Whales profit mightily from lucrative DeFi yield farming: Data shows

Decentralized Finance has taken crypto by storm providing holders with a wide range of options to earn high-yield returns on their crypto and stablecoin holdings. DeFi has not only led to huge rallies in the prices of governance and reward tokens like YFI and LEND but it has also given way to a new-found interest in cryptocurrencies. The release of liquidity protocols like Uniswap and Curve gave way to an explosion in DeFi, with even institutional clients gaining interest in acquiring yield on their crypto holdings. Now, the subsequent explosion…

Rise of DeFi wars? Uniswap’s UNI token airdrop starts a crypto rivalry

Uniswap’s new UNI token has created a buzz in the DeFi world, with over 13,000 users claiming their tokens within three hours of its launch. This move was in response to SushiSwap’s decision to migrate almost $1 billion of funds from Uniswap through a “vampire mining” attack, which is the migration of an exchange’s funds/liquidity to another source. This move by SushiSwap essentially sparked one of the more important rivalries in decentralized finance, led by Sam Bankman-Fried, CEO of crypto derivatives exchange FTX. Sam briefly took over SushiSwap from its…

DeFi and security not mutually exclusive, say CertiK and Binance Smart Chain Reps

Keeping pace with the rapidly developing decentralized finance, or DeFi, niche within the crypto industry, major crypto exchange Binance has called on blockchain auditing company CertiK to beef up its platform’s security.  “The rapid innovation and experimentation of DeFi is what makes it so great, but speed should not compromise security,” CertiK’s chief operating officer, Daryl Hok, told Cointelegraph.  “We’re providing a way for early adopters to continue to reap the benefits without having to be the guinea pigs bearing the brunt of the risk. As security experts in the field,…

Mass DeFi adoption is 3–10 years away

The majority of DeFi projects believe the industry is far away from maturity, but they are sure that mainstream adoption is likely to occur. This was disclosed on Sept. 21 when Cointelegraph Consulting released the results of a DeFi survey in “DeFi Adoption 2020: A Definitive Guide to Entering the Industry.” The survey showed that 48% of the top projects in the DeFi space expect mainstream adoption to arrive after three to five years, while 8% believe it might take longer than 10 years. Of all the respondents, 89% agreed…

DeFi may not be like the ICO boom, but is that a good thing?

The crypto industry has boasted tremendous growth over the past year, largely thanks to the decentralized finance, or DeFi, boom. Some believe that the DeFi sector resembles the initial coin offering, or ICO, bubble of 2017. Others disagree, noting that the two eras are demonstrably different. “At least in the 2017 ICO bubble there was effort made to come up with an idea to write a white paper on,” derivatives trader, financial analyst, and YouTube host Tone Vays told Cointelegraph. “In the world of yield farming, you don’t even need…

Emin Gün Sirer’s $42 million blockchain for DeFi scaling has launched

Avalanche, a blockchain offering scalability to the world of decentralized finance took its mainnet live on Sept. 21.  “From Snowflake to Avalanche, the decentralized platform has come a long way, and its journey has only just begun,” Ava Labs said in a Sept. 21 statement on the mainnet launch. Ava Labs is the entity responsible for building the Avalanche blockchain and project. Emin Gün Sirer, ranked 52nd on Cointelegraph’s list of the top 100 people in crypto and blockchain, serves as Ava Labs’ CEO.  Avalanche runs its own consensus protocol, paving the…

How DeFi is completing the job Bitcoin started

In a broad sense, 2020 has been the year of the COVID-19 pandemic. As it charges toward 1 million deaths and over 30 million infections, governments have been found wanting. Our institutions have crumbled, leaders reacted too slowly, and all of the systems both in place and newly created to protect us — healthcare, aged care, testing, protective equipment supply chains, contact tracing, etc. — have collapsed. But 2020 has also very much been the year of decentralized finance, which has come to be known as DeFi. DeFi is crypto…

Equilibrium receives Web3 grant to develop its universal DeFi module

Decentralized finance startup Equilibrium has received a grant of $27,000 from the Web3 Foundation to develop its DeFi pallet and provide tools which enable other projects to migrate to the Polkadot platform. The updated pallet would enable the Equilibrium parachain to introduce a developer environment for DeFi applications. This will include an Ethereum Virtual Machine, aiming to attract Ethereum dApp developers, who can reuse their existing code. The Web3 Foundation offers grants of up to $100,000 to organizations who are developing new technologies. Equilibrium’s DeFi pallet is universal, can be…

Cointelegraph Consulting releases DeFi Guide to increase wider adoption

Many new users have been attracted to the explosive expansion of the DeFi sector in 2020, seeking to explore the growing selection of finance tools and applications. Not surprisingly, large barriers exist due to complexity, high transactional fees, not to mention the inherent risk of using these relatively new platforms. In an effort to simplify the user experience by providing a knowledge base, Cointelegraph Consulting has released DeFi Adoption 2020: A Definitive Guide to Entering the Industry. The guide features findings from Cointelegraph Consulting’s landmark survey distributed to DeFi projects…

ETH price loses ground, but network metrics say DeFi season not over yet

Ether has dropped around 30% from its 2020 high of $482 on Sept. 1 to $340 in five days. The drop in the price of Ether (ETH) and Bitcoin (BTC) was largely due to the rising dollar, which has stopped Bitcoin’s bull run in its tracks. Ether is still sitting at around $340, failing to recover its price ranges of August. As the price of Ether dropped significantly from the start of the month, several fundamental factors on the Ethereum network itself have changed. These include the movements and positions…