DeFi

Four RWA lending protocols rank among top 10 lending apps with largest collected interest

Published

6 days ago

January 25, 2023

Four RWA lending protocols rank among top 10 lending apps with largest collected interest Zeynep Geylan · 1 hour ago · 2 min read

TrueFi, Maple Finance, Goldfinch, and Centrifuge collected the third, fourth, seventh, and tenth largest sum in interest, respectively.

2 min read

Updated: January 25, 2023 at 2:24 pm

Cover art/illustration via CryptoSlate

Four Real-World Asset (RWA) lending protocols ranked among the top ten Defi lending protocols that collect the largest sum of 180-day cumulative interest fees paid by users, according to crypto influencer Defilgnas’ recent analysis.

TrueFi (TRU), Maple Finance, Goldfinch (GFI), and Centrifuge (CFG) are ranked third, fourth, seventh, and tenth, respectively, according to @Defilgnas.

Top 10 Defi lending protocols by cumulative daily fees

As of Jan. 24, TrueFi owns the third-largest incremental interest fees collected in the past 180 days with $12.1 million. Maple Finance follows TrueFi as a close fourth with $11.7 million. Goldfinch and Centrifuge also make it into the top ten with $5.6 million and $3.2 million, respectively.

In addition, MakerDAO, which ranks sixth on the list with $6.6 million, is also generating 57% of its total revenue from RWAs.

Active loans worth $326M

The cumulative value of the active loans of these four RWA protocols also adds up to $326 million, according to data.

Active loans value by Protocol

The chart includes Clearpool, Ribbon Lend, and Credit, in addition to TrueFi, Maple Finance, Goldfinch, and Centrifuge. Altogether, the total value of active loans given by these nine protocols sits at $361 million.

TrueFi, Maple Finance, Goldfinch, and Centrifuge account for 90.3% of this sum, with a collective amount of $326 million.

Maple Finance contributes the most considerable bulk to this with $127 million worth of active loans. Goldfinch, Centrifuge, and TrueFi also add $103 million, $77 million, and $19 million, respectively.

The chart above doesn’t include Maker Dao’s active RWA loans, which stand at around $620 million.

$1.25 billion

Arbitrum-Based Vest Exchange Emerges, Aims To Democratize Perpetual Futures

Published

6 hours ago

January 31, 2023

Jamie Redman

Arbitrum-Based Vest Exchange Emerges, Aims To Democratize Perpetual Futures

A new decentralized exchange (dex) on Arbitrum, called Vest Exchange, was announced this past weekend, and the team that created the project said the platform aims to focus on democratizing perpetual futures. The team behind Vest further detailed that the new Arbitrum dex is backed by firms such as Jane Street, QCP Capital, and Big Brain Holdings.

Vest Aims to Revolutionize Defi Perpetuals With Cutting-Edge Risk-Engine and Backing From Prominent Investment Firms

The creators of a new dex platform built on the Arbitrum layer two blockchain announced on Jan. 28, 2023, that the project has emerged from stealth mode. The project, called Vest Exchange, closed a seed round with investments from firms including Jane Street, QCP Capital, Big Brain Holdings, Pear VC, Cogitent, Moonshot Research, Fugazi Labs, Ascendex, Builder Capital, Infinity Ventures Crypto, and Robert Chen (Ottersec). Vest Exchange also provided a summary of the project in a blog post published on the same day.

Vest believes the decentralized finance ecosystem depends on decentralized exchange platforms for its strength. However, the team at Vest believes that current prominent exchanges have limitations, including “high barriers for market listing, lack of risk management, and unclear risk and return for liquidity providers.”

Vest explained that the dex solves these three issues by leveraging a special risk-engine. Further, research and modern techniques are utilized to “unlock new illiquid markets faster than any other centralized or decentralized exchange.” Vest’s blog post adds:

We hope that Vest will elevate the standard of perpetual futures trading by democratizing access to unique trading opportunities in all markets.

Arbitrum is a layer two project and the fourth-largest blockchain in decentralized finance, with $1.25 billion in total value locked. The largest protocol on the Arbitrum network, in terms of total value locked, is GMX, a decentralized derivatives exchange that connects to the Avalanche blockchain network. The blog post for Vest’s launch notes that a Discord and Testnet will be launched soon. Vest has also established a research forum, research.vest.xyz, for general research into decentralized finance.

Tags in this story

$1.25 billion, Arbitrum, AscendEx, Avalanche blockchain network, Big Brain Holdings, Blog Post, Builder Capital, Cogitent, decentralized exchange, decentralized finance, DeFi, Defi Dex, defi research, democratizing, DEX, Discord, Fugazi Labs, GMX, high barriers, illiquid markets, Infinity Ventures Crypto, Jane Street, Layer two, Liquidity providers, market listing, modern techniques, Moonshot Research, Pear VC, perpetual futures, QCP Capital, research forum, Return, risk management, risk-engine, Robert Chen (Ottersec), seed round, testnet, total value locked, Vest Exchange

What are your thoughts on Vest Exchange’s mission to democratize perpetual futures trading and shake up the decentralized finance landscape? Let us know in the comments below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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DeFi

Cream Finance exploiter moves $3.3M ETH in January

Published

22 hours ago

January 30, 2023

Oluwapelumi Adejumo

Cream Finance exploiter moves $3.3M ETH in January Oluwapelumi Adejumo · 50 mins ago · 1 min read

The Cream Finance exploiter transferred 365.7 ETH — worth $600,000 — to an unknown centralized crypto exchange TradeOgre, Peckshield tweeted.

1 min read

Updated: January 30, 2023 at 8:01 am

Cover art/illustration via CryptoSlate

Blockchain analytical firm Peckshield tweeted that the Cream Finance (CREAM) exploiter transferred 365.7 ETH — worth $600,000 — to an unknown centralized crypto exchange TradeOgre on Jan. 30.

The exploiter had transferred 2,070 Ethereum — roughly $3.3 million — to the same platform since Jan. 9, according to Etherscan data.

The exploiter was moving funds from a $119 million exploit in October 2021, according to another blockchain security firm, Certik. At the time, the attacker used multiple flash loans to raise the price of yUSD and borrowed more assets than the attacker collateralized on the decentralized finance application.

TradeOgre exchange

TradeOgre is a small crypto exchange with minimal know-your-customer policy and anti-money laundering compliance.

The exchange’s website shows that it focuses on privacy coins and there are no signs of an email address or a phone number for customer support. It’s Twitter account also appears deserted — last updated Nov. 28, 2022.

Posted In: Ethereum, DeFi

altcoin

Assessing the effect of Optimism’s ‘NFT Quests’ on OP holders

Published

1 day ago

January 30, 2023

Suzuki Shillsalot

Assessing the effect of Optimism’s ‘NFT Quests’ on OP holders

Optimism NFT quests drive growth, usage, and volume.
Despite the growth, Optimism lags behind in TVL when compared to Arbitrum.

Optimism, a DeFi protocol, saw a significant increase in activity due to its NFT quest projects. The projects have resulted in impressive growth for all participants, with an average growth rate of 32%.

The success of these NFT quests contributed to the overall growth of the Optimism protocol, which increased by 56% in value.

Realistic or not, here’s OP’s market cap in BTC’s terms

Optimism Quests is an initiative that takes users through various apps on the platform, teaching them how to make use of these apps in exchange for commemorative NFTs.

Source: Dune Analytics

Optimism gets tough competition

Despite this growth, Optimism still lagged behind in terms of TVL compared to Arbitrum, another decentralized finance protocol. The reason for this may be due to the fact that users are saving more ETH while using Arbitrum, as reported by Dune Analytics.

However, there was an uptick in Optimism’s TVL, and it may eventually overtake Arbitrum in the future. According to data from DefiLlama, the TVL of Optimism grew from $516 million to $705.29 million, representing a growth rate of 36%.

Source: Dune Analytics

While the price of the OP token continued to soar, there was a decline in daily activity.

Is your portfolio green? Check out the Optimism Profit Calculator

Notably, over the last month, the number of daily active addresses holding OP fell from 11,246 to 6,802.

Additionally, the development activity on Optimism also declined over the last week, suggesting that contributions from developers had fallen. This decline in development activity raised concerns about upcoming upgrades and updates on the platform.

Source: Santiment

Despite these challenges, Optimism has made several strategic partnerships that provide reasons for hope from OP token. In the last week, Optimism partnered with Sherlock DeFi and ArkhamIntel, two leading decentralized finance protocols.

These partnerships have the potential to increase the reach and usage of the Optimism protocol, driving more growth in the future.

The price of the OP token as of the time of writing was $2.25 and it had decreased by 3.21% in the last 24 hours, according to CoinMarketCap

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/