After a week of record volumes for 2020, bitcoin’s price dropped on decreasing trading volumes. Meanwhile, assets locked in DeFi are recovering since the November dip – said to be due to the Ethereum 2.0 network upgrade. Bitcoin is trading around $22,770 (Bitfinex) at the time of writing, reclaiming some of the losses from the…

Tornado Cash presented a governance proposal to incentivize use of the Ethereum-based privacy tool via a new token called TORN. Tornado Cash allows users to deposit a fixed amount of supported assets (ETH, USDC, DAI) and “wash it” through an anonymity pool. That deposited value can be redeemed by the receiving address using a note…

Investors are depositing millions into new DeFi protocols launched by anonymous developers, at times only to be wiped away in a hack.   The latest to suffer that unfortunate fate is Warp Finance.  Promising to be a money market where users can borrow and lend tokens and stablecoins representing liquidity in automated market makers, Warp rapidly…

Compound Finance is entering uncharted DeFi territory with an independent blockchain called Compound Chain. Underpinned by a native unit of account called CASH, Compound Chain is a “reimagination of the Compound Protocol” that is “proactively preparing for the rapid adoption of digital assets, both on Eth2 and central bank digital currency ledgers,” according to compound.cash.…

Prolific 3D artist Beeple sold $3.5M worth of crypto art on fiat-to-crypto marketplace Nifty Gateway, a record for NFT sales over a 72-day period. The sale is a sign digital art is becoming increasingly valuable, The Beeple Everyday: 2020 Collection featured 21 single edition auctions, three open editions which were auctioned for 5 minutes and…

Basis Cash, a fork of shuttered algorithmic cryptocurrency Basis, is touting DeFi-summer like APYs as the newly launched stablecoin – BAC – trades at $64 despite targeting a $1 peg. With ~10,000% APYs on the BAC stablecoin liquidity pools, DeFi traders rushed to provide liquidity to the project which seeks to revive Basis without the…

Hedge fund Arca, which holds Gnosis tokens, argues the prediction markets protocol should make a tender offer for GNO because the coin is trading below the project's total assets. While the DAO provides a floor for the token price, it's not clear what upside it will create, Arca Chief Investment Officer Jeff Dorman said. Stefan…

A new bill by US lawmakers has DeFi up in arms after proposing that all stablecoin issuers need to obtain a bank charter, which would potentially make much of DeFi trading and even running an Ethereum node, illegal.  “It shall be unlawful for any person to issue a stablecoin or stablecoin-related product, to provide any…

Another week, another hack… what have we learned this time?

Yearn’s ecosystem has expanded remarkably in the last ten days. In a move first of its kind, Yearn has “merged” with six different DeFi protocols since November 24: Pickle, Cream, PowerPool, Cover, Akropolis and SushiSwap, in that order.  While the conditions of these mergers vary by protocol, most of them are certainly not mergers in…