Category: defi

Genesis CEO Michael Moro Thinks Mistakes Keep Institutions Away From Defi

CEO of trading firm Genesis, Michael Moro, stated that according to his views the decentralized finance (defi) space is still too risky for institutions to step in. Moro explained that there have been some important mistakes made by high-profile defi protocols that are putting customers’ funds at risk. This is why the space is being […]

Games and NFTs the Driving Force Behind Dapps During Q3, According to Dappradar

dappradarBlockchain-based games and NFT trading were the driving force behind dapp adoption during Q3, according to defi insight platform Dappradar. In its Dapp Industry Report: Q3 2021 Overview, Dappradar states that the importance of these new activities in the crypto industry rose dramatically, making the space more diversified and competitive in the process. Defi also […]

Total Value Locked Across Multiple Defi Chains Nears $200 Billion — Ethereum’s TVL Dominance 69%

Total Value Locked Across Multiple Defi Chains Nears $200 Billion — Ethereum's TVL Dominance 69%While the crypto economy has seen a decent uptick in performance during the first week of October, a number of decentralized finance (defi) tokens have seen tremendous gains. Furthermore, the total value locked in defi has risen to $195 billion, jumping more than 14% over the last two weeks from $171 billion. Defi Tokens Skyrocket, […]

Kevin O’Leary: ‘My Crypto Exposure Is Greater Than Gold for the First Time Ever’

Kevin O'Leary: 'My Crypto Exposure Is Greater Than Gold For the First Time Ever'Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has revealed that he has more crypto exposure than gold for the first time. He hopes to increase his crypto allocation to 7% in the next few months, emphasizing: “I don’t see a situation where crypto’s ever going away.” Kevin O’Leary Now Has More Crypto Than Gold […]

Compound Facing More Problems: More Than $140 Million in Tokens up for Grabs

compoundCompound, one of the main cryptocurrency lending protocols on Ethereum, is facing serious problems again. According to banteg, a Yearn developer, someone called a function that moved more funds to be available for users to claim. Now, users can claim up to $140 million of the protocol’s native currency, comp. Compound is hoping users won’t […]

Third-Largest Bank in France Societe Generale Proposes Use of Defi Protocol Makerdao

The Third-Largest Bank in France Societe Generale Proposes to Use Defi Protocol MakerdaoFrench multinational investment bank and financial services company, Societe Generale, has proposed to leverage the decentralized finance (defi) protocol Makerdao. The proposal dubbed “Security Tokens Refinancing” was published on October 1 to Makerdao’s forums and the submission aims to utilize the DAI stablecoin to refinance a covered bond concept. Societe Generale Proposes Leveraging Makerdao and […]

Skybridge Capital’s Scaramucci on Crypto Boom: ‘The Institutions Are Not There’

scaramucciAnthony Scaramucci, CEO of Skybridge Capital, a multi-asset class investment firm, says he thinks the institutional investment boom in cryptocurrencies has been greatly exaggerated. In an interview given to Bloomberg last week, Scaramucci stated that most institutions are still not interested in cryptocurrency as an investment and that only 10% are actively investing in crypto. […]

DeFi farmers boast about gaming dYdX airdrop as prices surge

DeFi farmers are claiming to have made hundreds of thousands of dollars by gaming dYdX ‘s recent airdrop.

As dYdX’s governance token gains amid speculation that Chinese traders could be migrating to the derivatives DEX, savvy DeFi farmers are claiming to be sitting on six-figure stashes after gaming the protocol’s recent airdrop.

DYDX has gained 85% in two days as reports claim that China’s crypto traders are converging on the decentralized margin trading protocol as Beijing moves to further crack down on digital assets.

DYDX/USD: CoinGecko

The exchange’s governance token was airdropped to users on Sept. 8. As the number of tokens received by users was determined by historic trading activity on the exchange, news of the airdrop drove a flurry of activity as farmers flocked to the platform to capitalize on the free tokens.

With DYDX tokens currently trading at $21 and its market capitalization surpassing $1 billion, many airdrop recipients have made off with significant profits.

Some users have taken to Twitter to boast of their airdrop earnings, describing how they sought to game the protocol by trading the same assets on the platform between multiple wallets under their control to qualify for hundreds of thousands worth of rewards.

Twitter user Daniel Que tweeted that their airdrop is “worth $420K now,” noting that he would have been excluded from the event if he were still residing in the United States

“Moving to Taiwan (and not getting a Green Card) was a good call,” he said.

Others were not so lucky, with many users complaining about having been “protected” from the airdrop by the U.S. Securities and Exchange Commission.

Related: Derivatives DEX dYdX beats out Coinbase’s spot markets by volume amid China FUD

DYdX has seen impressive fundamental growth this year, with derivatives volume gaining 2,583% over a 3 month period since June 30. On Sept. 27, the margin trading DEX’s daily volume outpaced that of leading U.S. spot exchange Coinbase for the first time.

The total value locked on the platform has just hit an all-time high of $503 million according to L2beat, which ranks it as the second-largest layer-two network by total value locked (TVL) behind Arbitrum. The exchange currently represents 20% of all second-layer TVL.