DeFi Rate - This Week In DeFi – June 9
This Week In DeFi – June 9This week, the SEC takes action against Coinbase's staking service, Curve adds stETH as collateral for crvUSD, ENS announces .box domains, and Atomic Wallet is hacked for $35M+.To the DeFi Community, This week, the US Securities and Exchange Commission (SEC) has filed a lawsuit against crypto exchange Coinbase, claiming that its staking service qualifies as an investment contract under US law. SEC chair Gary Gensler stated that Coinbase did not register its staking-as-a-service program, depriving investors of necessary disclosure and protections. Additionally, the SEC argues that the tokens offered through the service are securities. Since the SEC’s action, there has been a notable increase in users unstaking their staked ether on the exchange. On-chain data reveals that approximately $75 million worth of Coinbase Staked Ether (cbETH) has been burned for redemption since the lawsuit was announced. https://twitter.com/brian_armstrong/status/1666129111025324035 Curve Finance has voted in favor of onboarding Lido's liquid staking token, stETH, as collateral for its crvUSD stablecoin. The proposal received unanimous support with a significant quorum of over 84% of the circulating supply participating in the vote. The inclusion of stETH increases the crvUSD debt ceiling by 15 times to $150 million. If crvUSD reaches this new limit, it would become the 13th-largest stablecoin globally. Currently, crvUSD users can only mint the stablecoin against deposits of Frax's staked liquid staking token (LST), sfrxETH, which has a $10 million debt limit. https://twitter.com/CurveFinance/status/1665362759918256131 Ethereum Name Service (ENS) is preparing to support a new web domain called .box, which will function like conventional internet domains and can be routed on web browsers. The .box domain is part of the My.Box project and will enable blockchain-based internet name services for Ethereum users, allowing domains to be used for both crypto and internet services such as email. Registrations and transfers of .box domains will take place on the Ethereum blockchain, and ownership will be represented by associated NFTs. The My.Box project is scheduled to go live in September and aims to simplify decentralized naming and promote the adoption of blockchain-native domains. https://twitter.com/nicksdjohnson/status/1666368619876327424 Atomic Wallet, a crypto wallet with 5 million users, has suffered a breach resulting in the loss of over $35 million in assets, with the potential for the damage to exceed $50 million as more reports of stolen assets emerge. On-chain investigator ZachXBT discovered the exploit and managed to recover over $1 million of the stolen funds for one victim. However, the details of the recovery process have not been disclosed due to ongoing risks. The company's response to the incident has faced criticism, with users contesting their claim that the last exploit transaction occurred over 40 hours ago. User compensation remains uncertain, as Atomic Wallet's terms and conditions state that the company is not obligated to compensate users for more than $50 in damages, leaving many users with significant losses and limited recourse for recovery. https://twitter.com/AtomicWallet/status/1664946301815910400 It’s been another bumpy week for centralized platforms, as the SEC files major lawsuits against exchange leaders Binance and Coinbase. The enforcement actions have sent DeFi activity soaring, as trading volumes increase and a surplus of users rush to remove their Ether from Coinbase’s staking service. Although it was somewhat expected (given the SEC’s previous comments and similar actions against platforms such as Kraken), the lawsuit is a huge blow to staking as a service. It may be a net positive for DeFi, as would-be Ethereum stakers will have to migrate to alternative services such as Lido or Rocket Pool – perhaps a first step into the DeFi world for many of them. Some other interesting developments involve decentralized websites and social media, as ENS expands to web domains with the My.box project and Lens raises $15 million for social media on the blockchain. These will both be fascinating to watch, given the increased censorship of traditional Web 2.0 platforms in recent times. Interest RatesDAIHighest Yields: Nexo Lend at 10% APY, Aave at 2.4% APY MakerDAO Updates DAI Savings Rate: 1.00% Base Fee: 0.00% ETH Stability Fee: 0.50% USDC Stability Fee: 0.00% WBTC Stability Fee: 0.75% USDCHighest Yields: Nexo Lend at 10% APY, Aave at 2.6% APY Top StoriesSEC claims BNB and BUSD are securities, including major tokens SOL, ADA and MATICCircle obtains Major Payment Institution license in SingaporeSwift and Chainlink Will Test Connecting Over a Dozen Financial Institutions to Blockchain NetworksGenesis Bankruptcy Judge Extends Mediation Period Between Genesis, CreditorsStat BoxTotal Value Locked: $45.52B (down 2.4% since last week) DeFi Market Cap: $46.87B (down 1.6%) DEX Weekly Volume: $12.39B (up 85%) Bonus Reads[Michael McSweeney – The Block] – Optimism completes upgrade of its Layer 2 network [Tim Copeland – The Block] – Lens Protocol raises $15 million to boost decentralized social media [Tom Mitchell Hill – Cointelegraph] – SEC crackdown on Binance and Coinbase surge DeFi trading volumes 444% [Shaurya Malwa – CoinDesk] – Aave Lending Protocol Moves Closer to Launching GHO Stablecoin on Ethereum Mainnet This Week in DeFi is free today. But if you enjoyed this post, you can tell This Week in DeFi that their writing is valuable by pledging a future subscription. You won't be charged unless they enable payments. |
Key phrases
Older messages
This Week In DeFi – June 1
Friday, June 2, 2023
This week, MakerDAO looks to raise the DSR to 3.3%, the Tornado Cash hacker returns control of the protocol, Magic raises $52M for its wallet infrastructure and Multichain's CEO goes missing 👀
This Week In DeFi – May 26
Friday, May 26, 2023
This week, Multichain experiences unexplained disruptions, Coinbase's Base outlines its path to Mainnet, Tornado Cash governance is exploited, and tokenized securities are trending.
This Week In DeFi – May 19
Friday, May 19, 2023
This week, memecoins move to the Dogecoin chain, Uniswap expands to Polkadot, Hourglass launches trading for "time-bound tokens" and Ribbon Finance launches options trading for popular
This Week In DeFi – May 12
Friday, May 12, 2023
This week, a Uniswap clone launches on Bitcoin, trading volume on Uniswap itself exceeds that of Coinbase yet again, MakerDAO launches a new lending platform, and BlockFi can return $300M to customers
This Week In DeFi – May 5
Friday, May 5, 2023
This week, Curve launches its crvUSD stablecoin, the Sui mainnet goes live, Ethereum gas fees reach 1-year highs, and Coinbase discontinues its borrow program.
You Might Also Like
Fidelity Bitcoin ETF’s $191 million outflow surpasses Grayscale as BlackRock records first redemptions
Thursday, May 2, 2024
All spot Bitcoin ETFs recorded outflows for the first time on record with $563 million leaving funds. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
DeFi & L1L2 Weekly - 📈 EigenLayer Withdrawal Queue Rises Amid EIGEN Airdrop Controversy
Thursday, May 2, 2024
EigenLayer withdrawal queue count rises amid EIGEN airdrop controversy. Runes make up over two-thirds of Bitcoin transactions since its launch. BlackRock's BUIDL leads the tokenised fund race. ͏ ͏
DeFi & L1L2 Weekly - 📈 EigenLayer Withdrawal Queue Rises Amid EIGEN Airdrop Controversy
Thursday, May 2, 2024
EigenLayer withdrawal queue count rises amid EIGEN airdrop controversy. Runes make up over two-thirds of Bitcoin transactions since its launch. BlackRock's BUIDL leads the tokenised fund race. ͏ ͏
VC Monthly Report: The number and amount of financing in April both decreased MoM
Thursday, May 2, 2024
Author: WuBlockchain According to statistics from RootData, there were a total of 161 publicly announced investment projects in the crypto VC field in April, a decrease of 13.4% from March 2024 (186
Reminder: Bitcoin Makes History By Becoming The Scarcest Asset In The World
Thursday, May 2, 2024
We bring you the top stories in crypto every week! Stories like... Monday April 29, 2024 Sign Up Your Weekly Update On All Things Crypto TL;DR Bitcoin Makes History By Becoming The Scarcest Asset In
Bitcoin falls below $57k as $13 billion in leveraged shorts placed on major exchanges
Wednesday, May 1, 2024
Major support at $50000 as Binance shows strong buy walls with large orders ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Hong Kong Cryptocurrency ETF First Day: IOP Exceeds Expectations, Low Trading Volume, Future Outlook
Wednesday, May 1, 2024
Editors | Cryptocats Harvest Global Investments and other companies submitted applications for Bitcoin spot ETFs to the Hong Kong Securities and Futures Commission as early as January 26th. On April
Increase your crosschain score
Tuesday, April 30, 2024
Axelar Quests launched on Flipside. Claim and AXL while you increase your chain score and build your reputation, helping potential airdrop eligibility Flipside Crypto gm and great news. Axelar has
Hong Kong’s Bitcoin and Ethereum ETFs launch with lower than expected trading volumes
Tuesday, April 30, 2024
Market stakeholders believe that the Hong Kong ETFs would still have a significant impact on the market, regardless. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
A Comprehensive Overview of Decentralized Communication Infrastructure: SendingNetwork
Tuesday, April 30, 2024
Author: GaryMa In the era of Web 2.0, the internet framework was primarily composed of three fundamental infrastructure modules: computation, storage, and communication. As we transition into Web 3.0,