Binance Labs shifts focus to Bitcoin DeFi, MarginFi sees $200M of outflows: Finance Redefined

At Finance Redefined, we’re pleased to provide you with our weekly digest of crucial DeFi (Decentralized Finance) updates. Stay informed on the latest developments in this dynamic sector.

Similar to Ethereum’s busy period in 2017, Solana is currently dealing with network congestion that has persisted for nearly a week, resulting in a large number of failed transactions.

Solana’s development team has announced that they aim to fix the current problem by April 15. They classify this issue as a bug instead of a deliberate design feature.

“Recently, Binance Labs has adjusted its DeFi strategy, channeling investments into Bitcoin-centric staking platform BounceBit.”

Recently, there has been a significant increase of over $190 million in withdrawals from the decentralized finance (DeFi) platform MarginFi, which is built on the Solana network. This surge comes amidst allegations of mismanagement and accusations from rival platforms that MarginFi failed to keep its commitments.

Solana devs target April 15 for failed TX fix — It’s “not a design flaw”

Solana programmers aim to address a coding issue, leading to increased transaction failures, by early April 15th.

According to Mert Mumtaz, the CEO of Helius Labs, the problem Solana is experiencing right now isn’t a flaw in its design; it’s a glitch in its implementation.

Arkham accuses competitors of spreading “false rumors” amid token sell-off

Arkham, a blockchain analysis company, has alleged that rival firms are disseminating misinformation to generate confusion and apprehension (FUD) following inquiries about Arkham moving its ARKM tokens.

A few days before Arkham was not identified in a post by rival blockchain analytics firm Nansen, it was reported that Arkham transferred approximately $56 million worth of ARKM tokens to unmarked wallets and the cryptocurrency exchange Binance.

Nansen suggested examining the situation closely as the ARKM tokens were transferred to various Binance accounts with no previous transactions and to a newly created wallet.

Binance Labs shifts investment focus to Bitcoin DeFi

The investment branch of Binance, the biggest cryptocurrency exchange globally, has put money into BounceBit, a Bitcoin-focused staking platform.

Co-founder of Binance and Binance Labs’ head, CZ, explains how BounceBit combines elements of traditional finance and Decentralized Finance (DeFi) to enhance the functionality of Bitcoin (BTC).

MarginFi outflows $190 million as CEO rage-quits amid token controversy

Over the past two days, around $200 million in user funds have been withdrawn from the Solana lending platform, MarginFi. This mass exit occurred after the unexpected resignation of the platform’s CEO, leading to allegations of misconduct from competing platforms.

On April 10, Edgar Pavlovsky unexpectedly stepped down as CEO of MarginFi. He mentioned having faced conflicts, some coming from within the company and others from external sources.

DeFi market overview

According to data from CryptoMoon Markets Pro and TradingView, the past week was a favorable one for the top 100 digital tokens in the Decentralized Finance (DeFi) sector, as most of them displayed gains on their weekly price charts. The combined value of these tokens exceeded $100 billion when locked in DeFi protocols.

Binance Labs shifts focus to Bitcoin DeFi, MarginFi sees $200M of outflows: Finance Redefined

Appreciate you taking the time to go through our recap of the past week’s significant news in DeFi. Look forward to sharing more tales, perspectives, and knowledge with you all next Friday.

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2024-04-12 22:32