DeFi Updates

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2024-04-10 10:25:18 Filecoin’s Second Largest DeFi Protocol Team Under Investigation by Chinese Authorities

STFIL, a leadership liquid staking platform for Filecoin (FIL), finds itself caught up in controversy white its core technical team faces investigation by local Chinese authorities. The platform has hired lawers to assist the individuals currently in detention. In an official state, the STFIL disclosed that while the core technical team was under determination, FIL tokens on the platform were transferred to an "unknown, external address."

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2024-04-09 21:29:02 Portal DeFi Announces Plans to Integrate Stacks into Portal DEX and Enable Cross-Chain sBTC Trading

Portal DeFi, the first trust-minimized, Layer 2 cross-chain that involves no bridges, custody or wrapping, today announced plans to integrate with Stacks, the leading Bitcoin Layer 2 technology that enables smart contracts and decentralized applications to use Bitcoin as a secure base layer. The integration will bring sBTC, a 1:1 Bitcon-backed asset on the Stacks layer that enables smooth movement of BTC from Layer 1 to Layer 2 and back while remaining decentralized, to the Portal DEX Network.

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2024-04-09 11:04:52 Frax Finance dives into DeFi liquidity with $250M USDe allocation

Decentralized finance (DeFi) lending protocol Frax Finance has recently passed a community governance proposal that greenlights a $250 million allocation of Ethena Labs’ USDe to a new liquidity pool. As part of Frax’s Singularity Roadmap, the proposal enables the creation of an automated market operation (AMO) that will allow the minting of new FRAX tokens backed by overcollateralized debt. The proposal was approved on April 5.

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2024-04-08 22:24:53 DeFi Firm 1inch Introduces Web3 Debit Card in Partnership With Mastercard and Baanx

Decentralized exchange (DEX) aggregator 1inch Network has created a Web3 debit card in partnership with crypto card developer Baanx and powered by payments giant Mastercard, the companies said on Monday. The 1inch Card will allow users to use their crypto for online and in-person purchases and make cash withdrawals at supported ATMs through seamless crypto-to-fiat conversion, according to a press release. Baanx’s “Crypto Life” card is also used by crypto storage firm Ledger.

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2024-04-08 11:19:53 Slash and dYdX Japan Partner to Boost DeFi Adoption in Asia

Decentralized payment protocol, Slash has announced a joint marketing event with the perp DEX platform dYdX Japan. This collaborative effort aims to foster business development and drive cryptocurrency adoption in the Asian market. The campaign, running from April 3 to April 17, offers an exciting opportunity for participants to win exclusive dYdX branded merchandise. Five lucky winners will be selected through a lottery system, with the results announced after the campaign concludes on April 17.

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2024-04-07 21:51:55 Aave contemplates fee distribution in DeFi shake-up

A proposal may be in the works at the decentralized lending platform Aave as deliberations about the activation of a “fee switch” to distribute fees to holders is set to get underway, according to Aave Chan Initiative founder Marc Zeller. Zeller said, “Temp check to activate ‘fee switch’ next week,” after noting that Aave DAO — the community-driven decentralized autonomous organization (DAO) behind the Aave platform — current net profits total about $60 million per year.

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2024-04-07 11:11:54 MiCA Interpretation Threatens to Limit DeFi for Regular Users

The European Union’s (EU) regulatory landscape for cryptocurrency could be on the verge of a significant shift, potentially impacting everyday users’ access to decentralized finance (DeFi). Rune Christensen, co-founder of the MakerDAO project, a prominent DeFi protocol, has raised concerns about a strict interpretation of the Markets in Crypto Assets (MiCA) regulation. Christensen suggests that under a specific interpretation of MiCA, DeFi frontends, user interfaces that make interacting with DeFi protocols easier, might require licenses to operate within the EU. This, he argues, could have a crippling effect on DeFi adoption in the region.

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2024-04-06 21:01:54 Restaking Emerges As Ethereum’s Second Largest DeFi Sector

The study highlights EigenLayer’s restaking protocol as an important component for new services and middleware on the Ethereum network, potentially offering significant ETH rewards for validators in the future. Ethereum’s proof-of-stake (PoS) consensus mechanism is the largest economic security fund in the crypto space, with nearly $112 billion. While validators securing the network traditionally earned base rewards on locked-up ETH, the introduction of liquid staked tokens (LSTs) paved the way for participants to engage with DeFi by trading or leveraging their staked assets.

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2024-04-06 14:24:55 BTCFi innovation to match Ethereum DeFi in the future — MerlinSwap co-founder

Bitcoin decentralized finance (DeFi), or BTCFi, is a recent paradigm seeking to bring DeFi capabilities to the world’s first blockchain network. Provided that its current adoption rate continues, BTCFi could match the innovation of Ethereum-based DeFi in the future. Showcasing investor demand for Bitcoin-native DeFi applications, decentralized exchange (DEX) MerlinSwap raised 6,599 Bitcoin worth $480 million during its initial DEX offering (IDO) on April 5. The IDO attracted over 52,000 participants.

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