DeFi Insights: Binance CEO Forecasts DeFi's Rise, CFTC Takes Action, BIS Raises Concerns, and Shibarium's Growth
Summary:
Binance CEO predicts DeFi surpassing centralized finance, CFTC takes action against Opyn, ZeroEx, and Deridex, BIS claims "pure" DeFi limited in real-world use, Binance to reimburse $1 million for Cyber Earn incident, Shibarium reaches one million wallets, DeFi market shows late surge.
Binance CEO CZ predicts DeFi surpassing centralized finance in the next bull run
In a recent live session titled CZ AMA, Binance CEO Changpeng Zhao expressed his optimism about the future of decentralized finance (DeFi). He believes that as the industry becomes more decentralized, it has the potential to outgrow centralized finance (CeFi) in terms of trading volumes.
US CFTC takes action against Opyn, ZeroEx, and Deridex for regulatory violations
The US Commodity Futures Trading Commission (CFTC) has announced that it is cracking down on three DeFi protocols, Opyn, ZeroEx, and Deridex, for allegedly failing to register derivatives trading offerings. The protocols are facing charges for failing to comply with registration requirements and customer provisions set out by the CFTC.
Bank for International Settlements (BIS) claims "pure" DeFi has limited real-world use due to oracle reliance
According to a bulletin from the Bank for International Settlements (BIS), the use of oracles is a major challenge for the adoption of decentralized finance (DeFi) in real-world scenarios. The reliance on oracles, which provide real-world data to DeFi protocols, contradicts the idea of decentralization. The study suggests that this limitation could hinder the use of DeFi with real-world assets.
Binance to reimburse users $1 million for Cyber Earn incident
Cryptocurrency exchange Binance will be refunding $1 million worth of Tether (USDT) to users affected by the CyberConnect (CYBER) token incident. Due to a liquidity crunch on another exchange, arbitrageurs took advantage of a price discrepancy, leading to users being unable to redeem their staked assets. Binance has taken responsibility for the incident and will compensate affected users.
Shibarium surpasses one million wallets, but SHIB token lags behind
Shiba Inu's layer-2 network, Shibarium, has reached a significant milestone with over one million wallets created since its relaunch. However, the price of the Shiba Inu (SHIB) token has not experienced a significant impact from Shibarium's growth.
DeFi market shows late surge with most tokens in the green
The top 100 DeFi tokens experienced a late Friday surge, with most tokens posting positive gains on the weekly charts. The total value locked into DeFi protocols has reached $49.73 billion, indicating a positive overall trend in the market.
That's all for this week's essential DeFi updates. Join us next Friday for more news, insights, and education on the evolving DeFi space.
Published At
9/8/2023 7:25:00 PM
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