Record $113M BUSD stablecoin inflow shows Binance is serious about DeFi

New data from CryptoQuant, an on-chain analytics firm, shows $113 million worth of Binance USD (BUSD) has flowed into Binance exchange over the past week. This means BUSD stablecoin now has the highest potential buying power over all other USD-based stablecoins except for Tether (USDT). BUSD inflow to Binance. Source: CryptoQuant Binance’s new USD-backed stablecoin is ERC-20-based and was launched in 2019 in partnership with Paxos. Since then, BUSD has steadily been gaining traction as its volume increased and recently surpassed that of USD Coin (USDC) on Sept. 4.   Main…

Polkadot DeFi developers may soon get a new oracle provider with historic data

Distributed storage project Bluzelle will be collaborating with the Web3 Foundation to bring its oracle system for use in the Polkadot decentralized finance ecosystem. The project formally announced on Sept. 15 that it would integrate its services with the Polkadot network, specifically its price oracle solution that could be used by DeFi projects building on the network. Bluzelle is a distributed database system featuring a set of validators committing their stake to ensure the validity of the data and associated changes. The project has recently turned to the oracle space,…

Curve, Aave, Synthetix and 7 others join Global DeFi Alliance

Huobi’s decentralized finance (DeFi) consortium — dubbed the Global DeFi Alliance — has welcomed 10 new members — bringing its total membership to 15. The new members comprise DeFi heavyweights Curve Finance, Aave, Synthetix, Balancer, Loopring, Zapper, Zerion, Bitpie, Mykey, and CoinGecko. They join founding members Maker Foundation, Compound, NEST Community, dYdX, and Huobi DeFi Labs to explore “cross-border collaboration opportunities” and promote the development of the DeFi ecosystem. The Global DeFi Alliance launched one month ago, describing its mission as driving collaboration between decentralized finance projects from both the…

More than $1B in Bitcoin has been tokenized for DeFi

More than $1 billion worth of Bitcoin (BTC) has now been tokenized to access decentralized finance (DeFi) protocols on the Ethereum (ETH) network. That’s equivalent to the entire total value locked (TVL) in DeFi less than four months ago. According to DeFi Pulse, roughly 98,300 BTC, worth $1.05 billion, has been tokenized using protocols other than Blockstream’s Lightning Network — equating to more than 12% of the DeFi’s sector’s $8.57 billion combined capitalization. Number of Bitcoins locked in DeFi protocols: Defi Pulse The milestone illustrates the increasing popularity of ETH-based…

Crypto.com views Chainlink integration as a gateway to DeFi

Crypto.com (CRO) is adding Chainlink’s price feeds to its DeFi wallet as it begins expansion into the booming space. The company chief operating officer Eric Anziani told Cointelegraph: “I would say with the partnership with Chainlink is kind of our first integration with a DeFi protocol, it brings value to our customers in terms of providing transparency in the prices that we’re giving them in our DeFi wallet and also making sure our ecosystem token CRO can be integrated into the external protocol by building a price feed for CRO…

DeFi platform bZX sees new $8M hack from one misplaced line of code

The Fulcrum DeFi protocol developed by bZX, which had recently relaunched after a series of hacks in February forced the team to regroup, was hacked once again to the tune of about $8 million. According to the incident disclosure by bZX, the culprit is one line of code placed at the wrong location in the contract for its “iTokens,” the token representing a user’s share in the pool of supplied assets — essentially a tokenized deposit balance. A fix was quickly deployed to prevent further occurrences. As Anton Bukov, chief…

The evolution of DeFi and its unique token distribution mechanics

As in most technical domains, evolution in the crypto industry moves in waves. The first wave was the building of layer-one blockchain solutions and infrastructures like Bitcoin (BTC) and Ether (ETH). The second wave was the ICO boom. As this draws to an end, there have been multiple speculations on what the next wave in crypto will be.  Some predicted that security token offerings and initial exchange offerings would be the next big thing, but this did not come to pass. Others believe in layer-two scaling solutions like Plasma and…

Elastic Finance makes its case in the DeFi discussion

The DeFi frenzy has been making the headlines in the last few months, as crypto exchanges rush to list popular tokens within the decentralized finance sphere. However, another concept called “Elastic Finance” has emerged, which could be the next generation of financial platforms that can use unique supply elastic assets, said an expert. During an interview with Cointelegraph, digital asset protocol firm Ampleforth Foundation CEO Evan Kuo said that Elastic Finance began with its own token, AMPL, a rules-based elastic digital currency that automatically translates price volatility into supply volatility.…

DeFi carnage, Chef Nomi’s admission and $625K prize to crack Monero

Coming every Sunday, Hodler’s Digest tracks every important crypto news story from the previous week. Essential reading for all Hodlers!   Top Stories This Week   DeFi goes boom as top tokens crash by 50% — But enjoy a sudden rebound It was an industry that looked like it was overheating for some time, and finally, at least for a short while, it appeared that the DeFi bubble had well and truly burst. Half a dozen major DeFi tokens shed half their fiat value, and the sell-offs erased the gains…

Investing in DeFi? Bet on diversification, not short-term gains

The decentralized finance space has grown exponentially over the last few months, to the point where more than $9 billion worth of crypto assets were locked in its protocols before crypto prices started dropping. The space had a little over $500 million locked in back in September 2019. This exponential growth in the last few months appears to be mainly related to a yield farming trend that started when lending protocol Compound began distributing its COMP governance token to users who interacted with the protocol. Put simply, yield farming —…