Pioneering Aussie engineer refinances home loan using DeFi in a single day
After hitting a wall with banks, a borrower has turned to DeFi to pay off his mortgage. A software engineer has taken decentralized finance to a new level of practicality, by paying off his mortgage with Commonwealth Bank of Australia and refinancing the loan through fixed-rate lending protocol Notional Finance.The move marks a major step for the fledgling DeFi sector and more fixed-rate lending protocols in DeFi may attract additional users seeking mostability in longer-term investments and loans, such as mortgages. Currently, the ecosystem is largely populated by yield farmers looking....
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A decentralized finance (defi) protocol that bragged about having flash loan attack prevention has been exploited for $6 million in DAI, in a flash loan attack. Value Defi, a yield aggregating protocol, boasted of having the “highest security” in a Nov. 13 tweet that now appears to have been deleted. The protocol claimed that its technology was capable of preventing flash loan attacks. Hardly a day later, hackers plundered Value Defi’s multi-stablecoin vault of a total of $8 million of the stablecoin DAI. The attacker returned $2 million to the protocol and pocketed $6....
On April 22, MakerDAO, known as the DeFi world’s ‘central bank’, in partnership with the financial supply chain project Centrifuge, completed the first real-world asset loan in DeFi (decentralized finance). Centrifuge helped New Silver, a loan pool to set up a real estate repayment and transfer loan pool in its Centrifuge Tinlake protocol. They have […]
Flash loans allow users to borrow a high amount of assets without having to provide any upfront collateral, this is often used by miscreants to launch attacks on DeFi protocols. New Free DAO, a decentralized finance (DeFi) protocol, faced a series of flash loan attacks on Sept. 8, resulting in a reported loss of $1.25 million. The price of the native token has dropped by 99% in the wake of the attack.Unlike normal loans, several DeFi protocols offer flash loans that allow users to borrow large amounts of assets without upfront collateral deposits. The only condition is that the loan must....
The story of the 28-year-old engineer who took a loan out against his Bitcoin to pay for his mom’s house. There’s a special bond between mothers and their sons. For pseudonymous Alan, a 28-year-old engineer, a Bitcoin (BTC) loan helped his mom to buy a house.Alan told Cointelegraph that he took out a Bitcoin-backed loan in 2021 — serendipitously on his sister’s birthday — to gift his mom the tax-free money. She then used the funds to buy a house in North Yorkshire, England, while Alan kept his Bitcoin. Yorkshire, England, known as “God’s own country.” Source: North Yorkshire City....
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