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🪙 Uniswap gets $5.5bn bump from Ethereum ETF approval
Trading volume on decentralised exchanges surged to $11.2 billion on Thursday, the day the Securities and Exchange Commission approved a set of filings for spot Ethereum exchange-traded funds. Uniswap, the largest decentralised exchange, or DEX, especially benefited from the increase, generating $5.5 billion in trading volume on Thursday alone, with Ether accounting for nearly $3 billion of that volume.
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📊 DeFi markets surge in 2024 as capital inflows drive growth - Binance Research
2024 has seen a flood of capital into decentralized finance (DeFi), driving the total value locked (TVL) up by 75.1% year-to-date (YTD) to $94.9 billion from $54.2 billion at the start of the year, according to a report by Binance Research. The Yield sector, after a 148.6% increase to $9.1 billion this year, is now the eighth largest DeFi market by TVL. On-chain interest rate derivatives platform Pendle has seen incredible growth this year, up 1962% to $4.8 billion.
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📊 Defi TVL reaches its 2-year-high amid marketwide bull run
The total decentralized finance (defi) total value locked (TVL) is currently witnessing an impressive surge as the broader cryptocurrency market gains bullish momentum. According to data provided by Defi Llama, the total defi TVL increased by 9.1% in the past 24 hours and is standing at $105.63 billion at the time of writing. Notably, this is the first time since May 11, 2022, that the defi market value surpasses the $100 billion mark.
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🪙 Uniswaps Labs and Across Protocol introduce token standard ERC-7683 for better cross-chain interoperability
Uniswaps Labs and Across Protocol have introduced a new Ethereum token standard called ERC-7683 for better cross-chain interoperability. ERC-7683 aims to create a universal filler network for all cross-chain intents to follow in their order structure, tackling relayer fragmentation, Across Protocol explained on the social media platform X. Orders adhering to identical standards enable lower costs for fillers, a broader filler network for apps to use and lower costs passed onto users.
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📊 Value Locked in Defi Nears $100B Range Again After $11.89B Increase in 35 Days
Over the past 35 days, the total value locked in decentralized finance (defi) protocols has expanded by $11.89 billion, recovering from a low of just over $83 billion on April 13. Although ihttps://static.news.bitcoin.com/wp-content/uploads/2024/05/tvl.jpgt has not yet reached the $100 billion mark, the value locked in defi is approaching that milestone after hovering just below it.
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🪙 MakerDAO Founder Unveils Two New Stablecoins
Reconciling decentralization is the aim of MakerDAO’s endgame. At least according to the protocol’s founder, Rune Christensen. The latest phase of the Endgame was unveiled on May 15, when Christensen unveiled two new stablecoins: NewStable and PureDAI. Both tokens are meant to eventually replace DAI, which currently commands a $5.4 billion market cap, placing it in third overall for the sector.
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🪙 PancakeSwap offers to pay off interface fees for Uniswap users
Decentralized exchange PancakeSwap plans to pay for up to $8 million in fees traders have incurred on competitor Uniswap. Crypto traders who match their Uniswap v3 volume 1:1 on PancakeSwap v3 between May 16 and Aug. 15 will receive a full refund of their Uniswap interface fees. The reimbursement campaign comes shortly after Uniswap Labs hiked its interface fee from .15% to .25% for most swaps in April.
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🚨 Bitcoin DeFi Tool Alex Lab Loses $4.3M in Hack, Offers 10% Bounty for Stolen Funds
Bitcoin DeFi application ALEX Lab was drained of over $4.3 million in various tokens early Wednesday after a suspected private key compromise attacked its bridging service. Security researchers CertiK said the attackers likely caught hold of a private key that controlled ALEX’s XLink bridge, a service that lets users transfer tokens between different blockchains.
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📣 Mastercard and Kima Take One Step Closer to a ‘DeFi Credit Card’
Kima, the peer-to-peer money transfer and payment protocol, has taken a significant step forward in the fintech landscape by joining the FinSec Innovation Lab. This accelerator, spearheaded by Mastercard, focuses on fintech and cybersecurity advancements. Additionally, Kima has secured a grant from the Israel Innovation Authority (IIA) to support an ambitious project aimed at connecting decentralized finance (DeFi) applications with traditional fiat systems.
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📣 DeFi platforms Lido and Aave surpass Bitcoin and Ethereum in fee generation
Decentralized finance projects Lido and Aave generated more fees in the last 24 hours than top blockchain networks like Bitcoin, Ethereum, and Solana. According to DeFillama data, Lido accrued $2.34 million, while Aave amassed $1.85 million during this period. In contrast, Ethereum, Bitcoin, and Solana secured $1.84 million, $1.34 million, and $1.17 million, respectively, in fees.
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🪙 Uniswap Founder: Biden’s Election at Risk Due to Crypto Regulation Threat!
Uniswap founder Hayden Adams has made a bold statement regarding the cryptocurrency market, emphasizing the widespread adoption of digital currencies among adults. This assertion underscores the increasing relevance and impact of cryptocurrencies in today’s financial landscape. As more individuals embrace digital assets as a viable investment option, the traditional financial sector faces mounting pressure to adapt to this shifting paradigm.
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📊 AI-powered DeFi platform introduces token mints by placing orders
Brightpool Finance focuses on reducing entry barriers and enhancing price stability in the DeFi space through AI-calculated trading rewards and price-freezing features. Bitcoin has enjoyed some chill time, it is still not at the level desired by investors who seek to avoid unpredictable prices. Moreover, low liquidity in the decentralized finance (DeFi) sector, which has a market capitalization under $100 billion compared to Bitcoin’s $1.2 trillion, further increases price volatility.
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🇬🇧 UK’s FCA Seeks Balanced Crypto Regulation By Merging TradFi And DeFi Approaches
The UK’s Financial Conduct Authority (FCA) aims to strike a balance in regulating cryptocurrencies by merging the best elements of traditional finance (TradFi) and decentralized finance (DeFi). Matthew Long, the FCA’s director of payments and digital assets, emphasizes the necessity of this strategy for effective regulation during his speech at the FT Crypto and Digital Assets Summit on May 8.
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🇬🇧 FCA crypto regulators will take the best from TradFi and DeFi, says exec
The United Kingdom’s FCA has been combining different approaches to regulating the crypto market to see which one would work best. When it comes to regulating cryptocurrencies like Bitcoin , financial authorities in the United Kingdom aim to take the best of traditional finance (TradFi) and decentralized finance (DeFi), according to an executive at the Financial Conduct Authority (FCA).
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💰 Botanix Labs raises $8.5 million to build a Bitcoin-native DeFi ecosystem
Bitcoin development startup Botanix Labs has raised $8.5 million in a seed series funding round from Polychain Capital, Placeholder Capital, Valor Equity Partners and ABCDE to build a Bitcoin-native DeFi ecosystem. Angel investors, including Andrew Kang, Fiskantes, Dan Held, The Crypto Dog, Charlie Spears, Altcoin Sherpa, Dovey Wan, Jebus, Icebergy, Crypto ISO, Davis (a.k.a., “KarbonBased”), Walt Smith and Domo (creator of the BRC-20 token standard) also participated in the round, according to a statement shared with The Block.
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📊 Blast Blockchain Surges to Sixth Largest DeFi Network
The recently launched Blast blockchain has quickly ascended the ranks to become one of the most prominent players in the decentralized finance (DeFi) sector. According to data compiled by DeFiLlama, Blast Blockchain has surged in popularity, now ranking as the sixth-largest blockchain by DeFi assets. The total value locked (TVL) on the Blast network has soared to over $1.9 billion, positioning it just behind industry giants like Ethereum, Solana, Tron, BNB Chain, and Arbitrum.
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/channel/DeFi_Ethereum
🪙 Uniswap Challenges SEC Wells Notice, Defends Autonomous Protocol
Uniswap Labs has responded to the U.S. Securities and Exchange Commission’s Wells Notice, asserting that its protocol does not fall under the agency’s regulatory jurisdiction. The response emphasizes the autonomous nature of Uniswap’s decentralized finance (defi) technology and argues against the classification of its activities as operating an exchange or broker.
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🪙 Uniswap Labs responds to Wells notice, calls SEC's legal case 'weak and wrong'
Uniswap Labs, the developer of the decentralized exchange Uniswap, responded to the Wells notice issued against them by the United States Securities and Exchange Commission. The SEC alleges that the DEX acts as Uniswap Labs' unregistered securities exchange and unregistered securities broker-dealer, with UNI tokens representing an investment contract, Uniswap Labs noted in a Tuesday release.
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🚨 Nearly 75% of stolen funds via crypto drainers funneled into defi in 2023
Cybercriminals operating drainers have changed their strategy significantly, with the majority of stolen funds now flowing into decentralized finance (defi) protocols, a notable change from 2020 when centralized exchanges were the primary destination. Data from Chainalysis reveals that in 2023, nearly 75% of funds stolen via crypto drainers were funneled into defi, a stark contrast to 2020, where over 90% ended up in centralized exchanges.
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💰 Bitfinity Integrates EVM for Bitcoin DeFi with Runes
Bitfinity, a layer 2 Bitcoin protocol operating over the Internet Computer (ICP), has Deployed EVM to allow for the transaction of smart contracts and DefI apps on Bitcoin through Runes. Bitfinity EVM allows the developers to deploy BTC-centered Solidity smart contracts so they can transmit BTC, Ordinal, or Runes. This integration is to capitalize on the new Bitcoin protocol called Runes that enables the minting of fungible tokens on the Bitcoin blockchain.
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🆘 Solana DeFi Platform Pump.fun Suffers $2M Exploit
Pump.fun, a platform based on Solana, reported a loss of approximately $2M due to a flash loan attack. The hacker exploited Pump.fun’s bonding curve contracts by leveraging flash loans that allow borrowing large sums of money without collateral, as long as one pays within a single transaction. A crucial factor in the exploit was the apparent compromise of the private key associated with Pump.fun’s service account, 5PXxuZ.
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/channel/DeFi_Ethereum
🆘 Defi Protocol Sonne Finance Reports Major Security Breach, $20 Million Lost to Hackers
Sonne Finance, a decentralized liquidity market protocol, was hit by a cyberattack, with initial losses of $3 million in USD Coin and Wrapped Ethereum from its Optimism chain quickly escalating to $20 million, as detected by blockchain security firm Cyvers on May 15.
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🇪🇺 DeFi may struggle to stay decentralized after new EU law
DeFi’s exemption from MiCA regulation may fade as an update targets protocols with centralized components. The sector could split between hybrid and DeFi models. New regulations in the European Union may soon force decentralized finance (DeFi) protocols to make tough decisions. At the heart of the issue is the tendency of many DeFi protocols to have centralized front-ends and intermediaries.
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💰 Solana's Defi Landscape to Shift With Marginfi’s Introduction of YBX Stablecoin
The decentralized lending protocol built on the Solana blockchain, Marginfi, announced the upcoming launch of YBX, which is expected to be the first notable decentralized stablecoin on Solana, aiming to provide an alternative to the network’s heavy reliance on Circle’s centralized stablecoin usd coin (USDC).
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/channel/DeFi_Ethereum
💰 Institutions Likely To Show Interest in Bitcoin DeFi Applications
Bitcoin (BTC) is rapidly evolving. While the Bitcoin network has primarily been used for payment transactions, current activity appears to be resembling that of Ethereum during the height of decentralized application (Dapp) projects. The introduction of Bitcoin Runes and BRC-20 tokens – which emerged during the time of the fourth Bitcoin halving event – has likely sparked the evolution of Bitcoin-native decentralized finance (DeFi).
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🪙 Uniswap frontend is feeling the pressure since fee hike
Uniswap Labs increased the fee to swap on its interface from 0.15% to 0.25%. The fee applies to most, but not all, swaps that are executed using the Uniswap web interface and wallet. Traders can use aggregators, alternate UIs, or go directly through the smart contract to make swaps. When the fee was first introduced in October 2023, Uniswap founder Hayden Adams said it would allow his team to “continue to research, develop, build, ship, improve, and expand crypto and DeFi.”.
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📣 Crypto lending platform Nexo allocates $12M for ecosystem incentives
Crypto lending protocol Nexo is allocating 10 million NEXO tokens, worth $12.5 million at the time of publication, to its users. "Stack points, multiply your gains, and unlock more surprises," wrote Nexo developers on May 8 regarding the protocol's sixth anniversary. "The Nexonomics-inspired hunt is designed to reward new and existing users for exploring the Nexo ecosystem.".
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💰 2 Bitcoin L2 Projects Secure Investments to Enhance Bitcoin’s Defi Capabilities
On Tuesday, two Bitcoin-centric layer two (L2) initiatives successfully secured funding from strategic investors. Botanix Labs, a startup focused on developing a decentralized Turing-complete L2 EVM (Ethereum Virtual Machine), garnered $11.5 million. Meanwhile, the Bitcoin L2 ZKM attracted $5 million during a pre-seed investment phase.
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💰 Bitcoin-Backed Synthetic Dollar Promises High Yields for DeFi Users
Jakob Schillinger, founder and CEO of Hermetica, believes USDh will be a game-changer for Bitcoin DeFi. It will allow users to earn interest on their dollar holdings without leaving the Bitcoin network or relying on traditional financial institutions. This functionality caters specifically to Bitcoin enthusiasts who may be hesitant to venture outside the Bitcoin ecosystem. Hermetica is a DeFi protocol built on the Stacks blockchain, a layer-one solution designed to bring smart contract functionality to Bitcoin.
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/channel/DeFi_Ethereum