Compound
Compound pauses 4 tokens to avoid price manipulation: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. After the Mango Markets exploit last week, Compound protocol paused the supply of four tokens as lending collateral to protect it against any price manipulation. Crypto staking protocol Freeway said one of its trading strategies “appears to have failed,” forcing the firm to halt services earlier this week. October continues to be dominated by DeFi hacks as another DeFi lockup protocol, Team Finance, lost $14.5 million during contract migration, despite an audit clearance. MakerDAO community voted to approve the custody of $1.6 billion USD Coin (USDC) with the institutional brokerage platform Coinbase Prime. The to...
Compound Treasury to let institutions use digital assets as collateral when borrowing USD or USDC
Compound Treasury, a cash management solution for institutions powered by the Compound Protocol, announced on Sept. 14 that accredited institutions can now borrow USD or USDC with fixed rates starting from 6% APR, using Bitcoin (BTC), Ether (ETH), and supported ERC-20 assets as collateral. Starting today, to meet the growing demand for liquidity, institutions can now borrow from Compound Treasury, using digital assets as collateral.https://t.co/xgDIep18Qa — Compound Labs (@compoundfinance) September 14, 2022 The DeFi-backed company whose notable clients include crypto companies, fintech institutions and banks, shared that the decision was made in response to recent market volatility, which has created a more robust demand for liquidity. Reid Cuming, vice president of Compound Treasur...
What is CeDeFi, and why does it matter?
Among the advantages of CeDeFi are lower fees, better security, accessibility, speed and lower cost. CeDeFi’s innovative approach to decentralized banking enables users to trade CeDeFi crypto assets without requiring a centralized exchange. This implies that users may transact directly with one another, removing the need for an intermediary. Among CeDeFi’s major advantages is lower fees. CeDeFi transactions cost lower than those on comparable platforms since there are fewer middlemen involved, especially on networks that are not Ethereum-based. Ethereum has very high gas fees, for instance, with DEX transactions running into hundreds of dollars. It also often causes network congestion issues, leading to delays. Binance CeDeFi, on the other hand, has much lower fee...
Cred Protocol unveils its first decentralized credit scores
Cred Protocol, a decentralized credit scoring startup has unveiled the results of its first automated credit scoring system for users of decentralized finance (DeFi). Cred Protocol CEO Julian Gay outlined the results in a Twitter thread, which showed how Cred successfully utilized past transaction behavior on the Aave protocol to assess the creditworthiness of future borrowers based on on-chain behavior in the DeFi space. 1/ Over the last few months, we’ve been working to build one of the first credit scores for DeFi. Today, we’re excited to share the results of our first credit score with the world! Read more below — Julian Gay (@juliangay) July 14, 2022 By using machine learning to assess time-based account attributes and analyze the user’s past transaction behavior, Cred Pro...
DeFi summer 3.0? Uniswap overtakes Ethereum on fees, DeFi outperforms
Decentralized exchange (DEX) Uniswap has overtaken its host blockchain Ethereum in terms of fees paid over a seven-day rolling average. The surge appears part of a recent spate of high demand for DeFi amid the current bear market. Decentralized finance (DeFi) platforms such as AAVE and Synthetix have seen surges in fees paid over the past seven days, while their native tokens, and others such as Compound (COMP) have also boomed in price too. According to data from Crypto Fees, traders on Uniswap accounted for an average daily total of $4.87 million worth of fees between June 15 and June 21, overtaking the average fees from Ethereum users which accounted for $4.58 million. Uniswap’s most advanced V3 protocol (based on the Ethereum mainnet) accounted for the lion’s share of the total f...
Compound Treasury receives B- credit rating from S&P Global Ratings
On Monday, decentralized finance, or DeFi, protocol Compound Treasury announced that it received a credit rating of B- from S&P Global Ratings. As told by the team at Compound, this represents the first time a major credit agency has issued a rating for an institutionalized DeFi protocol. The S&P Global Ratings’ investment suitability scale ranges from AAA (extremely strong) to D (in default). A score of B- indicates the issuer can meet financial commitments, though vulnerabilities to business, financial and economic conditions persist. Regarding Compound’s rating specifically, S&P Global cites the uncertain regulatory regime for stablecoins such as USD Coin (USDC), stablecoin-to-fiat convertibility risks and the Treasury’s “limited capital base...
Here are 3 ways hodlers can profit during bull and bear markets
For years, cryptocurrency advocates have touted the world-changing capability of digital currency and blockchain technology. Yet with the passing of each market cycle, new projects come and go, and the promised utility of these “real-world use case” projects fails to satisfy. While a majority of tokens promise to solve real-world problems, only a few achieve this, and the others are mere speculative investments. Here’s a look at the three things cryptocurrency investors can actually “do” with their coins. Lending Perhaps the simplest use case offered to cryptocurrency holders is also one of the oldest monetary applications in finance: lending. Ever since the decentralized finance (DeFi) sector took off in 2020, the opportunities available for crypto holders to lend out their tokens in exch...
ApeCoin eyes 250% rally amid ‘bull pennant’ breakout, Robinhood APE listing rumors
ApeCoin’s (APE) market valuation could grow by nearly 250% in the second quarter of 2022 as it breaks out of a widely-tracked, classic technical pattern. APE price “bull pennant” breakout underway On April 13, APE’s price broke above the upper trendline of what appears to be a “bull pennant” chart pattern. Bull pennants appear when the price consolidates inside a triangle-like structure following a strong uptrend. Many traditional analysts consider them as continuation patterns, for they typically result in the price breaking out in the direction of its previous trend. As a rule, traders estimate a bull pennant’s upside target by measuring the size of the previous uptrend, called “flagpole,” and adding it to the breakout point. Applying...
Aussie fintech to offer mainstream direct access to DeFi with a fixed rate
Australian fintech company Block Earner has officially gone live, offering everyday investors a 7% fixed rate investment product by utilizing decentralized finance (DeFi) technology. Block Earner has already attracted attention from big names in the crypto industry, finalizing a $6.4 million seed funding round in December last year. It was led by Framework Ventures and joined by Coinbase Ventures, DeFi Alliance, LongHash Ventures and crypto veteran Kain Warwick, the founder of Synthetix, an Australia-based crypto derivatives exchange. Jordan Momtazi, the co-founder of Block Earner, said in an interview to Cointelegraph that Australia’s current economic climate makes products that offer yields on savings attractive, especially when it is practically impossible to achieve similar returns usi...
Police arrest nine suspects for armed robbery in Jigawa
The Jigawa State Police Command has arrested nine armed robbery suspects believed to have been terrorising residents in Gumel Local Government Area of the state. ASP Shiisu Lawan, spokesperson for the command, revealed this to the News Agency of Nigeria in Dutse on Sunday. He said the suspects were arrested on June 30. Lawan said four of the suspects (names withheld) were arrested after attacking one Naja’atu, a housewife, with cutlass on June 15 about 2:40am. He said: “On June 15 at 8am, one Nazifi Abdulhamid of plantation Gagarawa Tasha, reported the incident to the police that on same date about 2:40am, the four suspects trespassed into his compound and attacked them with sticks and cutlass. “His wife, Naja,atu Lawan, aged 23, raised alarm and as a result they (suspects) used a cutlass ...
Pastor kills, buries wife in Akwa Ibom
A pastor in Akwa Ibom State, Nigeria’s South-south, has been detained by the police for allegedly killing his wife. The incident happened at a village called Ikot Ataku, Okon, in Eket Local Government Area. The pastor has been identified as Chris Enoch, the founder of Omega Word Global Ministries. He is from Ebonyi State, Nigeria’s South-east. The youth president of Okon Clan, Effiong Johnson told newsmen, Wednesday night, that Mr Enoch killed the wife, Patient, seven days ago and buried her corpse in the shallow grave inside their gated compound where they have been living with their five children. The eldest child is 15 years old. Mr Enoch’s church has been operating inside the same compound which is rented. The community became suspicious when the pastor’s children complained to neighbo...
Israel lawmakers to vote Sunday on anti-Netanyahu government
After weeks of political wrangling, the Israeli parliament is set to vote Sunday on whether to install a “change” coalition and end Prime Minister Benjamin Netanyahu’s record 12 consecutive years in power. Announcing the date for the confidence vote, speaker Yariv Levin, a Netanyahu ally, said on Tuesday “a special session of parliament” would debate and vote on the fragile eight-party alliance, after the country’s fourth inconclusive election in two years back in March. Later in the day, the prime minister’s office announced that a march by Jewish nationalists through Jerusalem would go ahead in a week’s time, potentially de-escalating tensions with Hamas, the Palestinian Islamist group which went to war with the Jewish state for 11 days last month. Israeli right-wing groups had the day b...
