The Reason Behind the Creation of the Silo Protocol
DeFi has witnessed the greatest innovations these past couple of months. We have seen new protocols and applications emerge sporadically, as well as the creation of improved versions of existing ones. We are closer to the future that we envisioned – a fully decentralized financial system that cuts across all aspects; money markets, insurance, trading, […]
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Altcoins such as Litecoin and Ripple have proliferated since Bitcoin’s creation back in 2009, but J.R. Willet thinks his currency protocol can work as an add-on to Bitcoin’s blockchain. Willet’s creation, called MasterCoin, would essentially rest on top of Bitcoin, and currencies created via the protocol would all tie back to the original blockchain. This keeps altcoin users from competing financially with Bitcoin and “dilute our efforts,” he said. This allows anyone to create a coin that serves as an analog to an existing currency or commodity — say gold or a US dollar.
Michael Egorov, founder of Curve Finance, has settled his loan on the Aave Protocol and cut his total debt to $42.7 million. Egorov’s DeFi debt profile was revealed on August 1 following a Curve Finance hack that extracted $73.5 million worth of assets across various liquidity pools. As expected, the exploit caused a significant decline in the price of CRV, with the Curve governance token losing over 24% of its value in a single day, based on data from CoinMarketCap. This fall in CRV’s market price brought much attention to Egorov’s multiple debt positions. According to a report by....
Bitcoin expert J. R. Willet is looking to transform not just Bitcoin, but the cryptocurrency world. In his view, Bitcoin is incomplete, and has led to the creation of altcoins which he says has diluted the message of Bitcoin. He wants to change the situation by creating a protocol layer that exists on top of Bitcoin. That protocol layer will allow for a plethora of new digital currencies to be created that will all exist on the Bitcoin block chain. It's called MasterCoin. The MasterCoin protocol can be described by analogy to the HTTP protocol, which the World Wide Web runs on, being a....
On 8th July, 2011, bitcoin’s first big bubble burst. It would go on to lose an astounding 94% of its value, eventually dropping from $31 to a mere $2. As you may have noticed, it has since recovered quite nicely. Ethereum is now in a moment of crisis. The DAO has been hacked, destroyed and a big chunk of funds have been stolen. Like bitcoin did, ethereum can recover – but a panicked response could kill it forever. Unfortunately, we seem to be heading toward that panicked response. Ethereum has value for one reason and one reason only – it is the Turing-complete, smart contract protocol. In....
Aave’s stablecoin approval drew wild reactions from the crypto community, with many comparing its fate to TerraUSD (UST); however, Aave proponents were quick to point toward the overcollateralized factor. Aave DAO, the governance body behind decentralized finance (DeFi) giant Aave (AAVE) protocol, has unanimously voted in favor of creating an overcollateralized stablecoin called GHO.The Aave company put up the GHO creation proposal on July 28, which received an overwhelming 99.9% community vote over the course of three days. The proposal ended on Jul 31 at 10:00 am GMT with 501,000 AAVE....