Cryptocurrencies

Welcome to Finance Refinite, your weekly dose of DeFi insights

Welcome to Finance Refinite, your weekly dose of essential decentralized finance (DeFi) insights – a newsletter designed to bring you the most important developments from the past week.

Last week in DeFi saw Solana continue its momentum, and it could upend Ethereum in terms of transaction fees over the next week. The UK Financial Conduct Authority (FCA) is incorporating the best parts of traditional finance (TradFi) and decentralized finance (DeFi) regulations to ensure a comprehensive framework for cryptocurrencies.

One trader lost over $1 million worth of crypto assets due to the 0L network hard fork.

The top 100 DeFi tokens by market cap had a mixed week, with several tokens recording double-digit growth while others traded in the red on the weekly charts.

Solana Could Overturn Ethereum Transaction Fees Within a Week: Report

The Solana network could be on its way to surpassing the Ethereum network in transaction fees, a potentially significant development for Solana’s status as a so-called “Ethereum killer.” Furthermore, Solana’s total economic value of $2.8 million was close to Ethereum’s total economic value of $3.1 million on May 7.

According to Dan Smith, senior research analyst at Blockworks, Solana could upend Ethereum’s transaction fees as soon as this week. However, Solana’s daily transaction fees are still far from those of Ethereum. Ethereum generated more than $2.75 million in fees in the 24 hours through May 8, compared to Solana’s $1.49 million, according to DefiLlama data.

Continue reading

FCA crypto regulators will get the best from TradFi and DeFi, exec says

When it comes to regulating cryptocurrencies like Bitcoin (BTC), UK financial authorities aim to take the best of TradFi and DeFi, according to an executive at the Financial Conduct Authority (FCA).

The cryptocurrency community and regulators have long considered the best approach to regulating the cryptocurrency market, raising concerns about over- or under-regulation. According to the FCA’s Director of Payments and Digital Assets, Matthew Long, the right way to regulate the industry is to combine different approaches and see which works best.

Continue reading

The trader loses a seven-figure sum due to the 0L network hard fork

One unlucky trader allegedly lost over $1 million worth of cryptocurrencies due to the 0L network hard fork. The trader with the pseudonym NN lost the amount due to a hard fork that was not approved by the community.

The pseudonymous trader said he bought 147 million Libra tokens in February 2023, worth about $1.47 million at the time, before joining the protocol to help with marketing efforts. Libra’s value has fallen more than 58% since May 3 to trade above $0.001 as of 12:35 PM UTC, according to CoinGecko data.

Continue reading

First Bitcoin-backed synthetic dollar launched with 25% return

Hermetica has launched the first-ever Bitcoin-backed synthetic USD with yield-generating potential in the latest evolution of Bitcoin-native DeFi.

The new synthetic dollar, USDh, is scheduled to be released in June, and will offer users returns of up to 25%, according to a Hermetica announcement shared with Cointelegraph. The new synthetic dollar will enable Bitcoin users to hold a return on their US dollars and earn yield without having to trust the banking system or be exposed to non-bitcoin-related products, according to Jacob Schillinger, founder and CEO of Hermetica Labs.

Continue reading

DeFi Market Overview

Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a bearish week, with most of them trading in the red on the weekly charts. The total value locked in DeFi protocols has risen to more than $90 billion.

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights, and education regarding this dynamically advancing space.

sh-hakam.com

I am HAKAM web developer. From here you will get a lot of valuable information for free and a call for updates to WordPress and Blogger so that your sites are accepted in Google AdSense and also proper mastery of SEO and the best for the easiest.

Leave a Reply

Your email address will not be published. Required fields are marked *