DeFi Updates

2024-04-15 10:15:16 Crypto sleuth warns of scammers behind DeFi protocol

Pseudonymous blockchain investigator ZachXBT issued a warning about a group of scammers attempting to entrap more victims in a new fraud using millions of stolen funds. In a thread on X, ZachXBT disclosed the findings of an investigation over Leaper Finance, a lending protocol based on Blast. According to the analysis, the group is behind several rug pulls, including those that hit users of Magnate ($6.5 million), Kokomo ($4 million), Solfire ($4.8 million), and Lendora.

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2024-04-14 09:22:01 Ripple CTO 'Very Excited' About New XRPL Lending Protocol Proposal for DeFi Expansion

David Schwartz, the CTO at Ripple, has published a comment on the recent proposal of a native lending protocol to be launched on XRPL. His comment is all the more interesting since Schwartz was one of those software engineers who built this ledger.Schwartz tweeted to approve the above-mentioned proposal made by developers Aanchal Malhotra (also the head of research at RippleX) and Vito Tumas, submitting it for review and feedback. The Ripple CTO said that if this proposal is passed, it will add new utility to XRP Ledger.

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2024-04-13 17:52:01 MarginFi outflows $190M as CEO rage quits amid token controversy

Nearly $200 million of user funds have exited Solana-based lending protocol MarginFi over the last two days amid an abrupt resignation of the platform’s CEO and followed by accusations of wrongdoing from its competitors. On April 10, the now-former CEO of MarginFi, Edgar Pavlovsky, suddenly announced he had resigned from MarginFi, citing disputes that had arisen from both within his firm and from outside of it.

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2024-04-10 10:25:18 Filecoin’s Second Largest DeFi Protocol Team Under Investigation by Chinese Authorities

STFIL, a leadership liquid staking platform for Filecoin (FIL), finds itself caught up in controversy white its core technical team faces investigation by local Chinese authorities. The platform has hired lawers to assist the individuals currently in detention. In an official state, the STFIL disclosed that while the core technical team was under determination, FIL tokens on the platform were transferred to an "unknown, external address."

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2024-04-09 21:29:02 Portal DeFi Announces Plans to Integrate Stacks into Portal DEX and Enable Cross-Chain sBTC Trading

Portal DeFi, the first trust-minimized, Layer 2 cross-chain that involves no bridges, custody or wrapping, today announced plans to integrate with Stacks, the leading Bitcoin Layer 2 technology that enables smart contracts and decentralized applications to use Bitcoin as a secure base layer. The integration will bring sBTC, a 1:1 Bitcon-backed asset on the Stacks layer that enables smooth movement of BTC from Layer 1 to Layer 2 and back while remaining decentralized, to the Portal DEX Network.

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2024-04-09 11:04:52 Frax Finance dives into DeFi liquidity with $250M USDe allocation

Decentralized finance (DeFi) lending protocol Frax Finance has recently passed a community governance proposal that greenlights a $250 million allocation of Ethena Labs’ USDe to a new liquidity pool. As part of Frax’s Singularity Roadmap, the proposal enables the creation of an automated market operation (AMO) that will allow the minting of new FRAX tokens backed by overcollateralized debt. The proposal was approved on April 5.

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2024-04-08 22:24:53 DeFi Firm 1inch Introduces Web3 Debit Card in Partnership With Mastercard and Baanx

Decentralized exchange (DEX) aggregator 1inch Network has created a Web3 debit card in partnership with crypto card developer Baanx and powered by payments giant Mastercard, the companies said on Monday. The 1inch Card will allow users to use their crypto for online and in-person purchases and make cash withdrawals at supported ATMs through seamless crypto-to-fiat conversion, according to a press release. Baanx’s “Crypto Life” card is also used by crypto storage firm Ledger.

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2024-04-08 11:19:53 Slash and dYdX Japan Partner to Boost DeFi Adoption in Asia

Decentralized payment protocol, Slash has announced a joint marketing event with the perp DEX platform dYdX Japan. This collaborative effort aims to foster business development and drive cryptocurrency adoption in the Asian market. The campaign, running from April 3 to April 17, offers an exciting opportunity for participants to win exclusive dYdX branded merchandise. Five lucky winners will be selected through a lottery system, with the results announced after the campaign concludes on April 17.

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2024-04-07 21:51:55 Aave contemplates fee distribution in DeFi shake-up

A proposal may be in the works at the decentralized lending platform Aave as deliberations about the activation of a “fee switch” to distribute fees to holders is set to get underway, according to Aave Chan Initiative founder Marc Zeller. Zeller said, “Temp check to activate ‘fee switch’ next week,” after noting that Aave DAO — the community-driven decentralized autonomous organization (DAO) behind the Aave platform — current net profits total about $60 million per year.

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