Coinbase CEO stands up for DeFi, Polygon says $1B ZK-rollup paying off: Finance Redefined

Home » Coinbase CEO stands up for DeFi, Polygon says $1B ZK-rollup paying off: Finance Redefined
Coinbase CEO stands up for DeFi, Polygon says $1B ZK-rollup paying off: Finance Redefined

Welcome to Finance Redefined, your weekly dose of important decentralized finance (DeFi) insights — a publication crafted to convey you essentially the most important developments from the previous week.

The previous week in DeFi noticed Coinbase CEO arise for the nascent ecosystem amid rising requires enforcement motion, whereas Polygon CEO has mentioned that its $1 billion zero-knowledge proof rollup wager is paying off.

MakerDAO’s founder believes decentralized stablecoins might dominate crypto, whereas Solidus Labs says decentralized exchanges have turn out to be a magnet for wash buying and selling.

The highest 100 DeFi tokens had one other combined week with bearish domination as the vast majority of the tokens traded in pink on the weekly charts.

Coinbase CEO champions DeFi, requires courtroom motion to set authorized precedent

Coinbase CEO Brian Armstrong has expressed his endorsement of DeFi protocols. In a latest social media publish, Armstrong urged DeFi protocols to think about authorized proceedings in courtroom to set a precedent, because the authorized system has persistently demonstrated its dedication to upholding the rule of regulation. The present method is principally pushing a vital trade towards abroad jurisdictions, he mentioned.

Based on his publish on X (previously Twitter), the US Commodities Futures Buying and selling Fee ought to keep away from taking enforcement actions in opposition to DeFi protocols, as they don’t perform as typical monetary service companies, and it’s questionable whether or not the Commodity Alternate Act is even relevant to them.

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Decentralized stablecoins might dominate crypto: MakerDAO founder

Decentralized stablecoins could ultimately dominate the stablecoin market, as long as crypto “finally ends up residing as much as its potential,” says Rune Christensen, co-founder of DeFi pioneer MakerDAO.

Talking to Cointelegraph’s Andrew Fenton at Token2049 in Singapore, Christensen aired his ideas on the way forward for decentralized stablecoins, equivalent to Dai (DAI), and their function within the wider crypto financial system.

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Polygon co-founder: $1B wager on ZK-rollups paying off

Polygon co-founder Sandeep Nailwal believes the layer-2 blockchain agency is reaping the advantages of allocating $1 billion to develop zero-knowledge (ZK) proof-powered scaling options for the Ethereum ecosystem.

Talking at a keynote handle throughout the newest version of the Token2049 convention in Singapore, Nailwal touched on the event of “Polygon 2.0” scaling efforts and the promise of recursive ZK-proof expertise to create a seamless interoperable blockchain ecosystem.

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Decentralized exchanges are a magnet for crypto wash merchants: Solidus Labs

Over 20,000 crypto tokens have been manipulated through decentralized trade (DEX) wash buying and selling during the last three years, in line with market surveillance agency Solidus Labs.

Within the second a part of its “2023 Crypto Market Manipulation Report,” launched on Sept. 12, Solidus says that amongst a pattern of 30,000 Ethereum-based DEX liquidity swimming pools, almost 70% had been discovered to have executed wash trades since September 2020, making up for round $2 billion value of crypto.

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DeFi group petitions to cease ‘patent troll’ concentrating on DeFi protocols

A DeFi advocacy physique has petitioned the US Patent and Trademark Workplace to evaluate a patent owned by an organization it accuses of being a “patent troll” — a agency that goals to revenue from patent lawsuits.

In a Sept. 11 weblog publish, the DeFi Training Fund mentioned that on Sept. 7, it filed an over 90-page petition to the Patent Trial and Attraction Board in a bid to cancel a patent owned by True Return Programs.

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DeFi market overview

Knowledge from Cointelegraph Markets Professional and TradingView exhibits that DeFi’s prime 100 tokens by market capitalization had a combined week, with most tokens buying and selling within the pink on the weekly charts. The full worth locked into DeFi protocols remained above $49 billion.

Thanks for studying our abstract of this week’s most impactful DeFi developments. Be part of us subsequent Friday for extra tales, insights and training relating to this dynamically advancing house.