DeFi

Decentralized Finance Platform Sky Proposes Removing Wrapped Bitcoin as Collateral

Friday. September 13 at 9:30 PM

1 min. read

Sky, a decentralized finance lending and borrowing platform formerly known as Maker, has suggested eliminating Wrapped Bitcoin as collateral within its ecosystem due to concerns about its association with Justin Sun. The team announced plans to offboard Wrapped Bitcoin variants on SparkLend, their decentralized non-custodial liquidity protocol, through a series of steps starting on Sept. 26. Users were advised to close WBTC Legacy Vaults and positions to avoid liquidation. SparkLend currently has $73 million in debt collateralized against WBTC, with legacy vaults holding $127 million in collateralized debts. The decision was influenced by recent changes in WBTC ownership involving Sun or affiliates, raising significant counterparty risks. Alternative strategies for Bitcoin collateral, such as centralized and decentralized tokenized products, were proposed to fill the gap. The move aims to reduce exposure to potential risks associated with Sun-affiliated products and ensure a more secure ecosystem for users.

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Promoting Decentralization in Ethereum through Lower Minimum Staking Requirements

Thursday. October 3 at 5:00 PM

Ethereum co-founder Vitalik Buterin has acknowledged the significance of reducing the minimum Ether needed for crypto investors to engage in passive income through solo staking. Buterin recently participated in a discussion advocating for a decrease in the 32 ETH deposit requirement for solo stakers. Solo stakers operate full nodes independently, without third-party services or staking pools, to enhance network security and decentralization. Buterin emphasized the crucial role solo stakers play in safeguarding Ethereum against attacks during the Ethereum Singapore 2024 event. He proposed lowering the minimum staking deposit to 16 or 24 ETH in exchange for increased bandwidth requirements to encourage wider participation. Despite concerns about bandwidth limitations, Buterin believes this adjustment could make solo staking more accessible and scalable, ultimately promoting decentralization within the Ethereum network.

DeFi

DeFi TVL Surges in September

Thursday. October 3 at 1:30 PM

The DeFi ecosystem saw a 10% increase in total value locked (TVL) in September, reaching $133 billion. DefiLlama data shows that decentralized exchanges (DEX) and liquid staking protocols drove this growth. Solana, Base, Sui, and Aptos experienced significant TVL expansion. Solana's TVL grew by 17.9%, surpassing $10 billion on Sept. 25, fueled by DEXs and liquid staking. Raydium and Jupiter were top dApps on Solana with notable growth. Ethereum's Base also saw a 51% TVL increase, crossing $2 billion. Aerodrome became Base's largest dApp with $1.1 billion TVL. Aave and Moonwell showed substantial TVL growth. Sui and Aptos, Move-based blockchains, saw impressive gains, driven by DEXs and staking. Aptos' APT token dipped despite Franklin Templeton's expansion news. The market awaits Aptos' token release impact. Disclaimer: CryptoSlate's content is not investment advice; trading cryptocurrencies carries risks.

DeFi

Uniswap Fee Increase Generates $53 Million Amid Legal Scrutiny

Wednesday. October 2 at 2:00 PM

Uniswap, a top decentralized exchange, saw a significant boost in revenue, reaching $52.75 million from April to September 2024. The surge followed a decision by Uniswap Labs to raise the user-interface swap fee to 0.25%, excluding stablecoin pairs and WETH. Despite criticism, the fee adjustment led to a substantial increase in monthly revenue, climbing from $4 million in March to $11.53 million in May. Uniswap maintained its market dominance, with a seven-day volume of $8.1 billion, surpassing competitors like PancakeSwap. However, legal challenges loom as the SEC issued a Wells Notice to Uniswap Labs. The increased revenue may aid in covering legal expenses. Uniswap has pushed back against SEC regulation of DeFi, expressing readiness to defend its position. The fee hike, though controversial, has proven successful in boosting revenue and maintaining Uniswap's leading position in the DEX market.

DeFi

Sui Blockchain Achieves Milestones, SUI Coin Poised for Growth

Wednesday. October 2 at 12:00 PM

Sui's Layer-1 blockchain has reached significant milestones recently, setting the stage for its native coin, SUI, to potentially reach its previous peak of $2.16 in October. The positive sentiment surrounding the altcoin increases the likelihood of this outcome. With expectations of a broader market upswing next month, SUI holders could see profits. The surge in SUI's Total Value Locked (TVL) stands out as a key achievement, hitting $1.07 billion, marking a 65% increase in the last 30 days. This rise in TVL bodes well for SUI as it indicates growing trust in Sui's utility, potentially driving up its price. The upcoming mainnet launch of Sui Bridge is anticipated to further boost SUI's TVL in October, attracting more users and enhancing liquidity. With rising daily active addresses and open interest, SUI is on track to reclaim its peak price, supported by bullish market indicators.

DeFi