Mark Cuban calls for stablecoin regulation in wake of Iron Finance ‘bank run’

Billionaire investor and DeFi proponent Mark Cuban has called for stablecoin regulation after losing money on what he dubbed as a “rug pull” on the Iron Finance protocol. According to Iron Finance, the partially collateralized stablecoin project was the subject of a “historical bank run” that resulted in the price of the IRON stablecoin moving off peg. As a consequence, the price of Iron’s native token TITAN crashed by almost 100% over two days from its all-time high of $64.04. Speaking with Bloomberg on June 17, Cuban blamed himself for…

DAOs in court? Curve Finance ponders enforcing license over rival Saddle

Square peg, meet round hole: a decentralized autonomous organization is pondering taking a rival fork to court.  Earlier today, a member of the Curve Finance community made a post in Curve’s governance forum titled “Enforce Curve’s IP Rights.” “Curve has proven incredibly popular, with over $10B deposited, hundreds of millions in daily volume, and around $1M/week in earnings to veCRV holders. This places it among the top of all exchanges in crypto today, even rivaling publicly-traded CEX’s,” the post reads. “[…] Those CEX’s protect their IP on behalf of their…

Pandora Finance’s $2.4M raise helps spearhead open finance protocol

Vohra believes the gap between these two domains represents one of the biggest adoption challenges for decentralized technologies. “We are uniquely positioned to solve the biggest problem,” he said, adding: “There are around $300 trillion dollars of real-world assets which are illiquid. Pandora’s vision is to bridge those off-chain assets to the on-chain ecosystem with an effective business model.” Pandora’s business model revolves around the tokenization of illiquid assets, which would allow them to be traded and owned in a secure, decentralized manner. This is accomplished through a middleware solution…

The Netherlands should regulate crypto instead of banning it, says finance minister

A cryptocurrency ban is not the right solution for the Netherlands, the country’s finance minister reportedly said after a local official called for a total ban on crypto. The Netherlands should regulate the cryptocurrency market instead of prohibiting its citizens from using crypto entirely, Dutch minister of finance Wopke Hoekstra stated, according to a Friday report by local news agency NU.nl. The official still admitted to certain risks associated with the crypto market, reportedly saying that he understood the concerns raised by director Dutch Bureau for Economic Analysis, Pieter Hasekamp. The minister…

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…

Pantera Capital and Arrington XRP Capital lead $5.8M Unbound Finance raise

Cryptocurrency asset managers Pantera Capital and Arrington XRP Capital have co-led a $5.8 million private investment round for Unbound Finance, an up-and-coming DeFi treasury protocol for pooled tokens.  The funds will be used to further develop Unbound Finance’s cross-chain stablecoin platform, including the development of native bridges for instant transfers between its native UNB stablecoin and other synthetic assets, the company announced Wednesday. Unbound Finance operates a so-called “liquidation-free collateralization platform,” which, as the name suggests, allows users to obtain interest-free loans against collateralized tokens. Automated market makers are “DeFi’s…

BSC’s Impossible Finance raises $7M for multi-chain DeFi incubator

Impossible Finance, a Defi protocol built on Binance Smart Chain, has completed a $7 million seed funding round backed by over 125 institutional and angel investors — with the funds going towards the development of a multi chain DeFi incubator. The seed round was led by venture capital firm True Ventures, and quantitative investment firm Alameda Research, blockchain development firm Hashed and investment firm CMS Holdings. Impossible Finance was launched on BSC on April 9, and the protocol currently offers DeFi investors token swaps, liquidity pools, and staking rewards through…

Possible Yearn rival Convex Finance passes $1 billion in total value locked

While much of the market reels from a devastating pullback that has dragged DeFi’s closely-watched total value locked (TVL) figure down from all time highs, one protocol is shrugging off the macro weight and surging up the TVL leaderboard.  Ethereum-based Convex Finance ($CVX) cracked a billion dollars in TVL earlier today, rising as high as $1.14 billion and briefly cracking the top-20 by size, per DeFilama. 2 weeks, 3 commas. $1,000,000,000+ TVL pic.twitter.com/NDOVabZB11 — Convex Finance (@ConvexFinance) June 1, 2021 Convex team lead “c2tp” told Cointelegraph in an interview that…

Composable Finance raises $7M for cross-chain and cross-layer DeFi interoperability

Composable Finance, a DeFi interoperability protocol has announced a $7 million raise backed by 16 notable blockchain investment firms. According to a release issued on Tuesday, the funding round was led by Advanced Blockchain AG and Rarestone Capital. Other participants included Alameda Research, Spartan Group, Divergence Ventures, and Blockchain Capital, among others. Composable Finance is seeking to enhance DeFi synchronicity via a two-pronged approach to interoperability on both Ethereum (ETH) and Polkadot (DOT) with the latter forming a basis for further cross-chain interactions. According to Cosmin Grigore, CEO of Composable…

Belt Finance loses millions in latest BSC-based DeFi exploit

Belt Finance has become the latest Binance Smart Chain-based decentralized finance, or DeFi, protocol to lose millions to an opportunistic hacker. The Rekt Blog, which post mortems DeFi exploits, stated that an attacker exploited a flaw in the way the protocol’s vaults calculates the value of its collateral which helped to “add another notch to the now infamous flash loan exploit season on the BSC,” adding: “Yet another fork of a fork has rolled off the conveyor belt with $6.3M falling straight into the hands of the hacker.” Rekt revealed…