October 14th, 2024
DeFi News
Dive into the latest DeFi news and uncover important details about the evolving world of decentralized finance as the sector changes public interaction with financial services by ensuring direct access instead of using middlemen. DeFi offers users heightened control of their assets, as well as more financial services that are usually not obtainable when dealing with traditional platforms.
Kamino Finance Boosts PYUSD Borrowing Cap to $20M
By Mayowa Adebajo
August 29th, 2024
Kamino’s decision to raise the limit appears to be a response to the growing demand for lending services within the DeFi ecosystem.
Bitcoin Spot ETF Records $53M Inflows on July 17
By Chimamanda U. Martha
July 18th, 2024
On July 17, BlackRock’s Bitcoin ETF, known as IBIT, recorded the highest inflow in a single day, bringing in a total of $110.37 million.
ONI DEX: Pioneering the Future of Decentralized Finance
By Svetlana Soroka
June 12th, 2024
The decentralized finance (DeFi) landscape is experiencing rapid evolution, and at the forefront of this transformation is ONI DEX.
VanEck Advisor Calls Out TradFi ‘Hypocrisy’ as GameStop Frenzy Returns
By Mayowa Adebajo
June 7th, 2024
Prominent figures like Gurbacs are using this event to highlight perceived inconsistencies in regulatory practices.
GnosisDAO Grants Karpatkey Independence as Risk Manager Debuts with KPK Token
By Mayowa Adebajo
June 5th, 2024
This spin-off aligns perfectly with GnosisDAO’s broader vision.
Small Investor Who Bought Retik Finance (RETIK) During Presale Turns $100 into $10,000
By Svetlana Soroka
May 31st, 2024
There are stories of monumental gains that capture the imagination of investors.
SEC’s New Rules Extend Oversight to Crypto and DeFi
By Godfrey Benjamin
February 7th, 2024
The adoption of these rules comes amidst a broader regulatory push aimed at bringing greater clarity and oversight to the cryptocurrency industry.
Fidelity Predicts Stablecoins and DeFi Resurgence Ahead of Fed Rate Cuts
By Godfrey Benjamin
January 15th, 2024
Fidelity Digital suggests that 2024 might witness a resurgence of institutional interest in DeFi yields.
CFTC Advisory Committee Recommends Better Understanding of DeFi
By Tokoni Uti
January 9th, 2024
The CFTC advisory committee has voted that a report be delivered to the commission and other regulators to review the DeFi sector, as well as the current laws relating to it.
Trading Platform Thunder Terminal Faces $240K Exploit, Says Funds Are SAFU
By Bhushan Akolkar
December 27th, 2023
Thunder Terminal successfully thwarted a $240,000 exploit targeting 114 wallets, ensuring user funds’ security. The incident involved an attacker gaining access to a MongoDB connection URL, executing withdrawals on behalf of users.
DeFi is a short way of writing decentralized finance. Generally, DeFi encompasses cryptocurrencies and financial smart contracts, protocols, and decentralized applications (dApps) that are built on the Ethereum ETH $2 649 24h volatility: 7.5% Market cap: $317.54 B Vol. 24h: $21.45 B blockchain. To break it down further, DeFi is simply a blockchain-based financial software that can be joined together piece by piece like Legos.
DeFi represents a shift from traditional financial systems, as it gives people more direct control over their financial transactions. Using blockchain technology, DeFi platforms remove the need for financial intermediaries like banks, by automating most financial functions through smart contracts. These smart contracts control borrowing, lending, and trading, executing specific functions depending on the rules of the contract’s code.
The decentralized nature of DeFi ensures that users fully control their assets, unlike the traditional financial system, which has centralized institutions in control. This feature is executed smoothly because the blockchain is transparent, with transactions easily verifiable by anyone. Transparency is another advantage of decentralized finance, as no transactions or network decisions are shrouded in secrecy. As a result, DeFi has been effective in attracting users who want alternatives to traditional finance.
Another prominent feature of the decentralized finance sector is accessibility. While conventional options have high entry barriers, including high fees, strict identification requirements, and geographical restrictions, DeFi is available to anyone with an internet connection. The technology has been useful in satisfying areas where access to banking infrastructure is limited.
However, despite its exciting perks, DeFi comes with a few risks and challenges. These include smart contract vulnerabilities and unsupportive or unclear regulations. Nevertheless, the future of DeFi is promising as projects continue to innovate and create cohesion between the traditional and crypto sectors.
Explore the DeFi guide for more details about innovations and new features transforming the global financial sector.
Click to see more
FAQ on DeFi News
What is DeFi in crypto?
Decentralized finance (DeFi) refers to a financial system that eliminates intermediaries using blockchain technology. DeFi platforms let users engage in financial activities directly, using smart contracts to automate the processes and ensure transparency.
How can I make money with DeFi?
There are several ways to earn money with DeFi. Users can consider providing liquidity to decentralized exchanges (DEXs) for trading fees or staking tokens in Defi protocols for rewards. Nonetheless, all users should thoroughly understand potential risks before starting.
What is the best DeFi wallet?
The best DeFi wallet depends on individual needs. For instance, people who prioritize convenience may prefer a hot wallet like MetaMask or Trust Wallet. On the other hand, people who are more worried about security breaches may use a cold wallet like Trezor or Ledger.
Why is DeFi better than banks?
DeFi offers several advantages over banks, including lower fees and faster transactions. In addition, users enjoy global accessibility and much more transparency than conventional systems.
