Crypto Users Could Soon Receive Interest From Two DeFi Protocols at Once

The Aave lending protocol introduced a new market based on Uniswap liquidity tokens, which lets depositors borrow assets against these synthetic tokens. The Uniswap market was launched and announced on May 28, and it lets holders of specific liquidity tokens use them as collateral to borrow crypto assets from the protocol. Each liquidity token represents ownership in a Uniswap liquidity provider pool, and they can be redeemed for the actual tokens at any point.  Liquidity providers receive a portion of the trading fees acquired by the Uniswap protocol, making it…

Torus Launches Key Management System to Streamline DeFi

Crypto key management platform, Torus, has launched its non-custodial key management solution DirectAuth — enabling streamlined log-in experiences for web3 applications. DirectAuth builds on top of the Torus Wallet, which facilitates one-click logins for decentralized applications, or dapps. The addition of DirectAuth allows persistent logged-in action, streamlining transactions and signing from within a single app. DirectAuth utilizes multi-party computation, or MPC, for distributed key generation. Users can also send ERC-20 and ERC-721 tokens to Google emails, Reddit usernames, or Discord IDs through Torus. Torus wants to streamline Web3 experiences Speaking…

After a Slow Start, Tether Sees Increasing Usage in DeFi

Tether (USDT) usage in decentralized finance (DeFi) appears to be growing, as lending protocol Aave reports over $7.2 million in USDT locked, out of a reported $60 million in total assets. This result comes two months after the initial launch of Tether on the platform, which offers a wide range of other stablecoins including Dai (DAI), USD Coin (USDC), sUSD and TrueUSD (TUSD). Tether says that a notable portion of that usage is made of flash loans, a loan that does not require collateral as long as it’s returned in…

Venture Firm Proposes ‘DeRisking as a Service’ for Safe DeFi Launches

Ken Deeter, a partner at crypto venture firm, Electric Capital, proposed a pragmatic approach to ensure decentralized finance, or DeFi, projects are not exploited due to bugs in the system. In an article published on May 27 through the Electric Capital blog, Deeter calls for DeFi projects to introduce “better risk management.” This largely comes as a response to the many hacks and protocol failures that occurred in recent months, like the temporary theft of $25 million from the dForce protocol. Deeter believes that DeFi should adopt some of the…

Stablecoin Race to Begin When Wall St Embraces DeFi

Investor, early crypto adopter, and CEO of Gemini exchange, Tyler Winklevoss, predicted that competition between stablecoins will really begin once Wall Street moves into decentralized finance, or DeFi, during a recent interview with The Defiant’s Camila Russo. However, despite his optimistic outlook for DeFi, the Gemini co-founder asserted that the crypto industry currently does not offer a killer app that is driving adoption from outside of the virtual currency community. Inter-stablecoin competition hasn’t even began In an interview with The Defiant, Tyler Winklevoss predicted that the real race between stablecoins…

DeFi Exec Believes Crypto Community Mostly “Short-Term Thinkers”

In an interview with Cointelegraph, Alex Mashinsky, the founder of the decentralized finance app Celsius Network, took aim at the crypto community for becoming fixated on short-term profiteering and failing to drive mass adoption. Mashinsky urged the community to capitalize on the opportunity to redefine money and finance offered amid the deepening global economic crisis. Mashinsky dismisses Bitcoin in 2010 Celsius is Mashinsky’s eighth company, with his prior seven ventures including two unicorn start-ups that raised over $1 billion combined. He holds patents for Voice over Internet Protocol from 1994,…

Binance and Eosfinex Join EOS DeFi Protocol to Handle Smart Contract Upgrades

Equilibrium, an EOS-based decentralized finance, or DeFi, project similar to MakerDAO (MKR), is adding four block producers to its governance system, most notably Binance. Other members include Eosfinex, an EOS decentralized exchange affiliated with Bitfinex, as well as stand alone block producers EOS Nation and EOS Cannon. The group of four will act as “governance supervisors” for the system. Their primary purpose is to sign off on smart contract upgrades for Equilibrium. As Alex Melikhov, the CEO of Equilibrium, told Cointelegraph, this leverages a distinctive EOS feature: “One of the…

Blockchain Intelligence Firm Wants to Prove Tim Draper Wrong on DeFi

The latest research from Flipside Crypto purports to disprove Tim Draper’s assumption that the advancements in DeFi will displace the U.S. dollar as the world’s reserve currency. The report starts off by quoting Draper: “The DeFi world is almost as technologically advanced as the dollar, and when it is, there will be no one who will want to accept politically manipulable currencies like dollars anymore.” Not fiat replacement The report focuses on two stablecoins: crypto-backed Dai (DAI) and fiat-backed USDC (USDC). It comes to the conclusion that stablecoin users are…

DeFi Options Platform Hegic Shuts Down Again

Just weeks after a typo in the platform’s code base, Hegic has shutdown again after a trader exploited a hole in the system’s design. The DeFi news category was brought to you by Ampleforth, our preferred DeFi partner Share this article Hegic Options’ revival was short-lived after the protocol succumbed to a design flaw. Andrew Kang revealed that there was a defect in Hegic’s design that allowed older liquidity providers to pocket a profit without fulfilling their obligations.  DeFi Project Hegic Suffers Poor Game Theory Hegic Options was forced offline…

Many People Know About DeFi, But Few of Them Use It

Cryptocurrency price aggregator CoinGecko conducted a survey with almost 700 of its users to learn more about the trends in decentralized finance (DeFi). The report, published on May 20, highlights that many cryptocurrency users heard about DeFi and some of its better known projects, but few of these are actually using it. Out of its sample of 694 respondents, only 11% said they haven’t heard anything about DeFi.  Unsurprisingly, the most well-known and used DeFi app — as defined by CoinGecko — is MetaMask. About 72% of respondents heard of…