DeFi

A rise in demand for digital coins in India might help the crypto landscape flourish in the region. For instance, the nation is currently leading the expansion of cryptocurrency markets. Also, a report from Chainalysis showed that India's market grew by 641% over the past year. Fastest-Growing Crypto Region Chainalysis’ records show that Institutional investors are driving India's cryptocurrency market expansion. Additionally, increasing decentralized finance activity has been one of its few catalysts. According to Quantstamp's Sriram, DeFi activity continues…

Leading Decentralized Finance (Defi) Protocol Compound is staring at heavy losses following a bug bite. The firm's chief, Robert Leshner, has revealed it in a series of tweets. Also, Leshner blamed the firm's woes on an upgrade that went wrong. Compound has recently updated its Comptroller Contract. The Proposal 062 update manages how the protocol rewards its stakers. A bug in the upgrade has seen the contract wrongfully allocate its users staking rewards in COMP tokens. The news won't be…

In a recent tweet today, 1Inch revealed the total trading volume of its limit order protocol had reached the $1B mark. The news comes after the network announced its expansion on Ethereum Scaling Solution Arbitrum to reduce transaction costs. 1Inch Displays a Huge Growth Potential In a blog post, the co-founders at 1inch, Anton Bukov, and Sergej Kunz, announced they had deployed 1Inch's Limit Order protocol to Arbitrum. The DEX aggregator has been among the most significant networks mitigating scaling challenges.…

Vee Finance, a decentralized finance platform, has officially confirmed its hack on Avalanche. On September 20, the hacker managed to transfer funds worth $35 million. In terms of assets, it was 8804.7 ETH (around $26 million) and 213.93 BTC (around $9 million). According to the report, the hack didn't affect the stablecoin. As for the hacker, the report confirms that they have not yet transferred or processed the funds. The team is working to provide more details of the incident.…

On September 12, industrial outlet DeFiPrime revealed Zabu Finance faced a hack. The hacker successfully stole 4.5 billion tokens from a Zabu Farm Contract amounting to $3.2 million. The transfer of such a large number of tokens eventually caused the price of Zabu tokens down to $0. Zabu Token has also gone ahead to confirm the hack on Twitter. Moreover, the platform asked for help from other known decentralized exchanges hosted on Avalanche, such as Pangolin and Trader Joe. How…

Ethereum-compatible smart contract platform Moonbeam has just announced a collaboration with Lido. Lido is a decentralized autonomous organization (DAO) that develops and maintains decentralized liquid staking protocols. Moonbeam will provide the parachain infrastructure and cross-chain interoperability to Lido for its expansion to Polkadot. Furthermore, the platform's Ethereum-compatible smart contract functionality will allow Lido to use familiar Ethereum tools to get to market quickly. The collaboration will bring liquid staking to Polkadot and Kusama. Moreover, the integration between the two introduces liquid staking to Moonriver and Moonbeam. Moonriver is a…

As reported by Crypto Adventure, an unknown hacker exploited token-swapping network Poly to the tune of $600M on Tuesday. Many industry participants were shocked by the heist, the biggest ever hacking attack in the DeFi sector. However, in a stunning twist of events, the hacker has started returning some of the stolen hauls after Poly Network's appeal on Twitter. The attacker sent a message embedded in a crypto transaction on Wednesday, informing Poly Network that he was ready to return…

DeFi Yield Protocol (DYP), a top yield farming protocol that allows users to provide liquidity and earn lucrative returns, has reached yet another landmark moment. On June 23, 2021, the project announced its expansion to Avalanche, an open-source platform for launching highly decentralized apps. The DeFi protocol’s move to build a platform on Avalanche will enable users to leverage DYP’s advanced trading tools. DYP users will also benefit as they will continue earning yield on their crypto assets while taking…

The crypto space has been vibrant in the past 24 hours, with the recent pump of Dogecoin on everyone's lips. However, one sector that has gone below the radar is the DeFi sector, which has experienced a bullish increase.  At the time of writing, the total locked-In value in DeFi protocol has hit a record $27 billion. Looking at the data from DeFi Pulse, over $2billion was added into DeFi protocols 24 hours. The recent surge in the value of…