DeFi

Revolutionizing DeFi with Vessel's ZK-Powered Exchange

Monday. August 12 at 8:30 PM

1 min. read

Vessel, with a $10 million seed funding round, is developing a comprehensive DeFi layer 3 to explore ZK solutions and address challenges like liquidity fragmentation and cross-chain compatibility. The crypto industry faces a dilemma between efficiency and transparency, with CEXs offering speed but lacking transparency, and DEXs providing visibility but with slower processes. ZK-proof technology resolves this by ensuring transparency and efficiency through off-chain computation packed into SNARK proofs. Vessel Finance, a ZK-powered exchange, merges DEX reliability with CEX speed while maintaining user asset custody. The platform offers spot trading and plans for perpetual contracts and derivatives. Vessel's hybrid model, VAELOB, combines AMM pools with limit order books to enhance liquidity and fee potential. The platform's L3 network will enhance user experience and security with ZK-proofs, aiming to transform DeFi by combining CEX and DEX features for fast, secure transactions.

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Binance Adapts to EU Regulations in Poland

Saturday. January 18 at 1:00 PM

Binance has adjusted its cryptocurrency deposit and withdrawal processes in Poland to comply with the EU's Markets in Crypto-Assets Regulation (MiCA). Effective Jan. 20, users must provide additional information for transactions exceeding 1,000 euros. Deposits require sender details like full name, country, and exchange name, while withdrawals need beneficiary information. The updates only impact crypto transfers, with potential delays or returns for incomplete data. MiCA, in force since Dec. 30, 2024, sets standards for crypto services, enhances consumer safeguards, and tackles AML issues. It mandates detailed sender and recipient data for transfers over 1,000 euros. Poland recognizes cryptocurrency activities like mining and trading, taxed at 19%. The country is also developing a regulatory framework for VASPs to align with MiCA. Presidential candidate Sławomir Mentzen aims to make Poland a crypto-friendly hub if elected in 2025, amid the region's growing DeFi prominence.

DeFi

KernelDAO Launches $40 Million Ecosystem Fund to Boost DeFi Development on BNB Chain

Saturday. January 18 at 12:00 PM

KernelDAO, a prominent restaking protocol, has introduced a $40 million Ecosystem Fund to expedite platform development and enhance its presence in the BNB Chain ecosystem. This move underscores KernelDAO's commitment to enhancing decentralized finance (DeFi) and bolstering security through its restaking solutions. The newly established Ecosystem Fund is aimed at supporting developers working on KernelDAO's restaking infrastructure, following the platform's milestone of managing $2 billion in assets across various chains. With support from leading venture capital firms like Laser Digital, SCB Limited, Hypersphere Ventures, and Cypher Capital, KernelDAO is poised to become a key player in the restaking landscape on the BNB Chain. In addition to financial backing, KernelDAO is allocating 5% of its token supply for ecosystem development grants to drive growth and solidify its position in the industry. The $40 million fund signifies a significant advancement for KernelDAO, showcasing its expanding influence in the blockchain sector.

DeFi

SEC Charges DCG and Former Genesis CEO with Misleading Investors

Saturday. January 18 at 10:00 AM

The United States Securities and Exchange Commission has accused Digital Currency Group (DCG) and former Genesis CEO Soichoro “Michael” Moro of providing false information to investors regarding Genesis' financial status following the collapse of Three Arrows Capital (3AC). As per the filing on Jan. 17, DCG and Moro have agreed to pay a total of $38.5 million in civil penalties, with DCG responsible for $38 million and Moro for $500,000. The settlement does not admit or deny any violations of the Securities Act of 1933. This development is part of the ongoing legal issues surrounding Genesis, which filed for bankruptcy protection in January 2023 due to a default by 3AC in 2022. The collapse of 3AC had widespread repercussions in the crypto industry, impacting various firms connected to the defunct hedge fund.

DeFi

Crypto News Update

Saturday. January 18 at 5:00 AM

The Securities and Exchange Commission has charged Digital Currency Group and former Genesis CEO for deceiving investors. Bitcoin-based decentralized finance applications had a successful year in 2024, with a significant increase in value. A report suggests that US President-elect Donald Trump plans to prioritize crypto policies. DCG and Moro agreed to pay $38.5 million in civil penalties without admitting to any violations. Genesis faced financial troubles in 2022 due to a default by Three Arrows Capital. Bitcoin DeFi saw a 22-fold increase in value in 2024, driven by infrastructure development and rising Bitcoin prices. The total value locked in Bitcoin DeFi increased by over 2,000% during the year. Trump is expected to sign an executive order prioritizing crypto upon re-entering office. The order aims to guide regulatory agencies and establish a crypto council to advocate for industry policies.

DeFi