DeFi coverage protocol expands protection against centralized exchange hacks

DeFi coverage protocol Nexus Mutual expanded the list of centralized exchanges eligible for incident protection. Users trading on Binance, Kraken, Coinbase and Gemini are now able to buy protection in the event of an exchange hack or prolonged withdrawal downtime. The project announced the new integrations on Monday as part of their “custody cover” initiative. Users who buy coverage will be eligible for compensation if the custodian gets hacked and the user loses more than 10% of their funds. Alternatively, the claim can be honored if the custodian suspends withdrawals…

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Governance remains highly centralized in many DeFi projects

A new report jointly developed by DappRadar and Monday Capital analyzes the token distribution and governance proposals seen in major DeFi protocols. Despite efforts to decentralize control in the yield farming phase, the researchers maintain that many projects, especially those with strong venture capital roots, remain highly centralized. The researchers analyzed projects such as MakerDAO, Curve, Compound and Uniswap. All present a significantly skewed token distribution that favors large holders. The analysts noted that Maker’s governance appears to be the most mature of all, owing to its longer existence. The…

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Is DeFi really a threat to centralized finance? Oct. 14-21

No major euphoria-worthy moments happened this week — the ecosystem is still cooling off.  I think the biggest sign of that is Uniswap’s trading volume. After hitting a peak of slightly less than $1 billion in daily volume in early September, those numbers steadily deflated. Courtesy of Uniswap’s sleek dashboard. But despite the downtrend, I think even the current level is still well beyond the wildest imagination of a DeFi fan in 2019. For reference, those figures are roughly on par with Bitstamp or Bitfinex (even though as I write…

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Centralized Exchange Operators Believe Low Liquidity on DEX Platforms Stops User Migration

Centralized cryptocurrency exchanges (CEX) operators say they are unfazed by the increasing trading volumes on decentralized exchanges (DEX) because the latter’s liquidity is still too insignificant to cause user mass migration. The majority of CEX operators also insist that it is very unlikely the DEXs’ liquidity would surpass their own liquidity in 2 years’ time. The comments by operators of CEX platforms come at the time when traded volumes on DEX applications are increasing courtesy of the rapidly growing Defi ecosystem. Underlining this growth is Uniswap’s monthly trade volume which…

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Centralized data management hampered the global response to COVID-19

The COVID-19 outbreak, just like any other black swan event before it, revealed systemic weaknesses in a wide variety of industries and processes. With the information age now in full swing, this particular event emphasized the critical importance of data management, and it highlighted the failure of status quo data management systems.  In terms of the global response to the pandemic, the consequences of poor data management range from exacerbated shortages to unnecessarily long medicine development times, and the end result is more lives lost. On the other hand, opportunities…

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Uniswap Captures $2 Billion Locked, Dex Volume Outpaces Second-Largest Centralized Exchange

The decentralized exchange (dex) built on Ethereum, Uniswap has accumulated a whopping $2 billion in total value locked (TVL) this week. Tuesday’s data shows out of all the decentralized finance (defi) application’s Uniswap dominates the $11 billion landscape by over 18%. Just recently, the defi space has touched a few new milestones as the ecosystem’s TVL this week has topped $11 billion. The dex Uniswap is dominating the defi landscape by 18.65% with over $2 billion TVL to-date. Uniswap is followed by Makerdao ($1.9B), Aave ($1.56B), Curve.fi ($1.22B), and the…

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DEC777 Decentralized Exchange – The Last Resort for the People Who Lost Trust in Centralized Exchange

Russia and China De-dollarization Approaching ‘Breakthrough Moment’ China and Russia are collaborating to reduce their dependence on the U.S. dollar. Trade settlements in USD between the two countries have fallen below 50% for the first time. De-dollarization in Russia and China The dollar’s share of trade between … read more. Why the Rise of the CBDC Is Bad for Your Privacy Like, hate, or fear them, central bank digital currencies (CBDCs) are on their way. There will be no stopping them. From Sweden to Thailand and China to Canada, governments…

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Centralized Exchanges Continue to Shed Bitcoin

Data compiled by Glassnode is showing that the number of Bitcoin (BTC) held on top crypto exchanges has steadily fallen since the violent mid-March crash that saw crypto prices tumble by 50% in a single day. The sum of BTC held on exchanges currently sits at a little over 2.3 million — the lowest it has been since May 22, 2019. As such, the percentage of BTC stored on centralized exchanges has dropped from 14.1% to 12.5%. $3B in BTC removed from exchanges since March The number of BTC stored…

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