Decentralized Finance (DeFi) – The Good, the Bad, and the Ugly

No one can argue that the Decentralized Finance (DeFi) movement is on fire at this moment. These next-gen financial systems continue to attract massive attention from investors. As this year's big thing, DeFi has its share of benefits and risks. Understanding these factors will help you to make the most of your DeFi investment strategy moving forward.  DeFi exploded in popularity this year due to a couple of factors. Primarily, users are making huge profits using these systems. Additionally, the simplistic…

Hackers Stealing $10 Million Monthly From Defi Protocols In 2020

According to the latest reports, hackers are stealing an average of $10 million monthly from Decentralized Finance (DeFi) protocols. CipherTrace, a blockchain analytics platform, revealed this information today in a comprehensive report on the crypto space. DeFi Protocols A Major Target For Hackers According to the report, 40% of all crypto hacks in the first half of 2020 was targeted at DeFi protocols and exchanges. This resulted in a total loss of $51.5 million from January to June from these…

Uniswap User Accidentally Paid 23 Ether ($9500) for a $120 Transaction

According to a Reddit post, a Uniswap user has accidentally paid 23 Ether for a transaction of $120. These 23 Ethers are currently worth $9747. As per the user, the mistake happened while making the transaction on Uniswap using the Metamask wallet. How did it happen? While making the transaction via Metamask, the user accidentally typed in the "Gas Price" field instead of "Gas Limit." Gas price stands for the amount of Ether you are willing to pay for each…

PoolTogether DeFi Platform – Savings Meets the Lotto

PoolTogether is a next-gen DeFi platform that seeks to transform saving crypto into a fun-filled activity. This Ethereum-based protocol is the world’s first and most popular no-loss savings game. No-loss savings games combine multiple DeFi applications to accomplish their unique processes. Consequently, PoolTogether is a pioneer in DeFi composability. DeFi Composability Composability is a term that refers to the combining of different components within a system to meet any specific use case requirements. Due to the standardized and open approach…

Coinbase Custody Explores Adding 37 Cryptocurrencies, Including WBTC

Coinbase Custody, the arm of popular exchange Coinbase that provides custodial services, considers adding 37 cryptocurrencies to its services. DeFi tokens dominate Coinbase List The Custodial platform posted on its blog a list of 37 cryptocurrencies for research. The custodial platform offers storage solutions beyond the reach of any attack—the long list of Coinbase Custody mainly composed of DeFi tokens. Coinbase Custody's message is clear that decentralized finance (DeFi) and tokens have potentials. Some popular tokens on the list include…

Andre Cronje Says DeFi Tokens Are Not Stocks; Clarifies ‘Test in Prod’ Statement

DeFi continues to remind us of the good ole days of the ICO craze in 2017. But unlike ICO tokens, DeFi degens don't need to wait for long before they can see the products in motion and ready for use.   However, these projects come in different shapes and forms. Some deliver as promised, while others pull the rug out from under investors. And then, we have the "experiments." But whatever the case, for many degens, it is a game of…

1 Billion ZIL Staked in 24 hours as Zilliqa Launches Staking Program

Blockchain platform Zilliqa has launched a non-custodial staking platform on its main net for users to stake ZIL tokens. This latest development has attracted a lot of enthusiasm from the Zilliqa community. Major Milestone Achieved in 24 hours Zilliqa revealed in a tweet that 1 billion ZIL tokens had been staked within a few hours of launch. Zilliqa also has a governance token ZILs or gZIL that would serve as a form of incentive to stakers. For every 1000 ZIL…

Ethereum Leads DeFi Sector With 96% of all Transactions

Decentralized finance (DeFi) has enjoyed a significant year with several protocols exceeding expectations. Crypto enthusiasts poured into the sector as several DeFi protocols managed to increase their value exponentially. Ethereum leads the way. DeFi protocols have always been at the forefront of discussions within the crypto community since its boom began. Several blockchain projects have tried to focus on decentralized finance, but not surprisingly, Ethereum holds commanding dominance.   DappRadar revealed in its latest report that 96% of DeFi transactions are made…

Ethereum miners made $169M in September thanks to the DeFi boom

Ethereum miners made a huge fortune in September thanks to the Decentralized Finance boom, which resulted in a steep increase in Gas fees on the Ethereum Network. The rise and fall of decentralized finance (DeFi) 2020 has been the year of decentralized finance (DeFi), as this sector has garnered massive popularity and interest within the crypto community. Although DeFi has been spoken of for many years, nobody predicted the massive rise this year. DeFi protocols boomed overnight, with tons of…

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