🚨 DeFi News

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🚀 DeFi share in crypto market increases by 18% in November In November, the decentralized finance (DeFi) sector’s share of the cryptocurrency market increased by 18% compared to last month. November also turned green for non-fungible tokens (NFTs). Trading volumes recently jumped 200%, according to the latest report from Binance Research. Analysts noted that the rate remained from 3.8% to 4.1% throughout the year. However, in November, it began to overgrow. Over the month, the share of the DeFi sector increased by 18% and ended at 4.44%. The main drivers of significant growth were THORChain, PancakeSwap, Uniswap, and Synthetix.

🛼 Curvance emerges from stealth with a $3.6 million seed round for DeFi 'everything app' DeFi platform Curvance has emerged from stealth to secure a $3.6 million seed funding round, with contributions from over 20 decentralized autonomous organizations and leading developers. The round included investment from Arbitrum developer Offchain Labs, cross-chain messaging platform Wormhole and angel investors, including Polygon co-founder Sandeep Nailwal, according to a statement. Core contributors from crypto projects Scroll, Mantle, Eigenlayer, GMX, Curve Finance, Convex Finance, Balancer, Aura Finance and Pendle Finance — as well as DAOs, including Frax Finance — also participated in the round. “Curvance will give users of any blockchain an easy route to participate in Polygon DeFi, with the potential to make onboarding easier than ever,” Nailwal said in the statement.

🌟 This Crypto Reached $600 Million in 1 Week Last week, the world of decentralized finance (DeFi) welcomed the Blast Network. The protocol quickly reached a milestone of $400 million in total locked value (TVL), and $600 million in seven days. Since then, the total value locked has risen to $722 million. A somewhat surprising feat, given rants against the project’s centralization.

🪙 Nomic upgrade to unlock new DeFi possibilities on Cosmos Turbofish, a key contributor to Nomic, has revealed an impending interchain upgrade to Nomic. This non-custodial Bitcoin (BTC) bridge’s upgrade promises to drastically enhance interoperability, facilitating Cosmos’ decentralized finance (DeFi) users to access vital digital asset DeFi protocols like Osmosis seamlessly. In a recent interview with CryptoSlate, Turbofish CEO Matt Bell explained that the nBTC upgrade is designed to strengthen BTC’s integration into Cosmos (ATOM) without transforming it into Wrapped BTC (WBTC).

✉️ Web3 Foundation Empowers DeFi with $1M Investment in Centrifuge's Real-World Assets The collaboration signifies Web3 Foundation's dedication to bringing real-world assets (RWAs) onchain, responding to the surging demand and narrative surrounding RWAs in the decentralized finance (DeFi) space. The investment will be directed towards Anemoy’s upcoming pool of US Treasury Bills on Centrifuge. "With this collaboration between Centrifuge and Web3 Foundation, the stage is set for significant growth and innovation for real-world assets using Polkadot’s infrastructure and technology."

🍖 Shiba Inu: BONE Features in Binance DeFi Section, Hinting at Upcoming Binance Listing With Bone ShibaSwap (BONE) now featured on Binance’s DeFi section, Shibarium’s core team member Lucie is optimistic an actual listing is on the horizon. Lucie shared the optimistic projection on X after revealing a chart of BONE on the Binance Web3 wallet section. The inclusion of BONE by Binance DeFi underscores the recognition of the digital currency and the Shibarium network it powers.

👀 mSOL in Kamino Finance now accounts for Marinade Earn Marinade Earn, an incentive program, will consider mSOL in Kamino Finance. That is the new borrow/lend product of the platform, which has made its way into the program that rewards for staking SOL and referring friends. The development was announced by Marinade and confirmed by Kamino, saying that it results from what Marinade Chefs have cooked over time. mSOL caps will be announced soon, and Kamino Finance will drop hints for customers to boost MNDE earnings through Kamino. This has boosted the price of MNDE but dipped the valuation of mSOL. While MNDE has gained 2026% in the last 24 hours, mSOL has lost approximately 0.14% during the same time. Nevertheless, Marinade Staked SOL has jumped by 1.70% to $66.62 in the last 7 days.

🚀 ️️️️️️ Cardano Welcomes New DEX Amid Historical DeFi Growth TeddySwap has launched on Cardano (ADA) with a vision of capturing the decentralized exchange (DEX) market share and improving liquidity on the network. The Cardano DeFi ecosystem has attracted significant interest recently, with more users interacting with protocols, and more developers building on the network. TeddySwap is the latest to join the trend, with the project announcing its launch on the Cardano mainnet Friday. The mainnet release followed the project’s initial liquidity bootstrapping event to raise funds for its pools.

🌈 Uniswap DAO to weigh giving ‘underrepresented’ delegates more voting power A group of seven Uniswap DAO delegates who vote over 80% of the time — but possess marginal voting power — moved closer to receiving a voting power boost after a Wednesday temperature check vote. The proposal would split 10 million uniswap, worth around $60 million at current prices, among “underrepresented” DAO delegates with less than 2.5 million uniswap. A DAO borne out of Georgia Tech’s blockchain club and the trading firm Wintermute were the two most popular delegates in the temp check. The proposal now faces an on-chain vote before delegates would receive uniswap (UNI) from the DAO’s treasury. To be clear, the UNI would not be funds the delegates could spend or trade, but would bump up their share of voting power on future governance matters.

🟡 Technology Company DeFi Tech to Launch New XRP ETP Next Month A renowned technology firm has proclaimed its intention to introduce an XRP ETP in the European market starting early next month. DeFi Technologies, a prominent crypto company at the forefront of bridging traditional capital markets with decentralized finance, has disclosed the imminent launch of an XRP exchange-traded product (ETP). DeFi Technologies is launching an XRP ETP through its subsidiary, Valour Inc. Valour is renowned as a leading ETP issuer facilitating simplified access to investment vehicles tracking digital assets.

⛏️ Stakin Joins Forces with ClayStack to Revolutionize Liquid Staking in DeFi In a significant move for the decentralized finance (DeFi) space, Stakin has proudly announced its partnership with ClayStack, a leading innovator in the liquid staking arena. This collaboration brings together two major entities in the blockchain world, promising to bring about groundbreaking changes in the Ethereum (ETH) staking process.

️ Thorchain Rises to Third in Decentralized Exchange Rankings, Hits $1.8B Weekly Trade Volume In the past week, trading activity on the decentralized exchange (dex) Thorchain has experienced a significant surge, reaching $1.854 billion in trade volume. Data shows that Thorchain is currently the third-largest dex in terms of volume, following the popular dex protocols Uniswap and Pancakeswap.

🤖 Panoptic raises $7 million to build perpetual options platform for DeFi Uniswap-based DeFi protocol Panoptic has raised a $7 million seed round to help develop its perpetual options decentralized exchange platform. European crypto investment firm Greenfield Capital led the round with participation from HashKey, gumi Cryptos Capital (gCC), L1D, Heartcore Capital, Comma3 and Zee Prime Capital, among others. Panoptic and Greenfield did not disclose a valuation for the round. The funding will help Panoptic further develop the platform during its current beta testing phase, ahead of an Ethereum mainnet launch and V2 product.

🍣 Bitcoin Is Coming to Sushi as DeFi Platform Expands to ZetaChain Decentralized finance (DeFi) platform Sushi said it is expanding to layer-1 blockchain ZetaChain to add native bitcoin (BTC) support. The addition of ZetaChain, which raised $27 million earlier this year, introduces the first native bitcoin trading in DeFi, enabling users to swap the largest cryptocurrency across 30 networks without wrapping, Sushi said in a release. Wrapping a coin allows it to be used on a different blockchain than the one it was originally issued on.

🔽 XRP ETF Fake News Leads to Over $6M Liquidations A false alarm pointing to Blackrock registering an XRP exchange-traded fund (ETF) has led to $6 million in liquidations. Although the announcement received a prompt correction, XRP’s trading volume still experienced a noticeable shift.

👝 OKX Wallet Enhances DeFi Access with Integration of Lybra Finance’s Decentralized Protocol OKX Wallet, renowned for its status as the world’s most powerful and versatile crypto wallet, has just expanded its capabilities by integrating with Lybra Finance, a cutting-edge decentralized protocol. Lybra Finance operates on innovative Liquid Staking Derivatives (LSD), utilizing Lido Finance-issued ETH proof-of-stake and stETH as its core components, with plans for broader support of LSD assets in the future.

💲 The IRS Should Offer a Free Tax Reporting Tool to DeFi Users The Internal Revenue Service (IRS) is moving in the direction of providing a free software service to taxpayers, as evidenced by the Direct File pilot program in 13 states, starting in 2024. The project enables taxpayers to file their taxes directly with the IRS with the assistance of software similar to Turbo Tax. For decentralized finance (DeFi), the IRS should use open, traceable and tamper-proof public blockchain data to provide taxpayers with similar free tax assistance concerning their gains/losses and cost-basis reporting information. This would eliminate the need for DeFi protocols to collect personal user data and file 1099 forms with the IRS under a recently proposed crypto-broker rule.

💚 Crypto exchange Poloniex has been hacked for at least $49 million. The blockchain analysis platform PeckShield pointed towards the suspicious transactions. PeckShield alert informed crypto exchange Poloniex and Justin Sun about the suspicious transactions. BeInCrypto discovered through the on-chain data that the following tokens were transferred to a new wallet: - 4900 Ethereum - 726,859.21 Sandbox - 397,778.61 Polygon - 102,084.79 Lido DAO - 188,797 DAI - 168,476.02 FRAX - 1,158,260 CRO - 10,027,719.43 HEX - 1,058,674.96 CHZ - 28,491.81 APE

👾 Solana Priced at $328? Grayscale SOL Shares Soar Solana’s price is flying high again on crypto exchanges. However, regulated investors value SOL tokens at an astounding premium in Grayscale Solana Trust (GSOL). The average SOL price on crypto exchanges was just under $62 Saturday afternoon U.K. time, according to data from CoinGecko. That puts the smart contract blockchain platform up over 49% in the seven-day window. Furthermore, Solana is soaring over 180% on the 30-day scale after a stunning “Uptober” rally in crypto prices across the board.

🥇 Meet Midas: A New Yield-Bearing Stablecoin Investing in U.S. Treasuries A new addition to the current convergence trend between crypto and traditional finance is Midas, a stablecoin backed by U.S. Treasuries that's planning to unleash its stUSD token on decentralized finance (DeFi) platforms like MakerDAO, Uniswap and Aave in the coming weeks, according to a presentation deck seen by CoinDesk. The Midas stablecoin project intends to buy Treasuries via asset manager BlackRock and use Circle Internet Financial's USDC stablecoin as an on-ramp, according to the deck. Custody technology provider Fireblocks and blockchain analytics firm Coinfirm are also listed as institutional partners.