Celsius Suspends Withdrawals Due To Extreme Market Conditions

Celsius Network, a decentralized finance (DeFi) lending giant, has halted withdrawals, swaps, and transfers between accounts. The company announced this news earlier today through a blog post. Celsius said it paused the above services due to extreme market conditions. Through this course of action, Celsius hopes to place itself in a better position to honor its withdrawal obligations. The company claims this move is intended to benefit the entire Celsius community. Specifically, Celsius alleged that pausing withdrawals, swaps, and transfers…

Over $2 Million Drained From Terra’s Mirror Protocol in New Exploit

Another DeFi exploit has drained over $2 million in crypto from a protocol on Terra Classic, shortly after its historic collapse. If the developers wouldn't have fixed it quickly, the hackers could have stolen far more money. The governance participant “Mirroruser” of the Terra Research Forum was the first to discover the exploit on Monday. He noted that the attack drained all the pools bridging to Bitcoin, Ethereum, and Polkadot. “All other pools will get drained as soon as new…

Terraform Labs’ Legal Team Steps Down Following LUNA Crisis

The legal department of Terraform Labs is in shambles following the resignation of key team members. While there are no clear reasons yet behind the slew of resignations, this hasn’t stopped speculations that Terra’s lawyers might have ditched the struggling ship because of financial constraints. Legal Team Abandons Ship According to a spokesperson affiliated with the developers, three attorneys have now left Terra's holding firm. This unfolds about one week after the catastrophic collapse of Terra's stablecoin, UST, and its…

Nansen Procures DeFi Tracker Apeboard in Eight-Figure Deal

Nansen will offer Web3's analytics super-app for free.   Nansen has acquired the cross-chain DeFi tracker, Apeboard, at an 8-figure price, according to an announcement this Tuesday.  Alex Svanevik, CEO of Nansen, shared this information in a speech he made at the Permissionless conference held in Palm Beach. According to him, the inspiration behind the move was the inconvenience web3 users face in tracking their investments across multiple chains. As of writing, Nansen is yet to reveal the official takeover…

MetaMask Discloses Apple Pay Integration to Buy Cryptocurrencies

MetaMask’s announcement of its Apple Pay integration surprised the crypto community. Investors in Apple and the crypto world are now wondering what this partnership may represent. Leaving aside any creative speculation of crypto enthusiasts, the advantages for Apple are relatively straightforward.   A Quick Introduction to the MetaMask Crypto Wallet MetaMask is a well-liked cryptocurrency wallet because of its simplicity and availability on desktops and mobile devices. The system can buy, transmit, and receive cryptocurrency directly from a wallet. It can…

Synthetix Price Benefits from Optimism Airdrop Announcement

After an airdrop broadcast by Optimism earlier this week, Synthetix (SNX) has seen a continuous upward climb. Apparently, the announcement was an opportunity for the DeFi protocol to prepare itself to join in the ongoing L2 Curve Wars.  This and other factors have encouraged Optimism users to engage with the DeFi project. Consequently, the SNX price continues to sustain a steady rise, for the time being.  SNX Buoyed by Layer-2 Solutions Ever since Layer 2 protocols grew in popularity on…

Proposal to End Compound’s Reward System Almost Succeeds

The Compound Governance community has rejected a move to completely scrap the COMP rewards program. The community cited concerns that the move could possibly threaten the protocol's decentralization. Despite these concerns, it is interesting that Compound only narrowly escaped abandoning its rewards program.  Compound Debate Rewards Adjustments Compound Finance is a DeFi lending protocol that enables traders to borrow and lend crypto assets on the market. As a DeFi app, its users also possess COMP tokens for utility. COMP tokens…

1inch Protocol Deploys on the Fantom Network

The popular DEX aggregator 1inch has now deployed on the Fantom network – a layer-1 smart contract platform for decentralized finance. This brings deeper market liquidity and cheaper, more efficient swaps to 1inch users. 1inch gathers data and liquidity across multiple decentralized exchanges (DEXs), throughout various blockchains, to find the best trading rates for its users. These include Ethereum, Binance Smart Chain, Polygon, Avalanche, and now Fantom – among others. The Fantom network uses a unique “directed acyclic graph” (dag)…

SolidProof to Open Smart Contract Auto-Audit Tool for Large Scale Access

SolidProof – a German-based security company – will soon make its automatic smart contract auditing tool available for development teams everywhere. The product is meant to support the growing decentralized finance (Defi) space by addressing its all too common security threats. The Need for Security Defi is a popular application for blockchain technology that builds on the original monetary function that Bitcoin was designed for. Whereas Bitcoin was created as a form of trustless money, defi enables trustless financial services…

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