JPMorgan, Mastercard, & UBS Invest in ConsenSys’ $65M Round to “Accelerate the Convergence” of DeFi and Traditional Finance

JPMorgan, Mastercard, & UBS Invest in ConsenSys’ $65M Round to “Accelerate the Convergence” of DeFi and Traditional Finance

ConsenSys, an Ethereum software company, announced the closing of a $65 million round to “accelerate the convergence” of DeFi and Web3 applications on Ethereum.

The companies that took part in this funding involve J.P. Morgan, Mastercard, UBS, Protocol Labs, the Maker Foundation, Fenbushi, The LAO, and Alameda Research.

“Enterprise Ethereum is a key infrastructure on which we and our partners are building payment and non-payment applications to power the future of commerce,” said Raj Dhamodharan, Executive Vice President of Digital Asset and Blockchain Products and Partnerships at Mastercard.

Other investors include CMT Digital, Greater Bay Area Homeland Development Fund, Quotidian Ventures, and Liberty City Ventures.

Interestingly, several funds invested with Ethereum-based stablecoins, DAI and USDC, read the official announcement by the tech company.

“We are proud to partner with preeminent financial firms alongside leading crypto companies to further converge the centralized and decentralized financial domains at this particularly exciting time of growth for ConsenSys and the entire industry,” said Joseph Lubin, founder of ConsesnSys who co-founded Ethereum. ETH 7.13% Ethereum / USD ETHUSD $ 2,302.61
$164.187.13%
Volume 29.46 b Change $164.18 Open $2,302.61 Circulating 115.46 m Market Cap 265.85 b
3 h CoinList’s Rally Network Liquid Token Sale Attracts 40k Users to Buy $22 Million in RLY 5 h JPMorgan, Mastercard, & UBS Invest in ConsenSys’ $65M Round to “Accelerate the Convergence” of DeFi and Traditional Finance 8 h CoinShares is Launching an XRP ETP (XRPL) as the Digital Asset Nears $2

The company currently has a headcount of 360 and plans to add another 100 employees by the end of this year.

ConsenSys’ list of products includes MetaMask with over 3 million monthly active users across, more than 150,000 developers use Infura’s APIs, and millions of developers using Truffle to create and deploy smart contracts. Meanwhile, its Protocols group, which develops Hyperledger Besu and Quorum, is building Central Bank Digital Currencies (CBDCs) for six central banks.

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Author: AnTy

Thailand’s KBank to Explore Decentralized Finance (DeFi) to Expand Its Digital Reach

Thailand’s KBank to Explore Decentralized Finance (DeFi) to Expand Its Digital Reach

Kasikornbank, one of the biggest financial institutions in Thailand, has identified decentralized finance (DeFi) as key to its growth and expansion strategies.

Kasikornbank, commonly known as KBank, has kickstarted exploring asset-backed DeFi utilizing blockchain as it seeks to expand and grow regionally.

As reported by Bangkok Post, the decentralized finance experiment is led by Kasikorn Business Technology Group, or KBTG, an offshoot of KBank tasked with technology matters.

Ruangroj Poonpol, KBTG chair, explained that DeFi exploration is crucial to KBank’s short and long-term success. He said:

“DeFi is a key exploration for KBank Group this year […] The project is being explored through KBTG under the second phase of the company’s digital transformation programme.”

Poonpol also explained that DeFi is crucial and could help the country tackle the financial exclusion problems that have persisted for years. He explained that DeFi would allow Thais to access improved financial services. He also explained that asset-backed DeFi would play a crucial role in creating economic value for the country.

Asset-backed DeFi faces various regulatory difficulties as it interacts with the ideal world assets. In the past, some industry players, like MakerDAO’s Christensen, are already in the process of engaging DeFi stakeholders as well as regulators in efforts to see decentralized finance make an impact in the mainstream financial world.

The DeFi exploration by KBank is poised to allow the bank to enhance its expansion strategy in Southeast Asia, especially in countries where there are many unbanked people like Vietnam, where only a third of its population is banked.

KBank’s DeFi exploration comes in the backdrop of the bank’s remarkable performance in Thai’s digital banking sector. The bank controls about 40 percent of all digital transactions in Thailand. The bank also boasts of the country’s biggest mobile banking platform, with more than 16 million people using its mobile banking app.

Recently, the bank, through its offshoot KBTG, unveiled Kubix in collaboration with the Thai stock exchange. The platform will help in the operationalization of initial coin offerings (IPO) for blockchain-based platforms. In 2018, KBank became a member of Visa’s B2B solution, a blockchain-based international payment platform.

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Author: Joseph Kibe

CipherTrace Releases DeFi Compliance Solution Built on Chainlink to Abide by OFAC Sanctions

CipherTrace Releases DeFi Compliance Solution Built on Chainlink to Abide by OFAC Sanctions Requirements

Because Chainlink is already used widely in the DeFi space, it will make “integrating compliance data as simple as possible for DEX and other protocols.”

Cryptocurrency intelligence company CipherTrace has announced the release of decentralized finance (DeFi) compliance solution.

CipherTrace DeFi Compli is the solution that enables decentralized exchanges (DEXs) like Uniswap, Sushiswap, and other DeFi applications to abide by the Office of Foreign Assets Control (OFAC) sanctions requirements.

This solution is using Chainlink (LINK), which is used widely in the DeFi space to provide real-world data.

Daniel Kochis of Chainlink Labs pointed to the lack of compliance tools in the DeFi sector and that this solution would make “integrating compliance data as simple as possible” for decentralized protocols, including DEXs.

As per the official announcement, the regulatory spotlight is on DeFi because of the growing number of hacks on DeFi protocols.

The company further cites the use of DeFi to launder the funds stolen from the centralized exchanges, such as the $281 million KuCoin hack, as the reason for launching a DeFi compliance oracle service that makes for easy integration with existing DeFi frameworks.

“This oracle delivers CipherTrace’s source-signed compliance data directly on-chain to your smart contract,” reads the description. It covers Ethereum Mainnet, Ethereum Kovan Testnet, Binance Smart Chain Mainnet, and Polygon (MATIC) Mainnet.

“The $40B locked in DeFi protocols puts an even bigger target on DeFi exchanges and protocols.”

“Ensuring that sanctioned addresses cannot use DeFi to fund weapons of mass destruction programs should be among DEXs’ chief concerns right now. CipherTrace’s DeFi Compli regulatory compliance oracle on Chainlink can support DeFi protocols in achieving the compliance needed to ensure crypto’s long-term viability.”

Dave Jevans CipherTrace CEO

Jevans points to Valerie Szczepanik, Head of Strategic Hub for Innovation and Fintech at US SEC’s call for DeFi structures to be subject to various laws, saying, “The time for DeFi to adopt compliance solutions is now, or risk facing the consequences.”

“Szczepanik’s statements suggest imminent enforcement of sanctions as well as AML and CTF laws.”

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Author: AnTy

Total Value Locked (TVL) in DeFi Surpasses $100 Billion; Revenue is Ready to Hit $1 Bln

Total Value Locked (TVL) in DeFi Surpasses $100 Billion; Revenue is Ready to Hit $1 Bln

Decentralized finance (DeFi) continues to grow at a fast pace, with more and more value getting locked up in the applications.

Today, the total value locked (TVL) in them has surpassed a whopping $100 billion, as per DeFi Llama. While DeFi Pulse currently shows just above $50 billion, it covers about half of the projects listed by DeFi Llama.

Lending protocol, Compound Finance, dominates the DeFi TVL with over $10 billion.

Interestingly, the sector’s real growth started only last summer when yield farming drew in the crowd with exceptionally high APYs. At the beginning of 2020, the TVL was a mere $675 million and about $20 billion at the start of this year.

Today, there are nearly 25 DeFi projects with more than $1 billion in TVL.

The growth of DeFi intensified this year as other blockchains like Binance Smart Chain (BSC) provided users, particularly smaller ones, with a cheaper alternative to Ethereum (ETH). As of writing, BSC has about $27 billion in TVL.

Much like TVL, DeFi’s other metrics recorded similar growth, including the users who are aiming to hit the 2 million threshold after hitting the 1 million milestone only in early December, as per Dune Analytics.

Before the 2020 summer, only a handful of people were using DeFi projects, but today Uniswap (UNI) alone has nearly 1.3 million users. Meanwhile, Compound (COMP), 1inch (1INCH), Kyber (KNC), Balancer (BAL), and SushiSwap (SUSHI) all have between 100k to 300k users.

As more and more people come into the space and use these applications, the cumulative revenue of these protocols is also increasing, now aiming for $1 billion.

Popular DEX Uniswap yet again leads with more than $90 billion in revenue, up from just $4 million in July 2020. Other notable revenue generators include Compound, SushiSwap, and Aave earning between $30 to $40 billion.

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Author: AnTy

Revolut Adds 11 New ‘Hot’ Cryptos Including DeFi Tokens for UK and EU Users

Revolut Adds 11 New ‘Hot’ Cryptos Including DeFi Tokens for UK and EU Users

London-based Fintech company, Revolut has announced support for eleven new cryptocurrencies, including popular DeFi tokens.

The cryptos selected are the result of the digital banking service provider “tracking hot tokens and top movers.”

Now Revolut’s UK and EU users can trade Cardano (ADA), Uniswap (UNI), Synthetix (SNX), Yearn Finance (YFI), Uma (UMA), Bancor (BNT), Filecoin (FIL), Numeraire (NMR), Loopring (LRC), Orchid (OXT), and The Graph (GRT).

“Revolut is moving much faster than PayPal and Square. Let the race begin!” noted Spartan Black, a partner at crypto fund The Spartan Group.

Revolut already supports a few cryptos, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Stellar (XLM), EOS, OMG, 0x (ZRX), and Tezos (XTZ).

According to its website, the majority of crypto funds are held in cold storage with custodians.

The app has constantly been expanding to new markets, with its Revolut Business going live in the US last month, and the same month they launched Revolut Bank in 10 new European markets.

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Author: AnTy

Force DAO, A DeFi Hedge Fund, Loses Over $375k in xFORCE Token Exploit

Force DAO, A DeFi Hedge Fund, Loses Over $375k in xFORCE Token Exploit

The decentralized finance hedge fund, ForceDAO, confirmed the protocol suffered an attack on Sunday at around 7.06 AM UTC. According to a blog post by the ForceDAO team, the attack was instituted by five black hat attackers, with one of the attackers returning the funds.

On Sunday, DeFi hedge fund, ForceDAO announced an attack on its protocol – specifically the xFORCE contract. In a post mortem report from the ForceDAO team, a total of 183 ETH (~$367,000) was drained and liquidated on the contract exploit.

The attack was noticed first by a white-hat hacker, who started draining funds from the xFORCE contract and later returned the funds to the ForceDAO multisig wallet. Explaining the exploit, Polymath’s Mudit Gupta said the FORCE token transfer functions return false rather than reverting when the sender doesn’t have enough balance in their wallet.

“The xFORCE contract assumes FORCE will revert and does not handle the returned value,” Gupta explains.

This means anyone can deposit the synthetic FORCE tokens, xFORCE, even if they do not have any FORCE tokens. Hence, the attackers could mint fresh xFORCE tokens without the xFORCE contract locking up any FORCE tokens.

Four black hat hackers did not return their funds but rather sold them on the open market totaling $367,000 in losses for the xFORCE contract. Here is a complete list of addresses the hackers used to drain the funds.

According to the post, Force, xForce, and Force/ETH LPs on UniSwap and SushiSwap were all affected. The team has since removed all xFORCE tokens from the contract to prevent further hacks. Alberto Cevallos, the founder of ForceDAO, confirmed they would be refunding any affected parties in the hack and reward the white hat hacker.

“I can confirm that there will be a snapshot and new token,” Cevallos said. “We’ve begun internal re-structuring and will be announcing a plan over the coming days making any affected FORCE holders and LPs whole.”

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Author: Lujan Odera

Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity

Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity

As the decentralized finance ecosystem, popular as DeFi, continues to grow at a winged pace, Ethereum gas costs are surging to the roof, forcing investors to look for new faster, and cheaper blockchains. Polygon, an Ethereum layer two solutions, is emerging as the preferred solution as two major DeFi platforms – Aave and Zapper – joined the platform on Wednesday.

Decentralized lending firm, Aave AAVE 0.52% Aave / USD AAVEUSD $ 376.95
$1.960.52%
Volume 343.06 m Change $1.96 Open $376.95 Circulating 12.46 m Market Cap 4.7 b
2 h Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity 2 d Ethereum Wallet, Dharma, Integrates with DeFi Blue-Chips for Direct Access to Bank 6 d SushiSwap Launches A ‘Game-Changer;’ BentoBox’s 1st DApp Is Kashi Lending & Margin Trading
, will integrate scalable sidechains with Polygon, formerly Matic Network, to address the rising congestion and high gas fees experienced on Ethereum. The team plans to integrate a soon-to-be-released smart contract allowing users to seamlessly port assets across blockchains.

“High transaction fees are a feature of a successful public blockchain, as they define actors ready to pay the market price to use and secure decentralized services.”

Stani Kulechov Aave Founder

The DeFi field has in the past favored those with thousands of dollars to invest while effectively locking out the small spenders. In a blog post on the Aave Medium page, Kulechov states the recent integration with Polygon will bring “inclusivity in the DeFi space,” allowing investors with only hundreds of dollars to participate as well.

“That being said, DeFi was always intended to create a sustainable and more inclusive alternative to traditional finance,” he added. “If DeFi is great but only limited to portfolios of five figures and up, DeFi will be falling short of its mission to finance for everyone.”

At launch, Aave will introduce seven assets available for lending and borrowing on the platform.

Zapper, portfolio management, and batched transaction network is also joining the Polygon network, a statement confirmed on Wednesday. Polygon will be the first in line with Ethereum scalability solutions with plans to integrate Optimism, Binance Smart Chain, and Arbitrum on the way.

With Polygon’s integration, Zapper will enable Ethereum-to-Polygon transfers allowing cross-chain “zap” transfers — its term for multi-transaction, single-click deposits, and withdrawals.

The new partnership will also enhance sending funds from Aave to Polygon, DeFi Dad of Zapper stated in a tweet.

Earlier in February, Matic Network rebranded to Polygon to enable Ethereum ETH 2.97% Ethereum / USD ETHUSD $ 1,972.51
$58.582.97%
Volume 30.55 b Change $58.58 Open $1,972.51 Circulating 115.29 m Market Cap 227.42 b
2 h Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity 7 h Enjin (ENJ) Raises $18.9M to Build Out Efinity Parachain, Bringing NFT’s to Polkadot (DOT) 11 h Bitcoin Closes its Best Quarter in 8 Years, With 103% Gains
to compete with its rivals such as Polkadot. DOT 4.05% Polkadot / USD DOTUSD $ 37.69
$1.534.05%
Volume 2.81 b Change $1.53 Open $37.69 Circulating 925.06 m Market Cap 34.86 b
2 h Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity 7 h Enjin (ENJ) Raises $18.9M to Build Out Efinity Parachain, Bringing NFT’s to Polkadot (DOT) 11 h Bitcoin Closes its Best Quarter in 8 Years, With 103% Gains
The sidechain scalability solution enables significant throughput increase while reducing the fees incurred on Ethereum transactions.

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Author: Lujan Odera

Wrapped IOTA Launches on Binance Smart Chain (BSC) to Boost DeFi liquidity

Wrapped IOTA Launches on Binance Smart Chain (BSC) to Boost DeFi liquidity

  • IOTA launches on Binance Smart Chain, or BSC, introducing decentralized finance (DeFi) capabilities for its holders.

In a blog post shared on Monday, IOTA Foundation announced the launch of “wrapped IOTA” on Binance’s decentralized platform, Binance Smart Chain (BSC). The introduction of IOTA on BSC will enable holders of MIOTA, IOTA’s native token, to participate in DeFi applications built on Binance Smart Chain. With the release of this feature, IOTA now lives on two blockchains for the first time.

“Now, with wrapped IOTA on Binance Smart Chain, IOTA holders can use the IOTA Token to participate in DeFi applications on the Binance network.”

This integration follows previous attempts by IOTA developers to build bridges across different blockchains to improve cross-chain interactions. The integration aims at growing liquidity across multiple chains providing IOTA as one of the asset classes you can borrow, lend, stake, and earn on BSC-based DeFi apps.

Users can use the IOTA-Binance bridge to swap their IOTA tokens to wrapped IOTA on Binance to start enjoying DeFi on BSC. The portal also allows reverse transactions from wrapped IOTA to IOTA at a 1:1 exchange ratio at all times. Once the wrapped IOTA has been deposited to your BSC wallet, users can trade, swap, and interact with services similar to any BEP20 token.

IOTA Foundation expects this integration to be the first of multiple chains – possibly Ethereum ETH 1.69% Ethereum / USD ETHUSD $ 1,846.31
$31.201.69%
Volume 22.52 b Change $31.20 Open $1,846.31 Circulating 115.27 m Market Cap 212.82 b
3 h Wrapped IOTA Launches on Binance Smart Chain (BSC) to Boost DeFi liquidity 5 h Cosmos (ATOM) Enhances Interoperability with Inter-Blockchain Communication (IBC) Protocol Rollout 7 h CME Is Launching Cash-Settled Micro Bitcoin Futures, One-tenth the Size of One BTC
and Solana SOL 2.49% Solana / USD SOLUSD $ 19.22
$0.482.49%
Volume 263.92 m Change $0.48 Open $19.22 Circulating 268.2 m Market Cap 5.16 b
3 h Wrapped IOTA Launches on Binance Smart Chain (BSC) to Boost DeFi liquidity 5 d Stablecoin Giant Tether Sets New Record as USDT Market Cap Hits $40 Billion 1 w Solana (SOL) is ‘Uniquely Positioned’ to Snatch Market Share from Ethereum & ETH Killers, says VC
– to increase the cross-chain liquidity.

“We see this integration with Binance Smart Chain as the first step in growing liquidity across multiple chains, while also preparing for the ability for other assets to live on the IOTA network,” a spokesperson from IOTA Foundation said.

IOTA token is up 4.2% in the past 24 hours, trading at $1.55 following the news and Bitcoin’s surge past $59,000 on news that PayPal is adding crypto payments in its 29 million merchant checkouts.

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Author: Lujan Odera

Decentralized Exchange, Uniswap, Accounts for 80% of The Daily Active DeFi Users

Decentralized Finance (DeFi) recorded a marked year-over-year increase in adoption and usage across the board despite suboptimal user experiences such as UX and gas fees.

“Remember the Internet was slow, clunky & expensive once. L2s launching this year will make DeFi more accessible – faster, better, cheaper,” noted Santiago R Santos, partner at Parafi Capita.

Total value locked (TVL) in DeFi had a 75x growth to $43.5 billion. In terms of stablecoins, their supply grew ~7x to $43 billion YoY, while total borrowing volume across money markets has increased 100x to $9.9 billion.

As for the most popular DeFi protocol, decentralized exchanges (DEX) have seen a growth in their active users.

Over the past year, these active users have grown from a mere 3,000 to the current 67,000. Interestingly, Uniswap accounts for 80% of these daily users.

The popular DEX, which accounts for 60.4% of the total DEX weekly volume market share, recently announced that its much-anticipated V3 is coming in early May, with a special emphasis on increasing capital efficiency.

ThorChain (RUNE), a decentralized liquidity protocol, meanwhile, argues that with V3, Uniswap is making “LP’ing active” — “Active LPs are going to destroy the passive LPs. It’s going to return the edge to desks and bots.”

Another interesting facet of this upgrade is the use of Business Source License (BSL) 1.1, which restricts the use of V3 source code for two years. Another popular DEX SushiSwap, which is moving into lending, started as a fork of Uniswap.

While Uniswap (UNI) can really use the license against v3 forks, it comes “mostly, at a cost,” said Jake Chervinksy, General Counsel at Compound Finance.

“It’s crucial for DeFi protocols to be free & open-source software,” said Chervinsky noting that that is why most DeFi protocols are launched with fully open-source licenses like MIT, BSD, & GPL.

He explained how while people might think enforcing copyright rules against anonymous developers won’t be possible, making the licenses useless, that is not true.

Not only most dev teams aren’t fully anonymous, especially as a project succeeds, but developers aren’t the only viable target, Chervinsky said.

“US law also allows copyright holders to sue third parties for “contributory” copyright infringement even if they didn’t commit any infringing acts directly. Other theories of secondary liability may apply to third parties too,” including those who adopt, support, or use it such as exchanges, DEX aggregators, investors, LPs, and MMs.

Also, enforcement is not the only way; the threat alone is enough at times.

image1

This may come at a cost, though, as “it’s crucial for DeFi protocols to be free & open-source,” and many people in the sector also feel strongly about it, he said.

Still, “BSL 1.1’s two-year delayed conversion to GPL seems to strike a fair balance between creating a copyright moat & open-sourcing the protocol. Personally, I like it a lot, especially since UNI holders can accelerate the conversion at any time. Governance decides,” Chervinsky said, adding, “it’s an elegant bit of legal innovation for DeFi.”

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Author: AnTy

‘Too Much’ Bitcoin Supply Is In Search of Yield Reveals True Inherent Yield on Crypto Assets

Decentralized Finance (DeFi) continues to attract not just degens and crypto enthusiasts, but as we have been seeing, government authorities are also getting interested.

As we reported recently, the US Federal Reserve published a paper on DeFi, and now the Fed is interested in knowing more about the revolutionary and burgeoning sector that, according to the crypto market, could one day in the future replace banks and traditional finance.

“Today, I had the opportunity to present DeFi and Compound Finance to the Federal Reserve staff. Eventually, the banking system will run on shared, open ledgers. Each day, we get closer,” tweeted Robert Leshner, founder, and CEO of lending protocol Compound.

An increasing number of cryptocurrency firms are also offering banking features.

This week, Abra announced the launch of its new crypto banking feature, Abra Borrow, that will enable customers on the Abra Mobile App globally and in 35 U.S. states to borrow against their crypto holdings.

“Abra already has a critical mass of over 1,000,000 users, and we’re excited to roll out our new Borrow feature by popular customer demand,” said Bill Barhydt, Founder, and CEO of Abra.

“By allowing people to borrow US dollars against their digital assets, users can immediately tap into their crypto price gains without selling their crypto or forgoing future price gains.”

What’s the Point?

Amidst this growing interest in banking features, BlockFi made waves in the industry by slashing the interest rates so much that the rate on the highest amount of BTC and ETH has been brought down to the rates offered by the banks.

This has the community dragging BlockFi through the mud and arguing what’s the point of lending your crypto assets for such a meager amount of rates.

“Blockfi is now reducing their yield on BTC in ranges down to 0.5%. I can make more money from my non-custodial Lightning nodes than I can with them, and peers don’t even send me complaints if I fund a channel via a CoinJoin. I’ve pulled my BTC from BlockFi and reallocated it to LN,” commented Alex Bosworth, Lightning infrastructure Lead at Lightning.

It was “Long Overdue”

BlockFi had clarified that it is because of the market conditions, the supply and demand of the lending in crypto.

Matthew Ballensweig, the head of lending at competing firm Genesis Trading, who previously worked at Bridgewater Associates, also chimed in on BlockFi’s defense, saying,

“Crypto rate markets, like most markets, aren’t static. BlockFi cutting rates is just a supply/demand lever. There is simply too much BTC supply in search of yield relative to institutional demand for that BTC.”

He explained that Bitcoin “borrow demand is a function of the risk-adjusted return opportunities in the market and right now they are limited.”

Not only is public shares vs. private placement arbitrage backward, but futures markets are also in heavy contango. With limited ways to deploy BTC, the yields are contracting fast.

“You either grow your user base by offering generous yields on assets, or you focus on profitability and optimize your business for net interest margin,” he said. It was basically inevitable and “long overdue,” and these rates, according to him,

“represents a much truer picture of the inherent yield on crypto assets in this market.”

While the BTC deployment opportunities would arrive as markets ebb and flow, right now, “it pays to have cash in this market, not crypto,” he added.

Fiat-Backed Cryptos Leading

Cash may not be the king in the traditional space, but fiat-backed cryptocurrencies are immensely useful and popular in the crypto market.

That is why Ballensweig doesn’t see the same drop in stablecoin rates coming as Bitcoin BTC 6.10% Bitcoin / USD BTCUSD $ 55,137.57
$3,363.396.10%
Volume 56.67 b Change $3,363.39 Open $55,137.57 Circulating 18.67 m Market Cap 1.03 t
8 h ‘Too Much’ Bitcoin Supply Is In Search of Yield Reveals True Inherent Yield on Crypto Assets 10 h ‘Nothing has Really Changed’ in the Crypto Market, Despite the Weak Price Action 10 h Microsoft Deploys V1 of Decentralized Identity Platform ‘ION’ on Bitcoin Network
and Ethereum ETH 7.14% Ethereum / USD ETHUSD $ 1,703.04
$121.607.14%
Volume 22.55 b Change $121.60 Open $1,703.04 Circulating 115.21 m Market Cap 196.21 b
4 h Alonzo Hard Fork to Bring Smart Contract Compatibility to Cardano (ADA) In April 5 h SushiSwap Launches A ‘Game-Changer;’ BentoBox’s 1st DApp Is Kashi Lending & Margin Trading 6 h Ethereum Layer 2, Optimism, Delay’s Mainnet Roll Out to July; Doesn’t Want to Rush ETH Community
; it’s the opposite, actually. Cash provides you with leverage and the ability to capture the basis between BTC futures and spot markets.

“You can take your cash or USDC and long spot, short June BTC future and capture roughly 22% ann implied on FTX Official right now,” he stated.

However, according to data provider, Skew, demand for stablecoin borrowing is cooling off after seeing a big spike in Feb.

Stablecoins gained traction during the pandemic last year. Demand for them spiked “as crypto users sought to safely park their assets. Then, as markets rallied, the DeFi sector jumped even higher, buoyed by blockchain-based borrowing and lending protocols,” which allowed crypto users to earn eye-popping interest rates on their crypto assets, noted Binance CEO, Changpeng Zhao.

Borrowing and lending protocols that drove the DeFi boom is what offers “an even brighter future for the wider DeFi ecosystem,” he said.

Aiming to defy traditional finance, with its high costs and inefficiencies, “these borrowing and lending protocols offer a proof-of-concept that showcases DeFi’s disruptive potential—and enduring appeal,” Zhao added.

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Author: AnTy