Universities embrace decentralized finance education

Decentralized finance, or DeFi, has become one of the fastest-growing sectors within the cryptocurrency ecosystem. Data shows that the total value locked (TVL) in all DeFi protocols is now around $130 billion. This is an important metric, as some analysts view TVL as one of the best ways to measure sentiment within the DeFi sector.  While growth is apparent, many individuals may still wonder what DeFi is and how it can be applied today. Piers Ridyard, chief executive officer of Radix DLT — a secure decentralized network — stated that DeFi…

​​Cream Finance will integrate with Polkadot blockchain using Moonbeam

Decentralized finance (DeFi) project ​​Cream Finance will bring its lending and borrowing services to Moonbeam, a smart contract platform on Polkadot.  In a Thursday announcement, Moonbeam said Cream Finance would be integrating with its ecosystem, starting with a parachain on Kusama, Moonriver and then on Polkadot. Kusama and Polkadot users will be able to use Cream’s services to deposit digital assets as collateral or lend them out. “Lending and borrowing protocols lie at the heart of a productive DeFi ecosystem,” said Moonbeam founder Derek Yoo. “The integration not only provides…

UK-based banking firm Standard Chartered joins Global Digital Finance patron board

Standard Chartered, a United Kingdom-based multinational banking firm, has joined an alliance of fintech companies and banks aimed at accelerating the adoption of best practices of cryptocurrencies. In a Wednesday announcement, Standard Chartered said it would be joining crypto and digital finance industry membership body Global Digital Finance, or GDF, Patron Board. As a member, the bank will help engage with international regulators and lawmakers as well as others in the industry to advocate for digital assets. According to the GDF, Standard Chartered is the first bank to join the…

Cream Finance to repay stolen Ether and Amp via protocol fees

Decentralized finance (DeFi) protocol Cream Finance will pay back its users following a $18.8 million flash loan hack that occurred on Aug. 30. Cream has published a post-mortem to the AMP flash loan exploit, promising to replace the stolen Ether (ETH) and Amp (AMP) tokens by allocating 20% of all protocol fees until the debt is paid entirely. Cream will also post collateral with relevant parties at AMP and its creators, Flexa digital payments network, to secure the debt. According to the post-mortem report, the latest flash loan exploit was…

Slovenian finance authority proposes 10% tax on crypto income

According to local media reports, the Financial Administration of the Republic of Slovenia, or FURS, is considering imposing a 10% taxable income bill on cryptocurrency asset activity in the near future. Under the current legislation method, the authority analyses an individual’s digital asset activity on a case-by-case basis by trawling through their buy and sell transactions. This can result in a stagnant and tedious crypto administrative process. The introduction of this progressive initiative aims to digitally streamline the process, focusing solely on the purchase of goods and services, or the…

Cream Finance Loses $25 Million To A Flash Loan Attack

PeckShield reported through a tweet of the new hack on Cream Finance. The blockchain security company said a flash loan attack on the decentralized finance lending and borrowing protocol. #FlashLoanAlert https://t.co/JPW7e368qd — PeckShield Inc. (@peckshield) August 30, 2021 PeckShield explained that the hacking came through a 500 Ethereum flash loan from the attacker. This was used to infiltrate a reentrancy bug in the smart contract of the Flex Network. Usually, flash loans being undercollateralized can be borrowed and repaid within a single transaction. Related Reading | Cryptocurrency Firms In Switzerland…

​​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…

Will Polkadot save decentralized finance from Ethereum’s scaling problem?

Web3, interoperability, and layer 0 are all terms tossed around when describing Polkadot. But what do they mean, and how will they impact the Internet and cryptocurrency market? Cointelegraph Research’s new report explores how Polkadot is tackling distributed ledger scalability and centralization of the web simultaneously.  For starters, imagine a world where Facebook is replaced by a decentralized social media application built on Polkadot. This is what projects like Subsocial are building in their platforms, which lets users determine what data to keep private and to share. Users can profit…

Will Polkadot save decentralized finance from Ethereum’s scaling problems?

Web3, interoperability, and layer 0 are all terms tossed around when describing Polkadot. But what do they mean, and how will they impact the internet and cryptocurrency market? Cointelegraph Research’s new report explores how Polkadot is tackling distributed ledger scalability and centralization of the web simultaneously.  For starters, imagine a world where Facebook is replaced by a decentralized social media application built on Polkadot. This is what projects like Subsocial are building in their platforms which lets users determine what data to keep private and to share. Users can profit…