After capturing $66.5 billion in May, decentralized exchange (dex) trade volumes have fallen for four consecutive months, with August statistics reaching a 2023 low of $41.7 billion. Metrics for the first half of September do not show improvement, with decentralized exchange trade volumes at about $16.96 billion as of September 18, 2023. Dex Volumes Nosedive…
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Critics often overlook the inconvenient fact that “decentralized” blockchains in fact depend on centralized points of failure that have the potential to corrupt entire ecosystems. One of the laziest and most frustrating criticisms of digital currencies — particularly Bitcoin (BTC) — is when pundits liken it to a pyramid scheme dependent on the “greater fool”…
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Over 20 days, 640,000 ETH valued at just over $1 billion was added to liquid staking derivatives platforms. Additionally, the amount of ether staked in such protocols is approaching 12 million, with 11.97 million total value locked (TVL) as of September 15, 2023. Ethereum Staking Platforms Race to 12M Ether With $1B Boost Ethereum-based liquid…
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The Finance Ministry in Moscow is pushing to legalize decentralized financial organizations to attract capital to Russia’s regulated market for digital assets. The department hopes this would allow some of the liquidity in the decentralized finance (defi) and crypto space to be invested in Russian digital financial assets (DFAs). Russian Government Looks to Defi Space…
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In a bold move amidst the cryptocurrency market’s recent volatility, US-based trading platform Robinhood has significantly increased its Shiba Inu (SHIB) tokens holdings. Despite the native token of the Shiba Ecosystem experiencing a downturn, Robinhood has added over 800 billion SHIB tokens to its portfolio. Robinhood’s SHIB Portfolio Hits The Trillions On August 30, crypto…
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The CEO of the cryptocurrency exchange Coinbase has encouraged decentralized finance (defi) protocols to fight regulators in court if they face regulatory crackdowns. He stressed that the Commodity Futures Trading Commission (CFTC) “should not be creating enforcement actions against decentralized (defi) protocols,” emphasizing that they are not financial service businesses. “The only thing this is…
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Oracles are entities that enable various functions in blockchain structures by providing access to legacy or offchain information systems, acting as data ports for decentralized finance applications. These oracles act as information providers for tasks that require either the posting of data or require data to complete specific tasks. What Are Oracles? In ancient times,…
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Trading volumes associated with CRV, the governance token of Curve, a stablecoin decentralized exchange (DEX), is down 97% barely two months after it was hacked in late July 2023. According to Kaiko, CRV’s trading volume in centralized exchanges, especially Binance, where the token is actively traded, fell from nearly $300 million in late July to…
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21.co, the parent company of crypto exchange-traded products provider 21shares, has introduced a suite of wrapped tokens pegged to top crypto assets across multiple blockchains. The wrapped tokens are designed to increase liquidity and interoperability between different crypto networks. 21co Launches Wrapped Tokens for Cross-Blockchain Liquidity and Security A wrapped cryptocurrency is a digital asset…
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The U.S. Commodity Futures Trading Commission (CFTC) has issued orders against the operators of three decentralized finance (defi) protocols. The regulator accused them of committing various violations of commodity laws including illegal trading of digital asset derivatives. U.S. Commodities Regulator Settles Charges Against Defi Protocols Opyn, Zeroex, Deridex The CFTC has taken action regarding three…
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