Ruler and Cover DeFi protocol closes down amid mass developer exit

In a candid open letter, the lead contributor of Cover and Ruler Protocol, “DeFi Ted,” announced the protocol will close its virtual doors in the near future, citing a mass developer exit as the primary reason for the project’s conclusion. Launched earlier this year, the Ethereum-based decentralized finance (DeFi) insurance marketplace enabled users to stake Cover tokens as collateral and receive insurance payouts if their assets in other DeFi protocols are hacked or rug-pulled. In December 2020, the Cover protocol suffered a catastrophic exploit when a hacker minted 40 quintillion…

Lobby Lobsters NFT drop raises $4 million in one hour to support DeFi lobbying efforts

Nonfungible tokens (NFT) depicting cartoon lobsters in suits have raised more than $4 million to support lobbying efforts supporting the decentralized finance (DeFi) sector. On August 5, nonfungible token platform and community Universe sold out if its Lobby Lobster NFTs in less than one hour, raising roughly $4 million. Wow Already $4m raised for lobbying efforts in DC. Let’s go Lobby Lobsters community. pic.twitter.com/VeT1XymMoL — Universe.XYZ (@universe_xyz) September 5, 2021 Each NFT was minted for 0.1 Ether (roughly $390), with all of the 1,000 Ether raised through primary sales set…

Time to rotate! Data suggests traders are shifting from NFTs to DeFi

An important part of preserving investing profits is knowing when an asset or sector is showing signs of exhaustion and when a sector rotation is underway.  This is especially important in the rapidly moving cryptocurrency markets, which can change direction in a heartbeat and turn crypto millionaires into depressed bag holders. Most investors know that the nonfungible token (NFT) sector has been on fire since July, and as CryptoPunks, Mutant Ape Yacht Club and pet EtherRock NFTs fetched six- and seven-figure sums, while top NFT marketplace OpenSea surpassed $4 billion…

Crypto exchange OKEx launches DeFi hub and NFT marketplace

Global crypto exchange OKEx is ramping up its decentralized finance (DeFi) efforts with the introduction of the DeFi Hub, a decentralized digital asset ecosystem that includes a marketplace for nonfungible tokens (NFTs).  According to a Sep. 2 announcement, the crypto spot and derivatives exchange launched its DeFi Hub with two initial tools, NFT Marketplace and DeFi Dashboard. The NFT Marketplace enables users to mint their own NFTs to sell with a royalty fee that is set by the creator. Users would be able to import NFTs from other supported platforms…

Evrynet’s $7M raise highlights institutional appetite for DeFi

Financial service platform Evrynet has concluded a $7 million fundraiser for its forthcoming decentralized finance app targeting institutional investors, offering further evidence that DeFi has an institutional-grade audience. The private investment round was led by Signum Capital, a Singapore-based blockchain venture fund, with participation from Petrock Capital, Ellipti Ventures and others. Evrynet’s previous backers include HashKey Capital, Everest Ventures, Hanwha Investments and Securities, and Seven Bank, among others. The funds will aid Evrynet in providing institutional-grade DeFi services to investors through its forthcoming Evry.Finance application, which will serve as an…

Surge in activity and token prices show ‘DeFi Summer 2.0’ already started

After a blistering start to 2021 saw token valuations and trading volumes surge to ignite the current bull market, the DeFi sector as a whole took a break while the NFT sector stepped into the limelight. While investors’ attention was elsewhere, DeFi prices have had time to consolidate and project developers were able to focus on protocol upgrades and in the past month, DeFi-related tokens have been gaining traction and look poised for a breakout in September.  DeFi Index perpetual futures 4-hour chart. Source: TradingView Data from Cointelegraph Markets and…

Decentralized exchanges and aggregators drive DeFi growth

As the decentralized finance segment continues to gain steam despite an overall slump in the crypto space, decentralized exchanges (DEXs) and aggregation services have recently shown sustainable growth. Meanwhile, within the DEX segment, aggregation services have made remarkable progress. DeFi still running strong When Bitcoin’s (BTC) exchange rate dropped dramatically in May, some observers feared it could deal a major blow to the entire crypto sector. However, that didn’t happen. A few months later, the industry is still chugging along, and its, arguably, most promising area — decentralized finance —…

MetaMask surpasses 10M monthly active users as DeFi continues to surge

Ethereum wallet and browser extension MetaMask achieved another major milestone in August, as its monthly active userbase topped 10 million for the first time, further highlighting the growing demand for DeFi assets. MetaMask credited a confluence of factors for its exponential growth, including the rapid adoption of Ethereum smart contract technology, the continued expansion of DeFi protocols and the successful launch of its token swap solution. The company also credited the nonfungible token boom for attracting more users to its technology. As Cointelegraph reported, MetaMask registered its one-millionth monthly active…

Leading DeFi projects launch $100M global adoption initiative

A consortium of leading decentralized finance (DeFi) protocols today announced a collaborative $100 million financial inclusion venture titled “DeFi for the People.” The DeFi applications involved in the project — AAVE, SushiSwap, Curve, 0x and PoolTogether, amongst others — will together provide up to $100 million in educational initiatives, grants, and incentives in an effort to educate individuals globally about decentralized finance. The initiative — built on the Celo ecosystem — identified the lack of inclusivity and accessibility in the traditional financial markets, and in turn, aims to utilize the…

​​Cream Finance DeFi platform loses $19M in a flash loan hack

Cream Finance, a major decentralized finance (DeFi) protocol focused on lending, has suffered a major exploit, with a hacker stealing nearly $19 million from its platform. An unknown hacker has managed to gain $18.8 million in the latest flash loan exploit of the Cream Finance protocol through a reentrancy bug introduced by the Amp (AMP) token, according to an investigation by blockchain security firm Peckshield. Announcing the news Monday, Cream Finance said that the protocol has stopped the exploit by pausing supply and borrow contracts on the AMP token. “No…