NFT News

2021-06-10 21:12:58 DeFi derivatives could be illegal, CFTC commissioner says

DeFi markets for derivatives - i.e., futures contracts - could be illegal under the Commodity Exchange Act, a U.S. law that regulates such products and requires that they be traded only in regulated contract markets (DCM), Commodity Futures Trading Commission (CFTC) Commissioner Dan Berkowitz said in a speech at the Asset Management Forum.

In addition to legality, Berkowitz also expressed concern that DeFi markets that trade derivatives may not have the same protections as their centralized counterparts. He said regulated financial institutions are legally obligated to protect client funds, and intermediaries exist to ensure that clients don't lose their money if one entity in the market collapses. Open / Comment

2021-06-08 07:24:47 Synthetify synthetic asset protocol announced list of investors

Solana blockchain-based synthetic asset protocol Synthetify has announced a list of investors, including Solana Foundation, Alameda Research, CMS, DeFi Alliance, BuidlHodl Capital, Divergence Ventures and ei ventures. The amount of funding and its uses have not been disclosed.

"We are pleased to announce some of our investors. We are happy that such a company has come our way to help us develop a better platform for synthetic assets!", the developers write.

The developers position Synthetify (SNY) as "the new protocol for managing your synthetic assets." The Synthetify platform allows you to create, exchange and burn synthetic assets based on prices provided by a decentralized oracle system. Open / Comment

2021-06-04 09:30:26 Solana-based DeFi Zeta options platform integrates Pyth oracles

Zeta, DeFi's Solana-based options mortgage platform, has announced that it is integrating the Pyth Network's price oracle machine.

The announcement says that using Pyth, Zeta can access high-frequency price data to create a "fast onchain option pricing and clearing system."

The developers of Pyth claim that their oracle network "is being created by some of the largest companies in traditional finance and DeFi with the goal of providing DeFi with the infrastructure to support significant market growth." This, they say, requires legally authorized access to unique data sets, update rates of less than a second, sophisticated output and aggregation methods, and a careful system of incentives to prevent false or malicious data leaks. Open / Comment

2021-05-28 23:28:56 Hackers removed $7.2 million worth of crypto assets from DeFi BurgerSwap protocol

Another major DeFi protocol based on Binance Smart Chain was hacked. Hackers took about $7.2 million out of the BurgerSwap protocol with a quick credit attack. According to a statement from the developers of BurgerSwap on Twitter, the protocol was attacked using fast credits, a fairly popular method among hackers to extract crypto assets from DeFi protocols.

In a statement, the developers of BurgerSwap say they will try to reimburse users for all losses, which have so far totaled about $7.2 million.

Quick credits allow anyone with even a small amount of assets to access large sums of money within a short period of time. Thus, attackers can manipulate the prices of tokens in the project's vault by distorting the data provided by the platform's oracle, as well as the DEX from which it obtains that data. Open / Comment

2021-05-26 09:16:38 Yearn.Finance lending protocol token up more than 76%

Decentralized Finance, or DeFi, a sector of the cryptocurrency market is making serious leaps on Monday. The Yearn.Finance lending protocol token was up more than 76%. In addition, UNI, the symbol of the leading decentralized exchange by volume, Uniswap, was up 54%.

According to TradingView, both Yearn.Finance and Uniswap have had triple-digit percentage gains so far in 2021, but market volatility has actually boosted some of their juicy profits. For example, Uniswap was up more than 700% in early May before plummeting, then recovering with the crypto bull market on Monday.

According to data aggregator Dune Analytics, trading volumes for Ethereum-based decentralized exchanges hit record highs in May, with total trading volume well over $100 billion. Open / Comment