DeFi
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Kusama, Karura and the Crazy World of Crowdloans
Today we’re covering Karura but in order to understand it we have to define its relationship to Kusama as well as Kusama’s relationship to Polkadot, not to mention Karura’s relationship to Acala. But I’ll do my best to make it as clear as possible because what’s being built here, particularly in DeFi could be really…
Iron Finance Implodes After ‘Bank Run’
In a month, Iron Finance has gone from being the darling of yield farmers to one of the biggest crashes in DeFi history. The partially collateralized stablecoin project expanded to the Polygon network on May 18 and quickly became the go-to protocol for earning insane yields –– it even received praise from Mark Cuban. The…
No Collateral, No Problem: Goldfinch Raises $11M to Bring Unsecured Loans to DeFi
Unsecured loans, long a missing piece in the DeFi puzzle, may finally be coming to open finance. Goldfinch, a DeFi platform that specializes in making no-collateral loans, announced an $11M raise from the likes of Andreessen Horowitz, DeFi Alliance, and other investors. Goldfinch enables borrowers to garner access to unsecured loans without having to go…
InstaDapp Releases Governance Token with 55% for Community Members
DeFi infrastructure protocol InstaDapp has launched their governance token, INST, on Ethereum Mainnet. INST holders will be able to discuss and vote on all future InstaDapp protocol upgrades. InstaDapp has minted 100M INST, allocating 55% for community members and the other 45% for team members, investors, and advisors. Initially, 10M INST will be available to…
Bug in Alchemix’s New ETH Vault Has Left a $6.4M Shortfall
A bug was discovered in the Alchemix Finance alETH contract on Wednesday morning, leaving the project undercollateralized by 2,688 ETH, or roughly $6.4M, as users were able to withdraw these funds without repaying their loans first. Alchemix Finance recently launched alETH, a synthetic yield derivative that lets DeFi users borrow 1 alETH for every 4…
Alchemix Allows Users to Stay Long ETH With Auto-Loan Repayment
Last weekend, Alchemix, which offers automatic repaying loans, shipped a vault that accepts ETH. Alchemix users will now be able to borrow alETH, Alchemix’s token that’s soft-pegged to ETH, using ETH as collateral. The collateralization ratio: 400%. The launch came with a debt cap of 2,000 alETH and it was reached within a day of launch,…
Zapper Zaps Its Own Vulnerability Before Hackers Do
Twenty days after upgrading its “Polygon Bridge” smart contract, Zapper found a vulnerability in its own deprecated version. According to a tweet, the Zapper project “exploited the vulnerability ourselves and all of the funds have been rescued.” The problem would have affected those with an infinite approval for the bridge contract. Infinite approval is part…
The Davos Crowd Dives Into DeFi with Policy-Maker ‘Toolkit’
The World Economic Forum, a bastion of the global establishment and ultra-exclusive club for heads of state, billionaires, and policymakers, is embracing DeFi. Well, sort of. In another sign that decentralized finance has spurred serious study in influential think tanks, the Geneva-based WEF issued a “Policy-Maker Toolkit.” The 38-page white paper explores DeFi’s benefits and…
Curve Finance Releases Protocol’s First Heterogeneous-Asset Pool
Curve Finance, long distinguished by its homogenous-asset pools, has taken a walk on the wild side. The automated market maker (AMM) rocked DeFi yesterday by releasing a pool containing USDT, WBTC, and ETH on Ethereum and another including USDC and DAI as well on Polygon. This was a first for Curve, which had up until…
