Friday, September 29, 2023

Coinbase CEO Defends DeFi, Polygon Says $1B Investment in ZK: Redefining Finance

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) information, a curated newsletter that catches you up on the most important developments from the last week.

Last week in DeFi, we saw Coinbase’s CEO defend the emerging ecosystem despite growing calls for action, while Polygon’s CEO said his $1 billion bet on zero-knowledge proofing is paying off.

The founder of MakerDAO believes that decentralized stablecoins could dominate cryptocurrencies, while Solidus Labs claims that decentralized exchanges have become a magnet for money laundering operations.

The top 100 DeFi tokens had another mixed week of bearish dominance as most tokens traded in the red on the weekly charts.

Coinbase CEO defends DeFi and calls for legal action to set a precedent

Coinbase CEO Brian Armstrong has expressed his support for DeFi protocols. In a recent social media post, Armstrong called on DeFi protocols to consider litigation to set a precedent, as the legal system has consistently demonstrated its commitment to upholding the rule of law. The current approach primarily pushes an important industry into foreign jurisdictions, he said.

According to yours publication Doesn’t even apply to them.

Decentralized stablecoins could dominate the crypto sector: MakerDAO founder

Decentralized stablecoins could end up dominating the stablecoin market if cryptocurrencies “ultimately reach their potential,” says Rune Christensen, co-founder of DeFi pioneer MakerDAO.

Speaking to Cointelegraph’s Andrew Fenton at Token2049 in Singapore, Christensen offered his thoughts on the future of decentralized stablecoins like Dai (DAI) and their role in the broader crypto economy.

Polygon co-founder: The $1 billion bet on ZK rollups paid off

Polygon co-founder Sandeep Nailwal believes the Layer 2 blockchain company will benefit from committing $1 billion to developing zero-knowledge (ZK) proof-based scaling solutions for the Ethereum ecosystem.

In a keynote speech during the latest edition of the Token2049 conference in Singapore, Nailwal discussed the development of the “Polygon 2.0” scaling effort and the promise of ZK-safe recursive technology to create a seamlessly interoperable blockchain ecosystem.

Decentralized exchanges are a magnet for traders who launder cryptocurrencies: Solidus Labs

According to market monitoring firm Solidus Labs, more than 20,000 cryptocurrency tokens have been manipulated through wash trading on decentralized exchanges (DEX) in the last three years.

In the second part of its “Cryptocurrency Market Manipulation Report 2023” published on September 12, Solidus claims that in a sample of 30,000 Ethereum-based DEX liquidity pools, it was found that almost 70% executed cryptocurrency trades. laundered since September 2020, representing around $2 billion in cryptocurrencies.

The DeFi group calls for a stop to the “patent troll” targeting DeFi protocols

A DeFi advocacy group has asked the United States Patent and Trademark Office to review a patent from a company it describes as a “patent troll,” i.e. a company that seeks to profit from patent lawsuits.

In a blog post dated Sept. 11, the DeFi Education Fund says it filed a more than 90-page petition with the Patent Trial and Appeal Board on Sept. 7 requesting the invalidation of a patent owned by True Return Systems.

Overview of the DeFi market

Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a mixed week, with most tokens trading in the red on the weekly charts. The total value locked in DeFi protocols remained above $49 billion.

Thank you for reading our roundup of the most influential DeFi developments this week. Follow us next Friday for more stories, perspectives and information on this dynamically evolving field.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news