Jimbos protocol is the latest decentralized finance (DeFi) system to be hacked, resulting in a substantial loss of funds in the cryptocurrency market. Jimbos protocol, the Arbitrum system’s liquidity mechanism, was hacked on May 28 morning, according to blockchain security company PeckShield. The hack caused a loss of 4,000 Ether,
In a move set to shake up the decentralized finance (DeFi) landscape, the MakerDAO community is poised to vote on a groundbreaking proposal that could significantly impact interest rates across the sector. The proposal seeks to raise the Dai Savings Rate (DSR) from its current 1% to an enticing 3.33%,
On May 25th, insolvent cryptocurrency lender Celsius Network announced that the auction to sell its assets to cryptocurrency consortium Fahrenheit LLC had concluded. After consulting with its official committee of unsecured creditors. Celsius Network ultimately decided to go with Fahrenheit as the high bidder in the court-supervised auction. The Fahrenheit
A major shift is coming to the tokenomics of liquid staking behemoth Lido Finance. Members of the community want to include a staking function into LDO, as hinted at in a recent proposal. Users require 32 ETH, or approximately $60,000 at today’s pricing, to stake straight to the mainnet. To
The last seven days remarked a quiet stability in the market capitalization of Lido (LDO), Uniswap (UNI), and Maker (MKR), these are all within the DeFi space. The governance proposals of these DeFi spaces are significant and certain details regarding them are explained in this article. Last Week’s Updates Concerning
Lido, one of the leading liquid staking platforms, now allows users to withdraw ETH that has been staked. The change occurred on May 15 when Lido released the V2 update to the mainnet. This is the biggest protocol improvement to date, and it consists of two parts. The most noticeable
Recently released records indicate that London-based crypto lending firm Nexo has completed the necessary procedures to have its subsidiaries, Nexo Financial Services Ltd. and Nexo Clearing and Custody Ltd., removed from the United Kingdom’s companies register. Nexo co-founder Antoni Trenchev was quoted in a recent Bloomberg article as saying the
On Saturday, May 6, 2023, the total TVL across all DeFi platforms was $49.31 billion, with Lido Finance in the lead with a 24.82% stake, or $12.24 billion. Since last month, Lido’s TVL has increased by 9%, with a modest weekly growth of 2.42%. MakerDAO, Aave, Curve Finance, and Uniswap
Celsius Network, a cryptocurrency lending platform, has announced that certain customers will soon be able to recover their whole initial investments. Even though it has been almost a year since the company temporarily halted withdrawals. Users of Celsius who have only ever had their funds in custodial accounts were previously
Over $6 million worth of the stablecoin DEI used by the Decentralized Finance (DeFi) protocol DEUS Finance was stolen. PeckShield, a blockchain security company, claims that on May 5 a hacker took advantage of a flaw in the BNB Smart Chain (BSC). More than $1.3 million was stolen in a
