DeFi
New Report Shows How Sushiswap Led CORE’s 74% QoQ DeFi TVL Growth | CryptoTvplus
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- In the first quarter, the Core ecosystem progressed with stCORE, the ramp-up of Glyph, and the launch of Core Ignition.
In the first quarter of 2024, the market capitalization of Core Chain flew to $1.21 billion, marking a 144% quarter-over-quarter rise in the price of the Core token, driven by a 1% increase in its circulating supply. This growth raised CORE’s CoinMarketCap ranking from 119 to 58.
The Core blockchain is a layer one blockchain that uses and supports Bitcoin miners (and holders) on an EVM-enabled chain. It is designed to solve the blockchain trilemma by leveraging a unique two-way consensus mechanism called Satoshi Plus. This mechanism combines proof-of-work (PoW) and proof-of-stake (PoS) to ensure network security and decentralization.
CORE is the native token of Core Chain. It is used for transaction fees, staking (and mining) rewards, and governance. Its total supply is 2.1 billion, distributed in the form of block rewards over 81 years. CORE has a minor deflationary mechanism, which can burn excess rewards from relayers and verifiers.
A report published by Messari showed that the token’s price surge also led to a 28% increase in Core Chain’s USD revenue in the first quarter, reaching $94,000, while CORE token revenue saw a modest increase by 8% to reach 153,000 CORE. The increase is due to user involvement in Core Chain listings, which are pieces of data, like images, posted to a blockchain.
Another primary review showed that active addresses and average daily transactions increased by 22% to 43,000 and 8% to 863,000, respectively, in the first quarter. Although the number of active addresses in the first quarter was lower than in the first three quarters of 2023, the increase in transactions indicates that more “power users” are transacting frequently.
Core Chain’s DeFi TVL increased 74% QoQ to $6.75 million
Core Chain’s DeFi total value locked (TVL) grew 74% quarter-over-quarter, reaching $6.75 million at the end of Q1 2024. According to the report, this growth occurred mainly in March and coincided with a rise in CORE prices, as previously mentioned. .
Additionally, in Q1, SushiSwap was the leading DeFi platform on Core Chain in terms of TVL. The multi-chain DEX held around $2.1 million in TVL, putting it at the top among other DeFi platforms such as Glyph, LFGSwap, and Archer.
It’s also worth noting that Glyph was the fastest growing, launching in March and surpassing $1 million in TVL in just a few weeks.
The Core Chain ecosystem focuses on BTC assets and BTC derivatives. NFT marketplaces such as Wizard Gallery act as launchpads and platforms for trading NFTs and support trading in bridged Bitcoin Ordinals.
Core Chain is connected to other networks via LayerZero, among other bridges. LayerZero activity to and from Core Chain is primarily done with BNB or Polygon. However, activity with Ethereum L2s Arbitrum and Optimism resumed in the first quarter.
Other developments
The Core ecosystem saw several important advancements and initiatives in the first quarter. The introduction of stCORE unveiled a liquidity-staking variant of the CORE token, providing users with flexibility and potential rewards.
Meanwhile, Glyph has emerged as a new decentralized exchange, providing a venue for direct cryptocurrency trading. Core Ignition, a six-month program, was set up to drive the growth of Bitcoin DeFi by incentivizing developers and new projects.
Core Chain Ventures, a network of 50 venture capitalists and investors, has begun providing resources to support ecosystem builders. The Core Foundation further fueled innovation by creating a $5 million fund to support emerging projects.
In March, coreBTC launched, offering a bridged version of Bitcoin designed to enhance Bitcoin DeFi capabilities within the Core ecosystem.
DeFi
Haust Network Partners with Gateway to Connect to AggLayer
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Dubai, United Arab Emirates, August 1, 2024, Chainwire
Consumer adoption of cryptocurrencies is a snowball that is accelerating by the day. More and more people around the world are clamoring for access to DeFi. However, the user interface and user experience of cryptocurrencies still lag behind their fundamental utility, and users lack the simple and secure access they need to truly on-chain products.
Haust Network is a network and suite of products focused on changing this paradigm and bringing DeFi to the masses. To achieve this goal, Haust Network has announced its far-reaching partnership with bridgeseasoned veterans in rapidly delivering revolutionary blockchain utilities for projects. The Gateway team empowers blockchain developers to build DAOs, NFT platforms, payment services, and more. They drive adoption of crypto primitives for individuals and institutions around the world by helping everyone build their on-chain presence.
Gateway specializes in connecting sovereign blockchains to the Aggregation Layer (AggLayer). The AggLayer is a single unified contract that powers the Ethereum bridge of many disparate blockchains, allowing them all to connect to a single unified liquidity pool. The AggLayer abstracts away the complexities of cross-chain DeFi, making tedious multi-chain transactions as easy for the end user as a single click. It’s all about creating access to DeFi, and with Polygon’s technology and the help of Gateways, Haust is doing just that.
As part of their partnership, Gateway will build an advanced zkEVM blockchain for Haust Network, leveraging its extensive experience to deploy ultra-fast sovereign applications with unmatched security, and enabling Haust Network to deliver its products to its audience.
The recently announced launch of the Haust Wallet is a Telegram mini-app that provides users with access to DeFi directly through the Telegram interface. Users who deposit funds into the wallet will have access to all standard send/receive services and generate an automatic yield on their funds. The yield is generated by Haust Network’s interconnected network of smart contracts, Haustoria, which provides automated and passive DeFi yielding.
As part of this partnership, the Haust Network development team will work closely with Gateway developers to launch Haust Network. Gateway is an implementation provider for Polygon CDK and zkEVM technology, which the Haust wallet will leverage to deliver advanced DeFi tools directly to the wallet users’ fingertips. Haust’s partnership with Gateway comes shortly after the announcement of a high-profile alliance with the Polygon community. Together, the three will work to build Haust Network and connect its products to the AggLayer.
About Haust Network
Haust Network is an application-based absolute liquidity network and will be built to be compatible with the Ethereum Virtual Machine (EVM). Haust aims to provide native yield to all users’ assets. In Telegram’s Haust Wallet, users can spend and collect their cryptocurrencies in one easy place, at the same time. Haust operates its network of self-balancing smart contracts that interact across multiple blockchains and then efficiently funnel what has been generated to Haust users.
About Gateway
bridge is a leading white-label blockchain provider that offers no-code protocol deployment. Users can launch custom blockchains in just ten minutes. They are an implementation provider for Polygon CDK and have already helped projects like Wirex, Gnosis Pay, and PalmNFT bring new utility to the crypto landscape.
About Polygon Labs
Polygon Laboratories Polygon Labs is a software development company building and developing a network of aggregated blockchains via the AggLayer, secured by Ethereum. As a public infrastructure, the AggLayer will aggregate the user bases and liquidity of any connected chain, and leverage Ethereum as the settlement layer. Polygon Labs has also contributed to the core development of several widely adopted scaling protocols and tools for launching blockchains, including Polygon PoS, Polygon zkEVM, and Polygon Miden, which is currently under development, as well as the Polygon CDK.
Contact
Lana Kovalski
haustnetwork@gmail.com
DeFi
Ethena downplays danger of letting traders use USDe to back risky bets – DL News
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- Ethena and ByBit will allow derivatives traders to use USDe as collateral.
- There is a risk in letting traders use an asset partially backed by derivatives to place more bets.
Ethena has downplayed the dangers of a new feature, which will allow traders to put up its synthetic dollar USDe as collateral when trading derivatives, which are risky bets on the prices of crypto assets.
While allowing users to underwrite their trades with yield-bearing USDe is an attractive prospect, Ethena said there is potential risk in letting traders use an asset partially backed by derivatives to place even more derivatives bets.
“We have taken this risk into account and that is why Ethena operates across more than five different sites,” said Conor Ryder, head of research at Ethena Labs. DL News.
The move comes as competition in the stablecoin sector intensifies.
In recent weeks, PayPal grown up the amount of its stablecoin PYUSD in circulation 96%, while the MakerDAO cooperative plans a rebrandingaiming to increase the supply of its DAI stablecoin to 100 billion.
US dollar growth stagnates
It comes as Ethena has lost momentum after its blockbuster launch in December.
In early July, USDe reached a record level of 3.6 billion in circulation.
That figure has now fallen by 11% to around 3.2 billion.
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New uses for USDe could boost demand for Ethena’s products.
This is where the new plan, announcement Tuesday with ByBit, one of its partner exchanges, is coming.
Ethena users create USDe by depositing Bitcoin or Ether into the protocol.
Ethena then covers these deposits with short positions – bearish bets – on the corresponding asset.
This creates a stable support for USDe, unaffected by price fluctuations in Bitcoin or Ether.
Mitigate risks
While using USDe as collateral for derivatives trading is proving popular, it is unclear what the effects will be if the cryptocurrency market experiences major fluctuations.
Using derivatives as collateral to place more bets has already had disastrous effects.
In June 2022, Lido’s liquid staking token stETH broke its peg to Ether following the fallout from the Terra collapse.
Many traders who used looping leverage to increase their stETH staking yields were liquidated, creating a cascade that caused the price of Ether to drop by more than 43%.
Ethena Labs founder Guy Young said: DL News His office and his partners have taken many precautions.
Ethena spreads bearish bets supporting the USDe across the five exchanges it partners with.
According to Ethena, 48% of short positions supporting USDe are on Binance, 23% on ByBit, 20% on OKX, 5% on Deribit, and 1% on Bitget. website.
In doing so, Ethena aims to minimize the impact of an unforeseen event on a stock market.
The same theory applies to the distribution of risks across different supporting assets.
Fifty percent of USDe is backed by Bitcoin, 30% by Ether, 11% by Ether liquid staking tokens, and 8% by Tether’s USDT stablecoin.
Previous reviews
Ethena has already been criticised regarding the risks associated with USDe.
Some have compared USDe to TerraUSD, an undercollateralized stablecoin that collapsed in 2022.
“It’s not a good design for long-term stability,” said Austin Campbell, an assistant professor at Columbia Business School. said as the USDe launch approaches.
Young replied to critics, saying the industry needs to be more diligent and careful when “marketing products to users who might not understand them as well as we do.”
Ethena has since added a disclaimer on its website stating that USDe is not the same as a fiat stablecoin like USDC or USDT.
“This means that the risks involved are inherently different,” the project says on its website.
Tim Craig is DL News DeFi correspondent based in Edinburgh. Feel free to share your tips with us at tim@dlnews.com.
DeFi
Cryptocurrency and defi firms lost $266 million to hackers in July
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In July 2024, the cryptocurrency industry suffered a series of devastating attacks, resulting in losses amounting to approximately $266 million.
Blockchain Research Firm Peck Shield revealed in an X post On August 1, attacks on decentralized protocols in July reached $266 million, a 51% increase from $176 million reported in June.
The most significant breach last month involved WazirX, one of India’s largest cryptocurrency exchanges, which lost $230 million in what appears to be a highly sophisticated attack by North Korean hackers. The attack was a major blow to the stock market, leading to a break in withdrawals. Subsequently, WazirX launched a program in order to recover the funds.
Another notable incident involved Compound Finance, a decentralized lending protocol, which suffered a governance attack by a group known as the “Golden Boys,” who passed a proposal who allocated 499,000 COMP tokens – valued at $24 million – to a vault under their control.
The cross-chain liquidity aggregation protocol LI.FI also fell victim On July 16, a hack resulted in losses of $9.73 million. Additionally, Bittensor, a decentralized machine learning network, was one of the first protocols to suffer an exploit last month, loming $8 million on July 3 due to an attack targeting its staking mechanism.
Meanwhile, Rho Markets, a lending protocol, suffered a $7.6 million breach. However, in an interesting twist, the exploiters research to return the stolen funds, claiming the incident was not a hack.
July 31, reports The Terra blockchain protocol was also hacked, resulting in a loss of $6.8 million across multiple cryptocurrencies. As crypto.news reported, the attack exploited a reentrancy vulnerability that had been identified a few months ago.
Dough Finance, a liquidity protocol, lost $1.8 million in Ethereum (ETH) and USD Coin (USDC) to a flash loan attack on July 12. Similarly, Minterest, a lending and borrowing protocol, saw a loss of $1.4 million due to exchange rate manipulation in one of its markets.
Decentralized staking platform MonoSwap also reported a loss of $1.3 million following an attack that allowed the perpetrators to withdraw the liquidity staked on the protocol. Finally, Delta Prime, another decentralized finance platform, suffered a $1 million breach, although $900,000 of the stolen funds was later recovered.
DeFi
The Rise of Bitcoin DeFi: Then and Now
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The convergence of Bitcoin’s robust security and Layer 2 scaling solutions has catalyzed the emergence of a vibrant DeFi ecosystem.
By expanding Bitcoin’s utility beyond simple peer-to-peer payments, these advancements have opened up a new frontier of financial possibilities, allowing users to participate in decentralized lending, trading, and other complex smart contract operations on Bitcoin.
Read on to learn about the rise of Bitcoin-based decentralized finance and how the space has expanded to accommodate a new generation of native assets and features.
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What is DeFi?
Decentralized finance (DeFi) represents a paradigm shift in financial services, offering internet-based financial products such as trading, lending, and borrowing through the use of decentralized public blockchains.
By implementing blockchains, smart contracts, and digital assets, DeFi protocols provide financial services through a decentralized ecosystem, where participants do not have to deal with intermediaries when transacting.
What is Bitcoin DeFi?
The inherent limitations of the Bitcoin mainchain in supporting the intricacies of decentralized finance have created the need to develop smart contract-based Layer 2 solutions.
Additionally, the advent of the Ordinals protocol in 2023, which facilitated the emergence of fungible token standards such as BRC-20 and Runes, catalyzed the growth of DeFi on the Bitcoin blockchain.
This expansion in protocol diversity has broadened the applications of the world’s leading cryptocurrency network beyond the core base-layer use cases around value preservation and transactional capabilities.
Therefore, Bitcoin DeFi has become a nascent sector within the digital asset market, after previously being a missing essential part of the Bitcoin ecosystem.
Bitcoin DeFi in its early days
Integrating decentralized finance (DeFi) concepts into the Bitcoin ecosystem has been a journey of innovation and perseverance. Early attempts to bridge the gap between Bitcoin’s fundamental simplicity and DeFi’s complexities have spawned pioneering projects that, while laying essential foundations, have also encountered significant obstacles.
Colored coins
Colored coins represented an early foray into tokenizing real-world assets on the Bitcoin blockchain. By leveraging the existing network to track ownership of assets ranging from stocks to real estate, this approach highlighted Bitcoin’s potential as a platform beyond digital currency. However, scalability and practical implementation challenges have limited its widespread adoption.
Counterpart
Building on the colored coins, Counterparty has become a platform for creating and trading digital assets, including non-fungible tokens (NFTs), on Bitcoin.
The introduction of popular projects like Rare Pepe NFTs has demonstrated the growing appeal of digital collectibles. However, constraints around user experience and network efficiency have hampered its full potential.
These early experiments, while not fully realizing their ambitions, served as valuable stepping stones, informing Bitcoin DeFi’s subsequent developments. Their challenges highlighted the need for more sophisticated infrastructure and protocols to harness the full potential of decentralized finance on the Bitcoin network.
Bitcoin DeFi Today
Today, building DeFi applications on Bitcoin is primarily done in the realm of Layer 2 (L2) networks. This architectural choice is motivated by the limitations of Bitcoin’s base layer in supporting complex programmable smart contracts.
Bitcoin’s original design prioritized security and decentralization over programmability, making it difficult to develop sophisticated DeFi protocols directly on its blockchain. However, the recent emergence of protocols like Ordinals, BRC-20, and Runes, while not DeFi in their own right, has sparked possibilities for future DeFi-like applications on the main chain.
In contrast, L2 solutions offer a scalable and programmable environment built on Bitcoin, enabling the creation of various DeFi products.
By expanding Bitcoin’s capabilities without compromising its core principles, L2s have become the preferred platform for developers looking to build DeFi applications that encompass trading, lending, staking, and more.
Leading L2 networks such as Lightning Network, Rootstock, Stacks, and Build on Bitcoin provide the infrastructure for these efforts. Some of these L2s have even introduced their own native tokens to the network, further expanding Bitcoin’s DeFi ecosystem.
Essentially, while Bitcoin’s core layer presents challenges for DeFi development, its security and decentralization have provided a foundational layer for the innovative L2 landscape to thrive.
Bitcoin Layer 2 offers a promising path to building a robust and thriving Bitcoin-based DeFi ecosystem that offers trading, staking, lending, and borrowing. All you need is a DeFi Wallet like Xverse to access the new world of decentralized financial services secured by Bitcoin.
Conclusion
The integration of DeFi principles into the Bitcoin ecosystem, primarily facilitated by Layer 2 solutions, marks a significant evolution in the digital asset landscape.
Building on the foundational work of pioneers like Colored Coins and Counterparty, the industry has evolved into more sophisticated platforms like Rootstock, Stacks, and Build on Bitcoin to create a thriving Bitcoin-powered DeFi ecosystem.
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