Top DeFi news of the week

Top DeFi news of the week

DeFi, which is an abbreviation of the words decentralized and finance, is called a financial structure that does not need any center or authority. DeFi, which is basically built on blockchain networks, is ranked among the most important developments for the creation of next-generation digital currency infrastructures.

Smart contracts, consensus protocols and decentralized applications (Decentralized Application – DApp), which are based on the logic of “if this condition is met, will take place” and operate automatically, are among the important parts of decentralized finance structures.

In this direction, we bring you the current and popular news in the field of DeFi last week:

Bancor has temporarily suspended temporary loss protection

Decentralized finance protocol Bancor, seen as the pioneer of the DeFi space, discontinued its temporary loss protection (ILP) feature on Sunday, citing “unfavorable” market conditions.

DeFi protocol Bancor, shared on Monday in the blog post He explained that the ILP feature has been temporarily discontinued to protect the protocol and users.

When a user provides liquidity to the liquidity pool, the ratio of the assets they deposit can change afterwards, leaving investors with more coins of lower value, this is called a temporary loss.

The ILP feature, which was first introduced in 2020, saw some updates with the launch of Bancor 3 in May this year. However, the recent correction, in which the crypto market suffered a serious collapse, also badly affected the DeFi market, forcing many protocols to critical changes.

What about decentralization? Solana loan protocol approves takeover of whale wallet

The decentralized finance (DeFi) sector has made a statement regarding one of the whale wallets at risk of liquidation by Solend, a popular DeFi protocol on the Solana (SOL) network. of voting Then it got the attention.

The proposal “SLND1 : Mitigate Risk From Whale” suddenly appeared on Sunday. started and the vote closed with 97 percent approval. The scandal comes just after last week’s sudden layoffs from Coinbase and BlockFi and the liquidation debacle of Three Arrows Capital. In addition to the unexpected price volatility and market sell-offs, the sudden change of the so-called decentralized autonomous organization (DAO) suggested that it offers a structure that is not as “decentralized” as crypto users think.

SNX price doubles as daily collected transaction fee exceeds $1 million

Layer-2 scaling solution and decentralized finance (DeFi) protocol Synthetix in cooperation with Curve Finance Curve pools for sETH/ETH, sBTC/BTC and sUSD/3CRV pairs will formso investors can convert synthetic assets such as sETH to Ether (ETH) very cheaply.

As investors are eager to hold tokens instead of synthetic assets, the DeFi protocol has collected over $1.02 million in transaction fees, eclipsing Bitcoin’s (BTC) daily performance by five times.

Ethereum-based decentralized finance (DeFi) protocol Synthetix has been a hot topic in the crypto ecosystem, thanks to a spike in trading activity and the extraordinary return of the SNX token during the wild bear market.

Uniswap and DeFi platforms outperform Ethereum in terms of fees paid

Decentralized exchange (DEX) Uniswap is the main blockchain Ethereum in terms of fees paid on a seven-day moving average left behind. On June 15, it was $8.36 million for Uniswap, compared to $7.99 million for Ethereum.

This increase seems to be part of the recent high demand for DeFi amid the current bear market. DeFi platforms such as Aave and Synthetix have experienced fluctuations in fees paid over the past seven days, while their native tokens and other tokens such as Compound (COMP) have exploded in prices.

European Central Bank President Says DeFi Could Be a Real Threat to Financial Stability

European Central Bank (ECB) President Christine Lagarde said DeFi could be a real threat to financial stability. told.

According to Lagarde, this may happen if cryptocurrencies start to take a more active role in the economy. The ECB chief stressed that at the moment the link between the crypto sector and the traditional financial sector is still limited, and stated that he wants the MICA regulations to come into effect quickly.

Lagarde stated that the new regulations may cover cryptocurrency staking.

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