With decentralized finance (DeFi) being a hub for various hacks and exploits, some may feel discouraged or wary of entering the space. However, professionals within the crypto space are confident that DeFi will have broader adoption in the future. From educating institutional investors to eliminating user experience barriers for retail investors, Web3 executives shared their thoughts on how broader DeFi adoption can be achieved. Speaking to Cointelegraph, Anton Bukov, the co-founder of 1inch Network, believes that recent events in centralized finance (CeFi) have highlighted the importance of DeFi. The executive believes it’s just “a matter of time” before the financial …

The crypto community appears to be having a ball with ChatGPT, a recently launched Artificial Intelligence (AI) chatbot created by research company OpenAI — using it for a multitude of applications including a trading bot, a crypto blog, and even an original song. The bot is a language interface tool that OpenAI says can interact “in a conversational way” and can be used to answer questions or assist in making almost anything it’s prompted to create, with some limitations. A user on Twitter posted their interaction with ChatGPT showing that from a simple prompt the tool created a basic trading …

Sam Bankman-Fried, the former CEO of now-bankrupt cryptocurrency exchange FTX has declined to testify before the United States Congress until he’s “finished learning and reviewing what happened.” Rep. Waters, and the House Committee on Financial Services: Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain. I'm not sure that will happen by the 13th. But when it does, I will testify. https://t.co/c0P8yKlyQt — SBF (@SBF_FTX) December 4, 2022 Bankman Fried’s unwillingness to testify before the Congress slated for Dec. 13, despite a barrage of media …

Electronic music is big business. According to a report by the International Music Summit, in 2021, the electronic music sector was valued at $6 billion dollars and that sector is poised for significant further growth. That $6 billion dollar figure marks a 71% increase from the industry’s valuation in 2020, which was understandably much smaller due to the effects of the pandemic. While revenue is down from where it was in 2019, barring further massive disruptions, the industry is on pace in 2022 to surpass its pre-pandemic heights. This should be great news for artists and music lovers alike, but …

While fears surround the crypto market because of how big projects and firms file bankruptcy one after the other, community members continue to remind the world of the best use cases for cryptocurrency. On Twitter, the Cointelegraph social team asked the community to share their perspectives on what the best crypto use case is. From payments and self-custody to transparency and investment, community members gave a wide range of responses. What is the best use case of crypto? — Cointelegraph (@Cointelegraph) November 29, 2022 One community member highlighted the use of stablecoins like Tether (USDT) as payment methods while pointing …

Days after Ethereum turns deflationary for the first time since shifting to proof-of-stake (PoS), critics have started to highlight the Ethereum Foundation’s removal of Ether (ETH) staking’s withdrawal schedule on social media. A crypto community member pointed out how Ethereum developers, leaders and influencers mentioned that ETH staking withdrawals might be opened six months after the Merge. After this, the estimated time for the unlock was moved to 6-12 months. Furthermore, the Twitter user highlighted that the schedule was revised into an estimated 2023 to 2024 before finally being removed entirely. Another Twitter user fanned the flames, describing staked ETH …

Musicians and executives alike have seen the power of Web3 tools such as nonfungible tokens (NFTs) to transform audiences into active communities with fewer barriers between artists and fans. Recently, the crypto-savvy Snoop Dogg partnered with country music stars Billy Ray Cyrus and the Avila Brothers to create an NFT experience that crossed genres and created new communities in the process. While Snoop may be a veteran in the space, many musicians find the Web3 world a whole new frontier. Cointelegraph spoke with Bernard Alexander, the head of IP at the company Animal Concerts which facilitated the aforementioned NFT collection, …

To counter the rising mistrust among crypto investors following the FTX collapse, crypto exchanges unanimously decided to share proof of reserve with the public as a way to showcase legitimacy. However, certain anomalies found during on-chain investigations suggest foul play and market manipulation. Just two days after Crypto.com made its cold storage information public, investigators found that 320,000 Ether (ETH) was sent to Gate.io on Oct. 21, 2022. However, Kris Marszalek, the CEO of Crypto.com, dismissed any wrongdoing by stating that the funds were transferred accidentally and were eventually returned back to the original storage. On Oct. 28, Gate.io released …

With Solana (SOL) being heavily affected by the FTX debacle, crypto Twitter expressed sympathy and hopes that its community can make a comeback. Being one of many coins that FTX CEO Sam Bankman-Fried (SBF) supported, SOL has been hit heavily amid the FTX collapse. On Nov. 10, the total value locked on the Solana chain has fallen by 32.4%. The SOL token lost almost half of its value, dropping in value from $38 on Nov. 5 to $17 at the time of writing. Because of the devastating things happening to Solana, crypto community members took to Twitter to offer encouragement …

Despite crypto markets being on a downturn, members of the community have expressed their undying faith that Bitcoin (BTC) and crypto are here to stay. Even with the FTX and Alameda Research debacle highlighting issues within the crypto market, a community member urged others not to be stressed. The Twitter user argued that the crisis was only a black swan event that only FTX CEO Sam Bankman-Fried (SBF), Binance CEO Changpeng Zhao and a few others could have seen coming. The community member believes that despite this, crypto is still here to stay. While the current state of the market …

The recent concerns related to the volatility of FTX Token (FTT) seeped into FTX CEO Sam Bankman-Fried’s other business operation, Alameda Research, as the BitDAO community requested information about Alameda’s BitDao (BIT) holding commitment. On Nov. 2, 2021, BitDAO swapped 100 million BIT tokens with Alameda in exchange for 3,362,315 FTT tokens with a public commitment to hold each other’s tokens for three years, so until Nov. 2, 2024. Given the rising uncertainties and speculations, the BitDAO community was quick to react to the sudden fall of BIT prices on Nov. 8, 2022, suspecting Alameda of dumping the BIT tokens …

Nonfungible tokens (NFTs) are giving Web3 communities the tools to transform user participation. The Web3 world has been watching NFTs grow up. These digital assets have evolved from hype-centered digital art collections to utility-focused tools building the next generation of the internet. One of the most important utilities of NFTs is that they are increasingly used as the key to communities of the future - both digital and physical. This is also true when it comes to existing communities, be it fan clubs in sports and music or legacy brands. These incentivized digital assets can take passive fandoms and turn …