2021-10-22 20:02:22
Happy Friday Nimbus community,
The DeFi industry has reached yet another milestone — the value of assets used in the ecosystem reached $100 billion for the first time. It may sound crazy but lending on cryptocurrency platforms rose 14.9% from last week to $50.7 billion, according to the latest data. Cryptocurrency exchange transactions on DeFi networks, on the other hand, surged 8.6%. Finally, the number of Bitcoin used in decentralized finance rose 8% to 209,575 from 194,130 a week earlier, whereas the number of Ethereum used went up by 3.5%.
This spike of interest could be explained by the approval of the first U.S. bitcoin futures exchange-traded fund. The long-awaited ProShares ETF will offer exposure to bitcoin futures contracts — agreements to buy or sell the asset later for an agreed-upon price — rather than bitcoin itself. Thus, now anyone can get exposure to Bitcoin in his or her brokerage account. Yet, we find it important to mention that the ETF charges 0.95% a year. Would you invest in ProShares ETF that does not actually own Bitcoin?
Finally, on October 20, the PancakeHunny suffered a flash loan attack that targeted the Hunny TUSD Vault. As a result, the platform lost 388 BNB and 1.7 million TUSD (approximately $ 1.9 million). Curiously, PancakeHunny’s smart contracts were audited by Certik, one of the leading blockchain security companies in the industry, yet it fell victim to such an exploit.
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