DeFi exchange dYdX raises $65M in Series C fundraiser

Venture firms from across the blockchain industry have thrown their weight behind decentralized exchange developer dYdX, offering further evidence that investors are eyeing a further expansion of the decentralized finance (DeFi) ecosystem. The Series C round generated $65 million in direct funding for dYdX, with venture fund Paradigm leading the raise. HaskKey, Electric Capital, Delphi Digital and others also participated in the raise. The exchange also received direct support from eight liquidity providers, including Kronos Research, MGNR, Menai Financial Group, QCP Capital, CMS Holdings, CMT Digital, Sixtant and Finlink Capital.…

B.Protocol announces v2 platform for DeFi liquidations

Decentralized finance service B.Protocol has announced plans for a new version that will improve the liquidation of undercollateralized loan positions on lending platforms. In a release issued on Tuesday, the backstop liquidity protocol for DeFi lending platforms revealed that the upcoming v2 is based on a white paper for a novel Backstop automated market maker (B.AMM) written by a couple of anonymous community members. According to a blog post published by B.Protocol founder Yaron Velner the v1 design that utilized professional liquidators to share profits with users instead of miners…

Is DeFi technology easy enough to adapt to non-finance industries?

Decentralized finance is far and away the hottest topic in crypto, touted as a way to make a fortune by backing the right token, but also a tool for taking the crypto you were hodling in a cold wallet and set it to work earning interest at extraordinary rates. There’s a reason DeFi has grown so large so quickly that it has slowed the Ethereum blockchain where most of the projects live to a crawl, and sent gas prices for transactions soaring to $10, $50, even $100 at times. DeFi…

DeFi will bring global revolution to the traditional finance space

Decentralized finance came to life with the inception of Ethereum in 2013. However, it truly hit the ground running in 2016–2017 with the backing of Ethereum developers and some entrepreneurs and experts in the financial investment sphere. To get our facts right and clear all misconceptions, DeFi encapsulates a variety of financial applications in cryptocurrency or blockchain that are geared toward removing intermediaries between parties in financial transactions.  Related: The great unbanking: How DeFi is completing the job Bitcoin started A large majority of DeFi applications are built on top…

The shadow DeFi conference in Miami! June 2-9

Last week, I made the mistake of being just about the only DeFi denizen who actually went to the Bitcoin 2021 event in Miami.  While I managed to catch up with a handful of builders and big brains in the convention center, my time would have been better spent tracking down degens at the various satellite events, yacht parties, and nightclub meetups — the “shadow conference” for DeFi taking place while boomercoin maximalists talked over the same points they’ve been parroting for the better part of a decade. What little…

Wallet provider Ledger raises $380M to welcome DeFi ecosystem

Following a dramatic increase in its revenues in the first quarter, the cryptocurrency security and infrastructure company Ledger completed a new fundraising round led by 10T Holdings. Known for its Ledger Nano S and Nano X hardware wallets, Ledger announced the completion of a $380 million Series C fundraising round, which gave the company a valuation of $1.5 billion. Ledger’s Series B round investors Cathay Innovation, Draper Associates, Draper Dragon, Draper Esprit, DCG, Wicklow Capital attended the new fundraising. Tekne Capital, Uphold Ventures, Felix Capital, Inherent, Financière Agache (Groupe Arnault)…

Has Bitcoin DeFi project Sovryn really overtaken Uniswap v3 by TVL?

Sovryn, a BTC money market protocol built on Bitcoin-based smart contract platform RSK, recently appeared to be shooting up through the decentralized finance rankings. On June 9, Bitcoin commentator, Anthony Pompliano, shared data to his one million followers from decentralized finance data aggregator, DeFi Llama, indicating the protocol had amassed a total value locked (TVL) of $1.95 billion — ranking it 14th for the sector and beating out DeFi darling Uniswap v3. Sovryn has a higher TVL than Uniswap V3. I keep telling everyone that DeFi infrastructure on Bitcoin is…

After googling it, CFTC boss says DeFi is a ‘bad idea’ and probably illegal

Commissioner Dan M. Berkovitz of the Commodity Futures Trading Commission (CFTC) believes DeFi derivatives platforms may contravene the Commodity Exchange Act (CEA). Speaking as part of a June 8 keynote address dubbed “Climate Change and Decentralized Finance: New Challenges for the CFTC,” Berkovitz notes that: “Not only do I think that unlicensed DeFi markets for derivative instruments are a bad idea, but I also do not see how they are legal under the CEA.” Berkovitz noted that the “CEA requires futures contracts to be traded on a designated contract market…

World Economic Forum releases policy toolkit for DeFi regulations

With regulated decentralized finance (reg-DeFi) becoming a topic of discussion within and outside the crypto space, the World Economic Forum (WEF) has published a policy toolkit on DeFi. According to a release issued on Tuesday, the toolkit seeks to provide useful guidance for regulators and government policy-makers concerning DeFi regulations. The WEF reportedly partnered with the Blockchain and Digital Asset Project at the Wharton School of the University of Pennsylvania. DeFi entrepreneurs, legal experts and financial regulators also collaborated with the WEF to develop the toolkit. Financial regulators involved in…