New DeFi ‘passport’ could enable under-collateralized crypto loans
Arcx has launched a new version of its “DeFi Passport,” Sapphire, promising the pseudonymous on-chain credit check will enable new decentralized finance products. Decentralized finance (DeFi) protocol Arcx has announced the launch of Sapphire v3, a DeFi passport allowing crypto users to pseudonymously build and verify their reputation on-chain.Announced June 2, the DeFi passport will score users on a scale between 0 and 1,000, with Arcx advancing that the passport “incentivizes reputation-building and curates on-chain identity into DeFi.”In the absence of a DeFi passport, Arcx asserts that....
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The mainnet launch opens up the crypto ecosystem to instant decentralized loans using non-fungible tokens (NFTs), JPEG and metaverse assets as collateral. Drops DAO, a decentralized lending platform, is celebrating the launch of its mainnet, unlocking its ecosystem for users to borrow loans and interact with everything the ecosystem has to offer. Announced Wednesday, the transition to the mainnet will provide users with collateralized loans for NFTs, DeFi assets, and metaverse collections. The launch of the mainnet allows users to lock their assets as collateral, providing the NFT and DeFi....
“Reforming the face of finance” is crypto’s primary sales pitch, but the sector needs to offer a few basic components before being welcomed into the arms of the traditional finance sector. In the past year, we’ve seen the crypto economy undergo exponential expansion as heaps of money poured into various cryptocurrencies, decentralized finance (DeFi), nonfungible tokens (NFT), crypto indices, insurance products and decentralized options markets. The total value locked (TVL) in the DeFi sector across all chains has grown from $18 billion at the beginning of 2021 to $240 billion in January....
"Traditional lending services generally do not exist in the digital currency industry, which means there aren’t many lenders for investors to choose from,” said Jon Melton. Institutional investors will soon be able to receive Bitcoin-collateralized U.S. dollar loans through Silvergate Capital Corporation — the holding company of pro-crypto institution, Silvergate Bank.According to an announcement from Silvergate, Coinbase Custody will be the custodian for loans funded through the bank’s Silvergate Exchange Network, or SEN. The network will provide access to capital through U.S. dollar....
The privacy-focused Oasis Network has completed its mainnet launch, promising to facilitate under-collateralized loans in DeFi. Oasis Labs has announced the successful launch of its Oasis Network mainnet, with more than 70 independent validators already live.Oasis is a privacy focused Layer 1 network that claims a throughput of 1000 transactions per second designed to support decentralized applications. In June 2018, Oasis raised $45 million from crypto venture heavyweights including A16z, Binance Labs, Pantera, and Polychain. Oasis allows data to be encrypted, and for privacy policies....
Harmony's Ecosystem Fund financed Hashstack's solution to improving DeFi lending. The DeFi lending and borrowing market has grown significantly in volume as new lending protocols continue to attract capital and NFT-backed loans become more popular. According to Dune Analytics, the top three platforms in terms of market capitalization are Aave (AAVE), Maker (MKR) and Compound (COMP). These platforms, however, still are facing issues when it comes to collateral requirements and volatile digital assets.Hashstack Finance is a DeFi platform whose crypto-native lending protocol, called Open, is....