Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights, a newsletter crafted to bring you some of the major developments over the last week.
This past week, the DeFi ecosystem saw several new developments despite a bearish phase brought on by the lending crisis in the crypto market. Another crypto lender, Celsius, with high stakes in DeFi protocols, filed for bankruptcy. The overall DeFi market fell to new lows in the second quarter. However, a new report indicates users haven’t given up hope.
BNB Chain launched a new decentralized application (DApp) platform with an alarm feature. Vermont state regulator opened an investigation into troubled crypto lender Celsius, deeming it deeply insolvent. A DeFi researcher has predicted that Ethereum proof-of-stake (PoS) can help Ether (ETH) overtake Bitcoin (BTC).
The DeFi tokens saw a new flow of bullish momentum over the past couple of days owing to a market-wide green momentum after the inflation data release.
DeFi market fell off cliff in Q2, but users haven’t given up hope: Report
Despite the DeFi market suffering a 74.6% market cap decline in Q2, user activity has remained relatively resilient, says CoinGecko.
In a report published by the crypto data aggregator on Wednesday, CoinGecko reported that the overall DeFi market cap fell from $142 million to $36 million over the second quarter, due mainly to the collapse of Terra and its stablecoin TerraUSD Classic (USTC) in May.
BNB Chain launches DApp platform with ‘Red Alarm’ to warn users about scams
BNB Chain has launched a new platform, DappBay, to discover new Web3 projects. DappBay is equipped with a novel feature called Red Alarm, which assesses project risk levels in real-time and alerts users of potentially risky DApps, according to a Thursday announcement.
Red Alarm is a contract risk scanning tool offered by DappBay that helps users identify high-risk projects to protect their investments from rug pulls and scams. Users can check if a contract address has logical flaws or fraud risks by entering it into the Red Alarm feature.
Vermont becomes the sixth US state to launch investigation against Celsius
Vermont’s Department of Financial Regulation (DFR) issued a warning against troubled crypto lending firm Celsius on Tuesday, reminding users that the crypto lending firm is not licensed to offer its services in the state.
The DFR alleged that Celsius is “deeply insolvent” and doesn’t…
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