Recap: DeFi Week of Oct. 28 🦄
|Camila Russo||Nov 3, 2019|
Hello defiers, hope you’re having a great weekend!
Summing up last week: Centralized exchanges blunders highlight risks and benefits of dexes. MakerDAO’s stability fee cut makes it the cheapest place to borrow Dai out of major DeFi platforms, and CDPs are now called “vaults.” 0x prepares for an upgrade and Synthetix raises funds. Ether locked makes a new record, while the cryptocurrency lags a bitcoin rally. Tether’s transition to Ethereum is almost complete. Dai is an attractive alternative for Argentines having to deal with currency controls again.
News & Views
Boo! Your Private Info is at Risk in Centralized Exchanges: For many crypto users, centralized exchanges delivered the biggest Halloween scare. The first one came from a Bitcoin flash crash in derivatives exchange Deribit. The second one came from BitMEX, which leaked thousands of user emails. Each case highlights the benefits and risks of decentralized finance.
0x is Preparing for a Major Upgrade: Decentralized exchange protocol 0x is proposing holders of its ZRX token a change to the platform that’s aimed at deepening the liquidity for the DeFi ecosystem and improve the developer experience of building on 0x.
MakerDAO CDPs Are Now Called Vaults: MakerDAO’s Collateralized Debt Positions, or CDPs, will be called Vaults when the platform’s new Multi-Collateral Dai system is released on Nov. 18, according to a blog post.
DeFi is Coming to the World’s Most Popular Smartphones: Samsung, the world’s largest smart phone producer, is launching tools to be make it easier for developers to integrate blockchain technology into mobile applications.
DexWallet Super-Charges Interest on DeFi: One of the best use-cases of decentralized finance has been to make earning interest easier. The DexWallet team is taking that a step further by adding more alternatives to the type of interest users can earn.
Argentina’s Currency Controls are Back, But This Time There’s Dai: Argentines have a long history of governments telling them what to do with their money and after elections over the weekend those days are back in full force. The last time around savers bought Bitcoin. Now they have Dai.
Tether Moved 300 Million USDT to Ethereum: The company behind controversial stablecoin Tether said it would swap 300 million USDT to the Ethereum blockchain from the Bitcoin-based Omni platform.
MakerDAO is Now the Cheapest Place to Borrow Dai: MakerDAO is the cheapest place to borrow USD-pegged stablecoins on decentralized finance after MKR holders cut interest rates this week.
Synthetix Raises $3.8 Million from Framework Ventures: Synthetic assets platform Synthetix raised about $3.8 million from Framework Ventures, which bought 5 million SNX tokens, currently trading at almost $0.77, the company said in a blog post.
“Intervention Never OK”: Vitalik Buterin asked on Twitter over the weekend how much ETH would have to be at stake in a hack for the community to support a hard fork and the majority said no amount would justify it.
Ether Lagging Bitcoin Rally Again: It was a rollercoaster ride last week for bitcoin. It slumped after U.S.lawmakers drilled Mark Zuckerberg over Libra, but then rebounded, briefly crossing $10,000. Bitcoin rallied by more than 20 percent, while ether increased by about half as much.
Ether Locked in DeFi Makes New Record: Users are trusting record amounts of value in decentralized finance platforms. There’s now a record 2.4 million ether locked in DeFi, surpassing the previous high of 2.3 million in April, according to DeFi Pulse.
Thanking all the amazing defiers for the support and love this week (and always!)
Larry Cermak 🦁 @lawmasterI now have access to about 3,000 unique emails from the BitMEX leak. - from what I can tell, there is more than 30,000 unique emails in total - 67% emails (from my sample size) use gmail, 7% hotmail, 4% yahoo, 3% protonmail
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