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DeFi
DeFi, short for decentralized finance, represents a shift in the financial sector by leveraging blockchain technology, primarily Ethereum, to eliminate traditional financial intermediaries. It enables various financial applications, from simple transactions to complex contracts, through smart contracts that execute automatically under specific conditions. Key DeFi applications include decentralized exchanges (DEXs), stablecoins, lending platforms, and prediction markets. DeFi offers financial services like loans and interest-earning opportunities without traditional identity verification, relying instead on collateral, usually in cryptocurrency. This innovative sector promises increased accessibility and efficiency but comes with risks, such as market volatility and unregulated projects.
Maple Finance's $54M of Sour Debt Shows Risks of Crypto Lending Without Collateral
Maple Finance, the largest unsecured crypto lending platform, is grappling with a debt crisis while gearing up for a major system upgrade. The project's MPL token has plunged, and depositors are likely to stomach big losses. Here's how it happened, and what comes next.
Grayscale, in the Spotlight as GBTC Discount Widens, Says DeFi Fund Now Trading
The debut of the DEFG fund in over-the-counter markets comes as Grayscale’s largest fund, the Grayscale Bitcoin Trust (GBTC), is trading at a record discount and at the center of crypto-market speculation.
DeFi Protocol Perennial Launches, Announces $12M in Funding
Polychain Capital and Variant co-led a seed round for the decentralized derivatives protocol.
Attacker Targets Wealthy Crypto Funds Using Telegram Chats
Exchange owners cautioned against downloads of malicious as attackers zeroed in on gullible users with a very relevant and specific narrative.
What Does an AI Chatbot ‘Think’ About DeFi? We Asked ChatGPT
ChatGPT, CoinDesk’s new, robot-guest contributor, explains how AI might help (and harm) the future of DeFi.
DeFi Project Mercurial Plots Revamp and New Tokens Following 'Toxic' Association With FTX
Mercurial would launch some of its popular products as a separate project under the name Meteora.
DeFi Protocol SushiSwap Proposes 'Immediate' Action to Support Its Treasury
Developers proposed to divert 100% of fees generated on the platform to Sushi’s multisig for one year or until new tokenomics are implemented.
Crypto Audit Platform Sherlock Expects $4M Loss From Troubled Loans on Maple Finance
Sherlock deposited $5 million USDC of its staking pool into the beleaguered credit pool on Maple, which suffered a $31 million hit from Orthogonal Trading’s FTX-induced insolvency.
Crypto Firm Orthogonal, Victim of FTX Contagion, Now Faces Internal Dissent
Shortly after Orthogonal got served with default notices on $36 million of crypto loans from Maple Finance, the firm’s credit team published a statement saying it was “speechless” and unaware of the extent of the trading team’s exposures.
