Finance Redefined: dYdX milestone and $1M DeFi bounty, Sept. 24–Oct. 1
DYdX volume tops Coinbase for the day, Cardano enables a new stablecoin, and a DeFi bounty hunter is highly rewarded — all coming to you this week in Finance Redefined. Welcome to the latest edition of Cointelegraph’s decentralized finance (DeFi) newsletter.DYdX surpassed Coinbase in daily trading volume for the first time this week. Read on to discover why this was a seminal moment for the project’s founder.What you’re about to read is the concise version of this newsletter. For the full breakdown of DeFi’s developments over the last week — released with more anticipation than a layer-two....
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Chinese traders appear to be flocking to derivatives DEX dYdX amid concerns over a renewed crypto crackdown in China. Decentralized derivatives exchange dYdX has seen a surge in trade activity as concerns surrounding a renewed Chinese crypto crackdown have circulated this year, with the DEX now processing more volume than Coinbase's spot markets for the first time.According to CoinGecko, dYdX has facilitated more than $4.3 billion worth of trades in the past 24-hours, beating out Coinbase $3.7 billion in volume by nearly 15%. DYdX founder and former Coinbase employee Antonio Juliano....
DeFi space saw the resurgence of Andre Cronje nearly a month after his departure announcement while dYdX has pledged to go fully decentralized by the end of the year. The decentralized finance (DeFi) ecosystem was filled with ups and downs —mostly the latter— this week, with two very distinct hack attempts and a heartbreaking departure of a DeFi veteran. In this week’s newsletter, we will also look at derivative exchange dYdX’s plans to go fully decentralized by the end of the year. The price momentum of the DeFi tokens remained neutral, with several tokens registering a bullish surge.....
The decentralized exchange (dex) Dydx announced the organization has raised $65 million in a Series C funding round led by Paradigm. The Dydx announcement notes that the additional capital will be leveraged to “significantly improve liquidity” on the dex platform “through the volatility of the cryptocurrency markets.” Defi Exchange Dydx Raises $65 million from Strategic Investors On Tuesday, the Ethereum-based decentralized finance (defi) exchange Dydx revealed the project has raised $65 million in a Series C funding round. The round was led by Paradigm but funding....
dYdX said that it is looking at full decentralization to offer its users advantages of DeFi that centralized services can’t. Ethereum Layer 2-based crypto derivatives trading platform dYdX has vowed to become “100% decentralized by EOY” via the protocol's V4 update. dYdX primarily offers perpetual contracts, which are derivatives products that borrow elements from both spot margin trading and futures trading but do not have an expiry date. At present only certain components of dYdX are decentralized, including its Ethereum smart contracts, governance and staking. However its “orderbook and....
MakerDAO co-founder's death opened a new pandora box of conspiracy theories, based on some of his recent tweets. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.The first week of November proved to be the institutionalization of DeFi markets as major international banks and financial institutions executed and completed their first DeFi transaction.The global financial giant JP Morgan completed its first-ever cross-border transaction using DeFi on a public....