceed $1 million in 24 days, contributing 17.4% to its total fees, with an estimated annual revenue of $15.2 million.
Curve Founder Proposes Venus Protocol Deployment on Ethereum Mainnet
Michael Egorov of Curve Finance proposes launching Venus Protocol on Ethereum Mainnet, incorporating Curve's stablecoin crvUSD and CRV as collaterals, with community support for growth.
Aptos Unveils Winners of the Singapore World Tour Hackathon
Aptos Network announced the winners of its #AptosWorldTour Hack Singapore on October 27, 2023, showcasing 14 innovative projects across five tracks, including NFTs, DeFi, Infrastructure, and Web3 x AI, with winners like @IntoTheVerse_, @aptospayment, dAptoRator, @EconiaLabs, and @aptscan_ai.
Chainlink Unveils Constellation: A Grand Hackathon Event
Chainlink announces its largest hackathon, Constellation, from November 8 to December 10, 2023, with a $350,000 prize pool across seven core tracks. This event follows the trajectory of growth from Chainlink's inaugural hackathon in 2020. The hackathon is open to Web3 engineers of all experience levels and covers a broad spectrum of blockchain applications. It not only serves as a competition but a learning platform offering extensive educational resources and technical support to participants.
dYdX Transitions to Public Benefit Corporation
dYdX Trading Inc. has updated its charter to become a Public Benefit Corporation on 17 October 2023, as announced by its founder, Antonio. This move aims at aligning the company more closely with the web3 community, promoting global economic and technological advancement through open-source and decentralized crypto asset exchanges. This transition, a first of its kind in the DeFi sector, enables dYdX to balance shareholder value with public benefit.
Fantom Foundation Wallets Compromised in Suspected Chrome Exploit
Fantom Foundation's wallets were reportedly compromised with a suspected Google Chrome zero-day exploit. While the breach resulted in a loss of $550K from the Foundation's funds, over 99% of their assets remain secure. The attacker demonstrated expertise in the DeFi ecosystem, with total gains estimated at $6.7 million.
Platypus Recovers 90% of Stolen Funds from Recent Exploit
Platypus DeFi protocol has recovered 90% of the funds stolen in the recent 12 October 2023 exploit, reducing the net loss to about 18,000 AVAX. The protocol acknowledged the community's support in swiftly resolving the crisis and is making arrangements for the withdrawal of liquidity providers. Amidst ongoing investigations and enhanced security measures, Platypus continues to work on a compensation plan for affected users from previous attacks.
Uniswap V4 Open-Source Directory Sparks Controversy Over New KYC Hook
A newly revealed open-source directory for Uniswap v4 hooks has stirred a debate within the crypto community over a KYC verification hook. This hook enables KYC checks on users before trading in token pools, resonating with the standard financial practice to mitigate money laundering and other illicit financings. The KYC hook, an opt-in feature introduced by a community developer, necessitates an NFT for verification completion, marking a notable intersection of regulatory compliance and decentralized finance as global governmental scrutiny over DeFi intensifies.
UAE and OKX Unveil Framework for Metaverse Self-Governance
The UAE AI Office, in collaboration with Web3 tech firm OKX, has released a whitepaper on a "Responsible Metaverse Self-Governance Framework" to address the growing influence of the metaverse and the need for standardized operational guidelines. The report stresses international cooperation for establishing self-regulatory principles ensuring transparent, safe, and ethical metaverse operations.
Cobo Argus Boosts DeFi Strategies Security via Chainlink Price Feeds Integration
Cobo Argus has integrated Chainlink Price Feeds on Arbitrum mainnet to bolster its automated DeFi strategies, enhancing security and facilitating swift fund withdrawals during token depegs. This collaboration with Chainlink also underscores Cobo Argus's commitment to providing fortified, efficient on-chain DeFi management solutions.