DeFi & Ethereum News

2022-10-30 11:41:02 ZkSync is working on Layer 3 blockchain for Ethereum

The Layer 3, still in the initial development phase, is aimed at further improving the scalability of zkSync's blockchain infrastructure. Matter Labs first announced it was working on Layer 3 in early October and originally named it Pathfinder. It has now renamed the project to Opportunity.

Opportunity will be an additional off-chain computation layer on zkSync's Layer 2 main network. Building on top of zkSync, the Layer 3 is meant to help lower Ethereum scalability and gas costs. Matter Labs said “zkSync’s EMV-compatible Layer 3 proof of concept ‘Opportunity’ will come to life in the first quarter of 2023, bringing a starfield of 10X moments to Ethereum.". The team plans to release a proof of concept for its Layer 3 in the first quarter of 2023.

Source

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2022-10-29 08:40:02 CFTC commissioner warns of 'parallel themes' to 2008 financial crisis in crypto market

Another leader at the Commodity Futures Trading Commission is urging for more regulatory power over crypto markets. Christy Goldsmith Romero, a CFTC commissioner, warned of increasing "contagion risk" in crypto markets in a speech in New York yesterday.

The vulnerabilities seen during this beginning of what some call the 'crypto winter' warn of growing intra-market risks, with parallel themes seen in 2008," she said. Her comments referred to the financial crisis caused in part by opaque swaps markets, while pointing to calamitous market events like the collapse of stablecoin TerraUSD and private fund Three Arrows.

Source

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2022-10-28 09:33:02 Kazakhstan's central bank to test BNB Chain for its digital currency

The National Bank of Kazakhstan (NBK) has agreed to test Binance's blockchain network BNB Chain for potential integration into the country's central bank digital currency (CBDC), the exchange giant said. The development comes shortly after Binance received a license to operate in Kazakhstan.

Binance recently met with two NBK officials — deputy governor Berik Sholpankulov and head of payment and technological center Binur Zhalenov — Binance CEO Changpeng Zhao tweeted on Wednesday. The company introduced the two officials to the BNB Chain community to discuss testing the blockchain integration in digital tenge, according to Zhao. it is expected to make a final decision on the implementation.

Source

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2022-10-27 07:48:02 Blockchain.com launches Visa debit card with 1% cashback in crypto

Crypto exchange Blockchain.com has introduced a Visa debit card available to U.S. residents. The card will let users pay with their crypto or fiat balance, giving them 1% back in crypto with every purchase. There are no sign-up or annual fees. It will be rolled out in more countries starting in 2023.

At Visa, we believe for crypto adoption to grow, it's critical for it to be easily accepted everywhere," said Cuy Sheffield, head of Crypto at Visa. "We're excited to partner with leading crypto wallets and exchanges like Blockchain.com to unlock more ways consumers can use their crypto for everyday purchases. Other crypto companies have launched similar products, including FTX, Coinbase, and BlockFi.

Source

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2022-10-26 09:20:04 Ribbon Finance mulls new DeFi lending pools for institutional borrowers

Ribbon Finance, a DeFi protocol that offers investors access to crypto structured products, is considering a second round of lending pools for its DeFi lending product Ribbon Lend. The governance proposal stated that the four firms under consideration have already been vetted.

The Ribbon community is considering onboarding a new set of institutional borrowers, according to a new governance proposal on the project’s forum. Four firms are currently under consideration: Parallel Capital, Amber Group, Auros, and Nibbio. Out of these four, the community will vote to select two of them. Ribbon Finance will then create two new lending pools for the selected institutional borrowers.

Source

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2022-10-25 08:35:04 DeFiLlama Launches Strategy Finder For Better DeFi Yield Farming Opportunities

Decentralized finance (DeFi) data platform DeFiLlama has launched a new product to enable token farmers to find better yield farming opportunities. The system leverages the platform’s large database to seek out opportunities where users can borrow tokens to farm with them. With the new system, it claims that yields greater than 20% are attainable with BTC, ETH, and USDC.

DeFiLlama offers the strategy finder for free on its website. However, the caveat is that many of the suggested tokens have low liquidity and potential associated risks. Another strategy suggested was to arbitrage against a yield generator. Users can supply Ethereum to borrow DAI and then deposit into Reaper Farm for around 16% returns. DeFiLlama said there were thousands of similar strategies allowing users to maintain exposure to the original assets.

Source

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2022-10-24 08:59:02 Web3 Ecosystem to Add $1.1 Trillion to India's GDP by 2032: Report

India has emerged as a leading global player in the Web3 market, a new report by Nasscom states. Web3 investments in the country grew 37 times from the start of 2020 to Q1 2022 and $1.1 trillion in Web3 economic value is projected to be added to India’s GDP by 2032.

Nasscom published a report titled “The India Web3 Startup Landscape: An Emerging Technology Leadership Frontier” Wednesday. Established in 1988, Nasscom is a non-profit industry association for the technology sector in India. The organization has more than 3,000 members, representing 90% of the industry’s revenue, its website details.The total number of Web3 startups in India as of the first half of this year was more than 45.

Source

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2022-10-23 07:33:02 OlympusDAO Suffer $300K Exploit, White Hat Hacker Returns All Funds

Users of OlympusDAO had a brief scare yesterday. After a hacker made off with 30,000 OHM tokens, equivalent to $300K, and then returned the funds. The hacker, appears to be a white hat. Took advantage of a bug in the smart contract for the new product, OHM Bonds.

According to PeckShield, it appears that the “BondFixedExpiryTeller contract has a redeem() function that does not properly validate the input.” However, the blockchain security company clarified that Bond Protocol wrote the affected smart contract. OlympusDAO is a decentralized reserve currency protocol that launched last year. It recently started testing its OHM Bonds product. Following the exploit, the DAO informed members of the hack in the Discord server.

Source

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2022-10-22 08:58:02 TradFi policies ‘inadequate’ for treating DeFi, claims EU Commission study

Recognizing the difference in the way DeFi structures information compared to traditional finance, the report on approaches to the regulation and supervision of decentralized finance says that "standard policies [are] inadequate to the treatment of DeFi services." As a response, it breaks down a taxonomy of policy proposals.

Firstly, the report proposes to have a separate policy to regulate the activity of legal entities based on micro-prudential requirements. This would apply to “entities that were legally subjected to the authority of standard public institutions,” according to the report.The third is a public observatory based on public opinions and on-chain data. “Such an institution would deploy public investigations and issue opinions.

Source

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