Welcome to the latest version of Cointelegraph’s Decentralized Meaning (DeFi) newsletter.
DYdX surpassed Coinbase in daily trading volume for the first time this week. Read on to find out why this was an important moment for the project founder.
What you are about to read is a short version of this newsletter. Register below for a complete breakdown of DFI’s development in the past week মুক্তি release with expectations more than a level-two airdrop.
dYdX has surpassed Coinbase in trading volume for the first time
Exchange of decentralized derivatives dYdX has become predominant by 2021 as an alternative to the dominance of centralized exchanges and government transparency. It was revealed that dYdX has surpassed the daily trading volume of crypto exchange stallwart Coinbase for the first time in its history.
Analytical data from CoinGecko revealed that as of September 26, dYdX facilitated more than $ 4.3 billion in trading activity, taking Coinbase’s $ 3.7 billion production by about 15%.
This marks a full-circle moment for dYdX founder Antonio Giuliano, who previously applied his trading on Coinbase. He Withdrawal At one point when he first spoke to CEO Brian Armstrong about his ambition to start a company in the future, the response was, “It’s awesome, let’s see how we can help you do it.”
Giuliano celebrated the landmark in a series of tweets last Sunday:
I left 5 years ago Coinbase And eventually founded dYdX
– Antonio | dYdX (ntAntonioMJuliano) September 26, 2021
To launch new DeFi stablecoin with Cardano Coti
It was announced this week that Cardano is expected to issue a new stable currency called DZ to provide payment gateway providers, crores, to ensure price stability and support the ecosystem’s ambition to increase the transparency of gas fees in the network.
According to DZ’s research paper published in August, its stable protocol will behave like an “autonomous bank that buys and sells stable coins for a price within a certain price range.” Stable coins will work while maintaining a reserve of base coins while various other stable assets and reserve coins will be mined and burned.
Cardano founder Charles Hoskinson believes DZ could be revolutionary for a stable crypto space, as it “appeals to entirely new audiences when the industry is already experiencing astronomical growth.”
White Hat hacker Daffy has paid the largest reported foundation fee
Automated Market Maker Protocol Belt Finance this week provided the biggest reported favoritism in Defy’s history.
For his goodwill efforts, industrial programmer Alexander Schlindwin received a generous compensation of $ 1.05 million, of which $ 1 million was provided by the software security platform Immunife, while an additional $ 50,000 was offered. .
Cointelegraph spoke with Schlindwen about the exclusive insights into the event’s timeline, as well as the broader impact of the grant program on DFI’s security terrain:
“I am convinced of the importance of initiatives like Bug Bounties and Bounty Funds. Bug bounties are the last line of defense, if a problem slips through the overlying layers with the potential for destructive hack resistance, the problem should be seriously resolved and the finder compensated.
Schlindwein concludes, “It’s great to see hundreds of projects launching their Bug Bounty these days, which will definitely bring DFI security forward in the long run.”
Analytical data reveals that the total value of DeFi locked has increased by 15.34% in the week to reach 1 121.41 billion.
Analytical data from Cointelegraph Markets and TradingView reveals that DeFi’s top 50 token markets have struggled with capitalization. Across The last seven days, with a few exceptions.
DYDX secured the top spot on the podium with an impressive 82.39%. UNI ranked respectably second with 23.88%, while PERP ranked third with 21.45%. FTM and XTZ claimed fourth and fifth place with 11.62% and 8.67%, respectively.
Additional DFI stories of the week:
Thanks for reading our summary of this week’s most influential DFI developments. Join us again next Friday for more stories, insights and learning about this dynamically evolving ecosystem.