How Did Basic Attention Token (BAT) Become the Most Used DeFi Token?

According to recent research from blockchain analytics firm Flipside Crypto, Brave’s Basic Attention Token (BAT) became the most used ERC-20 token in the decentralized finance (DeFi) sector from June 19 to July 2. According to Dapp.com, “there was a transaction volume of $931 million generated from BAT token, more than the combined volume of Ether and Dai”. BAT is the token used to incentivize and reward advertisement viewing by Brave Browser users. The idea behind blocking advertisements is to encourage ad makers to share revenue with the end users who watch…

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DeFi Offers Potential Investment Opportunities said HyperChain Capital

Decentralized finance, or DeFi, offers potential growth opportunities said the chief executive of digital assets management company HyperChain Capital. HyperChain CEO Stelian Balta said DeFi “has a huge opportunity to grow” and that digital currencies and blockchains are something the company continues to look on with interest.  “I believe DeFi space has a huge opportunity to grow and one of the leaders in DeFi space, Kyber Network, just crossed $1 billion dollars in trading volume and project market cap is worth more than $300 million dollars, which I think is…

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Ethereum DeFi Broke Records in June, But Other Categories Are Suffering

Results for the second quarter of 2020 show tremendous growth for decentralized applications across all ecosystems, primarily spearheaded by Ethereum (ETH) decentralized finance, or DeFi. Decentralized exchanges were at the frontlines of the rise as Compound token mining activity trickled down to on-chain swapping solutions. According to Our Network, Curve was one of the biggest beneficiaries of yield farming as it helped users switch between different stablecoins to maximize yield. Curve is an automated money market that only supports swaps between different types of stablecoins and wrapped tokens. This limitation…

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Trouble in Defi Paradise: Compound-Issued DAI Surpasses DAI in Circulation

A number of cryptocurrency proponents have been discussing the stablecoin DAI this week, as the DAI allegedly held on the Compound platform is much larger than what is recorded in circulation. At press time, Compound statistics show there’s $523 million worth of DAI held in reserves, while the web portal daistats.com shows there’s only 160 million DAI in circulation. There seems to be another mystery in the world of decentralized finance (defi) again as the crypto community is now discussing the stablecoin DAI and the algorithmic money market protocol Compound.…

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Incognito Blockchain Launches DeFi Privacy for Kyber

Privacy blockchain Incognito has released Kyber Privacy (pKyber), a privacy feature for decentralized finance within the Kyber Network for users from both parties to trade anonymously. First announced on April 24, Incognito’s open-source technology enables anonymity for smart contract-based protocols, making it possible for any Ethereum-based decentralized app to integrate pKyber. Making DeFi private The company claims that the DeFi environment is increasingly facing privacy concerns from seasoned crypto users and traditional investors looking to explore “a new economy.” Within the integration, Incognito will offer users the option to hide…

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Compound’s COMP Token Paves Way for DeFi Yield Wars

Recent events surrounding the launch of Compound’s token seem to have been noticed by many other projects in the decentralized finance, or DeFi, ecosystem. In an interview with Cointelegraph, Framework Ventures’s co-founder Michael Anderson said that the token’s success may provide an example to follow for other DeFi projects who may start engaging in “yield farming wars.” The result of this will be increased interest in the DeFi space as a whole, Anderson argues. Some of those effects can already be seen in skyrocketing valuations for other tokens, like Aave’s…

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Coinbase Welcomes Compound DeFi to its Platform

Coinbase announced support for COMP, the token of decentralized finance, or DeFi, project, Compound.  “Coinbase customers can now buy, sell, convert, send, receive, or store COMP. COMP will be available for customers in all Coinbase-supported regions, with the exception of New York state,” the exchange said in a June 25 blog post announcement.  The company has listed the token on Coinbase.com, with compatibility for iPhone and Android mobile application usage, the announcement detailed.  Coinbase Pro already listed Compound  Built on Etheruem’s blockchain, Compound offer’s another option for crypto-based lending within…

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Surge in Stablecoin and DeFi Growth Bring Ethereum Fees to 2-Year High

The median transaction fees on the Ethereum network are the highest they have been in two years and have risen above Bitcoin fee for the second time in the last three months.  Recently, Coinbase researcher Max Bronstein tweeted the chart below and suggested that the most recent surge seems to be due in largely in part to increased interaction with stablecoins on the Ethereum network. Tx. fee earnings of Bitcoin and Ethereum. Source: Twitter As previously reported by Cointelegraph, Tether’s USDT stablecoin is the biggest user of gas in the…

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Bancor’s Bug Exposes Dangerously Common Practice in Ethereum DeFi

A vulnerability discovered on Bancor on June 18 would have allowed hackers to simply drain the funds of anyone who interacted with its smart contracts. The exploit relied on the concept of withdrawal authorization, introduced in the ERC-20 standard. This allows various Ethereum (ETH) DApps to automatically withdraw money from users’ wallets. As Oded Leiba, a research engineer at ZenGo, wrote, the fund withdrawal function on Bancor’s smart contract was mistakenly set so that anyone could call it. Bancor acted preemptively to “steal” user funds before malicious parties could intervene.…

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3 Reasons Why DeFi Tokens Are Outperforming Bitcoin Price

Decentralized Finance (DeFi) has been a rapidly growing sector in the crypto space and although the volume of the DeFi ecosystem yet to surpass that of the general crypto market, the new way of lending and saving has garnered positive media coverage and “praise”.  DeFi shows great promise and the market is starting to reflect this, as many DeFi-based tokens have been pumping strongly in 2020, with some tokens showing gains above 60% in the past 5 days. According to a report provided to Delphi Digital’s clients, tokens for popular…

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