DeFi News Update: Coinbase CEO Champions Legal Action, MakerDAO Founder Predicts Dominance of Decentralized Stablecoins, and Polygon's $1B Bet Pays Off
Summary:
Coinbase CEO supports DeFi protocols, calling for legal action to set a precedent. MakerDAO founder believes decentralized stablecoins could dominate the market. Polygon co-founder sees success in $1 billion bet on zero-knowledge proof scaling solutions. Solidus Labs reveals wash trading on decentralized exchanges. DeFi advocacy group petitions against a "patent troll" targeting DeFi protocols. Mixed week for top 100 DeFi tokens.
Coinbase CEO Brian Armstrong expressed his support for DeFi protocols and encouraged them to seek legal action in court to establish a precedent. Armstrong believes that the current approach is pushing the industry towards foreign jurisdictions.
Rune Christensen, the co-founder of MakerDAO, believes that decentralized stablecoins like Dai could dominate the stablecoin market if crypto fulfills its potential.
Sandeep Nailwal, co-founder of Polygon, stated that their $1 billion investment in zero-knowledge proof-powered scaling solutions for Ethereum is paying off.
Market surveillance firm Solidus Labs revealed that over 20,000 crypto tokens have been subjected to wash trading on decentralized exchanges in the past three years, totaling around $2 billion.
A DeFi advocacy group has petitioned the United States Patent and Trademark Office to review a patent held by a company accused of being a "patent troll."
In the DeFi market, most of the top 100 tokens experienced bearish trends during the week, with the total value locked into DeFi protocols remaining above $49 billion.
Published At
9/15/2023 7:20:00 PM
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