PancakeSwap, a decentralised exchange, launched its Gaming Marketplace on Wednesday. Aimed at the niche gaming finance (GameFi) market, it permits developers to create, publish, and maintain games directly on the platform. In general, game apps that use tokens to raise money and reward expansion are referred to as “GameFi.” During the 2021 bull market, Axie

According to an email release on Tuesday, social networking service MeWe stated it was able to move almost 170,000 of its users to Web3 in the months that followed its integration with the Frequency blockchain without interfering with their experience.MeWe announced in April at Consensus 2023 that it would be using the Polkadot parachain Frequency to enable its 20 million members to have self-sovereign blockchain-based IDs. The creation of the Decentralized Social Networking Protocol (DSNP), which enables programs to provide Web3 capabilities to their users, gave rise to frequency.Project Liberty, a nonprofit organization started by billionaire Frank McCourt in the real estate industry, provided support to DSNP in an effort to challenge the Web2 social-network paradigm that underpinned sites like Facebook and X, the old Twitter. “MeWe is showing the industry how forward-thinking platforms can offer the benefits of Web3, including the ability to reclaim their digital rights and data, without disrupting the user experience,” McCourt said in the announcement.

After being hacked on Friday afternoon, the decentralised finance (DeFi) platform Raft lost almost $3.3 million in ether (ETH); nevertheless, the attacker might have lost money during the theft. The attacker destroyed the majority of the stolen funds and kept only 7 ETH for themselves, according to on-chain statistics, after draining 1,577 ETH from Raft

According to Agustín Carstens, the head of the Bank for International Settlements, the private sector will be crucial in bringing central bank digital currencies (CBDC) to market. CBDCs are essential for developing financial institutions. “Whether in wholesale form – as a type of digital central bank reserve – or retail form – as a digital banknote – it is increasingly clear, at least to me, that these new forms of money will sit at the core of the future financial system,” Carstens said in a speech at a

The issues that traditional finance (TradFid) is facing may be greatly alleviated by decentralised finance (DeFi). However, because of its shortcomings in terms of the user experience, DeFi still has trouble onboarding new users—both retail and institutional. Even with all of the advancements and innovations occurring at the infrastructure level, consumers of the “DeFi revolution”

DefiLlama data shows that just two weeks ago, the total value of all assets locked on decentralized finance (DeFi) protocols was at its lowest point since February 2021. Now, it has surged to a three-month high of $42 billion.Rising asset prices and new entries from players looking to make money through lending and staking are the two main drivers of the DeFi market’s comeback. The asset that supports most of the DeFi market, ether (ETH), has risen from $1,590 to $1,810 over the last two weeks. Meanwhile, other stocks, such as aave (AAVE) and lido (LDO), have posted gains of 25% and 34%, respectively.In tandem with an increase in asset values, the volume of transactions across DeFi protocols reached a record high of $4.4 billion on October 24, the highest since March, according to DefiLlama. This month, the launch of Solana’s native staking product—which yields 8.15% APY in addition to its 7.7% rate on liquid staking—saw a 120% increase in total value locked (TVL) for Marinade, the company’s largest lending protocol.Jito, a rival protocol to Marinade, has increased by 190% to $168 million in TVL during the same time frame.On Ethereum, however, new inflows have been demonstrated by the fact that the capital on Enzyme Finance, Spark, and Stader has increased by 37% to 55%, exceeding the increase in asset prices. This month, the recently launched layer one blockchains Sui and Aptos have also seen strong growth; TVL on Sui has increased from $34 million to $75 million.Thla’s increased activity has been a driving force behind Aptos, whose total TVL this month crossed the $75 million threshold.Even with a successful month, there are still risks in the DeFi space because a small decline in ETH’s price would result in significant on-chain liquidations.Presently, a $76.2 million position on Aave is scheduled to be liquidated in the event that ETH crosses $1,777, and over $100 million is scheduled to be liquidated in the event that the price drops by 20%.

A system that will enable communication between stablecoins, central bank digital currencies (CBDCs), and blockchain-based transactions is being tested by Deutsche Bank and Standard Chartered’s SC Ventures. The technology is designed to resemble the SWIFT messaging layer used in conventional banking infrastructure.A group of banks, financial institutions, and consultancies are operating the Universal Digital Payments Network (UDPN), a permissioned blockchain system made up of validator nodes, for a number of test cases, including the transfer and swapping of USDC stablecoins. The Chinese Blockchain-Based Service Network (BSN) co-founder Red Date Technology and IT consultancy GFT Group developed the system, which directs and permits transactions across a variety of networks, including stablecoins on public blockchains and CBDCs. In the comparatively long history of cryptocurrencies, banks and other organizations have formed consortia in an attempt to reach a consensus over the most effective way to handle blockchain-based transactions in private environments.These commercial blockchains have attracted little attention thus far, despite some hoopla.Digital currencies serve as both a medium and a communication, raising the question of why SWIFT messages need to be sent in parallel.According to its developers, the solution is that UDPN applies members’ decentralized digital identification standards (DIDs), which have been proven via testing, and simultaneously serves as an interoperability bridge across different kinds of blockchain networks, enabling a regulated and bank-friendly environment. “The UDPN is a network where the affiliation of members is permissioned. But the key thing here is that the transactions themselves are placed onto the underlying infrastructure, which includes permissionless networks,” Thorsten Neumann, CTO of SC Ventures, said in an interview. In the event of a cross-border currency transfer, for example, the sender institution puts the tokenized value into a UDPN-managed smart contract, from which the desired target currency is subsequently released, according to Neumann. “There is almost a DeFi-type capability within a permissioned

According to a Web3 strategy workshop report, payments giant Mastercard is investigating the best ways to work with self-custody wallet companies like MetaMask and Ledger. In a presentation deck, Mastercard noted that having a payments card allows wallet providers to boost user activity, foster loyalty, and create additional revenue streams, all while enabling cardholders to

The UK customers of Marinade Finance, the largest decentralized finance (DeFi) protocol on Solana, are unable to access the site because of “compliance concerns” with Financial Conduct Authority (FCA) laws.Although it says that “users may withdraw liquidity, claim delayed tickets, or delay unstake via our SDK,” the landing page for users in the United Kingdom has a warning message. With $248 million divided between native and liquid staking products, Marinade is primarily responsible for the total value locked (TVL) on the Solana blockchain.As of right now, DefiLlama estimates that the total value of assets on the Solana blockchain is $350.000.As of right now, native staking was introduced earlier this year, and Marinade offers yearly payouts of 8.15% for native staking and 7.7% for liquid holdings. The biggest decentralised exchange in Solana, Orca Finance, has introduced geo-blocking for users in the UK.Restrictions on users in the United Kingdom seem to be a reaction to the FCA’s new promotions guidelines, which limit the promotion of goods and services associated to cryptocurrencies.Following the publication of the FCA’s promotional regulation, centralized cryptocurrency companies such as Bybit and Paypal have exited the UK market, while Binance has temporarily suspended new sign-ups from the UK.Some clients were also prohibited from investing in cryptocurrency by Luno. However, for decentralized protocols the majority of which do not call for know-your-customer (KYC) checks geo-restrictions are uncommon.

The DeFi Education Fund (DEF), an advocacy group for cryptocurrencies, has requested a US court to take blockchain technology’s unique features into account when assessing the privacy rights of cryptocurrency users under the Fourth Amendment of the US Constitution. In a move to stop the US government from having unrestricted access to a user’s transaction history on cryptocurrency platforms, DEF filed an amicus brief to the U.S. Court of Appeals for the First Circuit on October 20. The brief supported James Harper’s appeal against the Internal Revenue Service (IRS). In order to properly balance the investigative capabilities of law enforcement with an individual’s right to financial privacy in the digital age, DEF contended that revisions to the Fourth Amendment are necessary. “When old precedents meet new technology, courts must ‘assure preservation of that degree of privacy against government that existed when the Fourth Amendment was adopted.” The United States Constitution’s Fourth Amendment shields citizens from arbitrary government searches and seizures.In support of its claim that the Fourth Amendment attempts to restrict the ability of the US government to acquire data from unaffiliated services such as Coinbase, DEF also cited the Carpenter v. United States decision.The advocacy group went on to say that real-life identities can be linked to their pseudonymous addresses since cryptocurrency transactions can be tracked on open ledgers.In the Coinbase situation, this had an effect on the livelihoods of all 14,355 users. DEF clarified.“The government’s request in this case therefore implicated every user’s every transaction, now and forever, including their ‘familial, political, professional, religious, and sexual associations.” “It gave

On October 20, 99% of the HayCoin (HAY) supply was destroyed by Uniswap founder Hayden Adams, according to a tweet. Adams’ worries about price speculation over the previous days led to the removal of the majority of the tokens from circulation. Before the release of the decentralised protocol Uniswap, five years ago, Adams released the

Letitia James, the attorney general of New York (NYAG), filed a lawsuit today against the cryptocurrency companies Gemini Trust Co. (Gemini), Genesis Global Capital, a trading firm, and Digital Currency Group (DCG), a conglomerate, for allegedly defrauding over 230,000 investors—of which at least 29,000 are residents of New York—of over $1 billion.The NYAG is attempting to bar Gemini, Genesis, and DCG from operating in the New York financial investment market. Gemini, as part of its Earn program, lent money to DCG-owned Genesis.Subsequently, the money was lent to counterparties such the trading companies Alameda Research and Three Arrows Capital, both of which filed for bankruptcy.Genesis now has a $1.1 billion deficit as a result. “Today’s lawsuit is the latest action taken by Attorney General James to rein in the cryptocurrency industry and protect investors,” the statement said, citing recent action against crypto players CoinEx, KuCoin, and Celsius founder Alex Mashinsky. The lawsuit claims that Gemini concealed from investors the fact that it was aware that Genesis’ loans were poorly secured and, at one point, heavily concentrated with Sam Bankman-Fried’s trading company Alameda.In addition, the NYAG accused Genesis and its former CEO, Soichiro Moro, and DCG and its CEO, Barry Silbert, of misleading investors and the public by attempting to hide losses totaling over $1.1 billion that investors had to bear.They “disguised $1.1 billion in losses through a months-long campaign of misstatements, omissions, and concealment” by way

The release of an open-source directory for Uniswap v4 hooks has caused a rift in the bitcoin community. The core of the dispute is a recently added hook that is now available in this directory. This hook makes it easier for users to complete Know Your Customer (KYC) checks before they trade in token pools,

The native token of Liquity, a decentralized borrowing protocol, LQTY has increased by 80% over the past month, in contrast to the weak performance of the larger cryptocurrency markets.Users can borrow money on Liquity, a platform for borrowing and lending, after pledging ether (ETH) as security. Loans are denominated in Liquity’s U.S. dollar stablecoin, LUSD. LQTY is currently trading at about $1.35, up from $0.75 a month ago.Over the same time span, bitcoin has grown by 2% in comparison to the bigger crypto assets.Ethereum fell by 3%, while Solana’s SOL rose by 20%.The market value of the LQTY coin is roughly $120 million.The price of these smaller cryptocurrencies fell down 12% on Friday despite no noteworthy news, showing just how volatile they can be.The protocol has reportedly seen a surge in activity over the past month, which the company claims may be influencing the price fluctuation. A total of about $625,000 has been paid to users who staked in the protocol during the past month.The LQTY staking pool allows users to stake LQTY tokens and generate protocol fees that are paid out in LUSD and ETH.Another element that could have contributed to the price increase, according to a Liquity spokeswoman, is that Bluechip, an independent stablecoin agency, just given it an A rating.

The Chain code of the decentralised exchange platform dYdX has successfully undergone a full security examination by Informal Systems. The news was first shared on dYdX’s official Twitter account and afterwards repeated by Antonio, the company’s founder. The company’s first objective, and the purpose of the audit, was to guarantee the security and safety of

Due to a lack of demand and regulatory difficulties, Yield Protocol, a Decentralised Finance (DeFi) lending project, will be finished by the end of this year. According to a statement made on Wednesday, the protocol’s borrowing and lending will stop after the project’s December 2023 series matures on December 29. Since there isn’t a sustainable

In order to decrease network latency, Chainlink, a blockchain data oracle supplier, has introduced “Data Streams,” a new offering.According to a news statement issued by the company on Monday, the product has officially reached early access on layer 2 platform Arbitrum.Chainlink Data Streams mixes automated execution with low latency market data “to unlock a new generation of ultra-fast and user-friendly derivatives products,” according to the business.When referring to financial market data that is transmitted instantly, we use the term low latency market data. According to the press announcement, the system uses a “pull-based” data oracle approach in which “high frequency market data is continuously made available off-chain.” Users can retrieve Oracle reports off-chain, validate them with their on-chain transaction, and then re-access them because they are generated every block. This contrasts with the push-based model, in which oracles automatically and periodically provide data to smart contracts. The latency of updates is decreased by using a pull-based approach, which shortens the time it takes for a data packet to move between two points.Since messages must be propagated to nodes in distributed networks, latency is a prevalent issue that frequently results in delays in transaction synchronization and finalization. “Data Streams not only enables DeFi (decentralized finance) protocols to support execution speeds and a user experience that rival centralized exchanges, but to do so without compromising on the core Web3 value of fair, transparent, and decentralized infrastructure,” Chainlink co-founder Sergey Nazarov said in the release. Additionally on Monday, the business unveiled new decentralized computing capabilities on the primary network with Functions Beta and Automation 2.0.Developers will be able to connect decentralized applications to any application programming interface (API), a middle layer that handles data exchanges between systems, using Chainlink Functions.According to Chainlink’s press release, Chainlink Functions enables high-value operations to be automated at a tenth of the cost, saving up to 90% on petrol. “With all these

According to a paper released on Thursday, the Bank for International Settlements (BIS) and the central banks of France, Singapore, and Switzerland successfully tried out cross-border trade of wholesale central bank digital currencies (wCBDC). A notional euro, Singapore dollar, and Swiss franc wCBDCs between fictitious financial institutions were utilised in Project Mariana’s proof of concept.

One of Korea’s top Web3 investors and one of Thailand’s biggest financial institutions have joined forces. In a statement released on Wednesday, SCBX and Hashed said they had reached an agreement to collaborate on regional and international R&D projects and events to further the adoption of decentralised technology. According to a press release, Simon Seojoon

At the moment, tweets from Balancer and a warning from the Metamask wallet indicate that the Balancer URL, or web address, has been the target of a redirect attack and users are being sent to a malicious page rather than the legitimate site.Over $200 000 in digital assets may have been stolen, according to a wallet address found by online sleuth ZachXBT.The wallet currently has little over $100,000 in assets, with stETH and DAI making up the majority, according to data from Nansen.ai. According to on-chain statistics, the user who created the wallet has been sending some of the stolen money to Ave.All of this occurred approximately a month after Balancer alerted the public to a separate vulnerability in the protocol’s pooling system and recommended users to withdraw their funds.

August saw more setbacks for the decentralised finance (DeFi) ecosystem as on-chain economic activity decreased. A VanEck research shows that exchange volume decreased to $52.8 billion in August, which is 15.5% less than in July. The research is based on VanEck’s MarketVector Decentralised Finance Leaders Index (MVDFLE), which monitors the performance of the biggest and

Antonio Juliano, the creator of dYdX, recently revealed his outlook on the future of decentralised finance (DeFi) derivatives in a tweet. Anthony said. “Towards the next 100x, dYdX will drive the expansion of DeFi derivatives. We have no plans to expand into additional product categories. DeFi currently makes up about 2% of the volume in

Today marks the formal launch of Mauve, a decentralised exchange (DEX) for trading legal and physical goods, according to a press statement from the business. According to the company, the DEX is one of the first non-custodial exchanges to receive Cayman Islands Monetary Authority approval as a virtual asset service provider (VASP). It aims at

The Woo Network-owned WOOFi, a top decentralised exchange platform, has declared a strategic switch from networks that support the NEAR Protocol to those that do. The goal of this transformation is the creation of its version 2.0 omnichain DEX. TOKEN 2049 saw the announcement of WOOFi’s changeover. WOO’s founder and CEO, Jack Tan, emphasised that

One of the oldest and most well-established decentralized exchanges (DEX), Sushi, has extended its offerings to layer-1 blockchain Aptos.Sushi is now available on a blockchain that is incompatible with the Ethereum Virtual Machine (EVM) for the first time thanks to the transition to Aptos.According to DefiLlama, it had previously been available on Ethereum, Arbitrum, Base, Polygon, Fantom, BNB Chain, and other platforms. Sushi’s platform has $350 million in total value locked (TVL), $267 million of which is on Ethereum.According to DefiLlama, Aptos only has $45 million in locked value as of the time of publication.The relocation of Sushi to Aptos may open new doors for capital investment, enabling it to compete with non-EVM franchises like Solana, Mixin, and Osmosis. “This expansion to Aptos not only unlocks a new level of deep liquidity across major blockchain networks but also significantly elevates the cross-chain trading experience,” Sushi said in a statement. Former Meta (META) personnel founded Aptos.Despite having a market valuation of over $1 billion and having launched its own APT coin last year, the blockchain was unable to draw in a sizable amount of DeFi TVL.

The native currency of Synapse, a decentralised finance (DeFi) protocol created to send data via cross-chain bridges, recovered more than 17% from a low of $0.30 after a liquidity provider sold their SYN tokens on Monday. A wallet that the protocol said was connected to venture capital firm Nima Capital sold 9 million of the

Changpeng “CZ” Zhao, CEO of Binance, believes that during the upcoming bull run, decentralized finance (DeFi) may outperform centralized finance (CeFi).Zhao discussed his views on the future of DeFi at a live X Spaces (formerly Twitter Spaces) AMA on September 1.He proclaimed, “I think the more decentralized the industry becomes, the better,” and said it might not be long before it overtakes CeFi trading volumes. “DeFi is the future; the volume is somewhere between 5% to 10% of CeFi volumes, which is not small right […] the next bull run may very well make DeFi bigger than CeFi.” The top three decentralized exchanges (DEXs) saw a 444% increase in median trading volume in just 48 hours after the United States Securities and Exchange Commission (SEC) filed suit against centralized exchanges Coinbase and Binance on June 9.At the time of publication, DEXs had a $722,776,226 24-hour trading volume.The recent dismissal of the lawsuit brought against the decentralized technology Uniswap was also discussed by CZ. “The Uniswap thing was extremely positive, extremely reasonable, logical and clear. That is very good,” he declared. Plaintiffs who claimed they lost money as a result of scam tokens on the decentralized cryptocurrency exchange filed a class-action lawsuit against Uniswap and its CEO, foundation, and venture capital investors. The lawsuit was dismissed by a U.S. federal court on August 30.Due to the inability of either party to identify the con artists, the judge dismissed the case and underlined how regulatory uncertainty weakens investor protection. “They now