The United States equities markets witnessed a sharp comeback last week, led by the Nasdaq Composite, which gained 7.5%. The S&P was up about 6.5% for the week, while the Dow Jones Industrial Average managed a gain of 5.4%. Continuing its tight correlation with the equities market, the crypto markets are also attempting a relief rally. Bitcoin (BTC) has seen a modest recovery, but some altcoins have risen sharply in the past week. This suggests that investors are taking advantage of the sharp fall in the price to accumulate altcoins at lower levels. Smaller-sized investors have been using the decline …

This past week, the decentralized finance (DeFi) ecosystem tried gaining some momentum amid the bear market crash. Uniswap saw a trend reversal and overtook Ethereum regarding network fees paid. However, not all DeFi protocols were as lucky, as Bancor had to pause its “impermanent loss protection” in the wake of a hostile market. DappRadar’s report shows that the GameFi ecosystem continues to thrive despite the current downturn in the market. Solend invalidates Solana whale wallet takeover plan with second governance vote. The top 100 DeFi tokens showed signs of recovery after last week’s mayhem, and several of the tokens registered …

The Horizon Bridge to the Harmony layer-1 blockchain has been exploited for $100 million in altcoins which are being swapped for Ether (ETH). The hack may vindicate previously raised community concerns about the robustness of the two of four multisig that reportedly secures the bridge. Starting at about 7:08 am EST until 7:26 am EST, 11 transactions were made from the bridge for various tokens. They have since begun sending tokens to a different wallet to swap for ETH on the Uniswap decentralized exchange (DEX), then sending the ETH back to the original wallet. 1/ The Harmony team has identified …

Decentralized exchange (DEX) Uniswap announced the acquisition of the nonfungible token (NFT) marketplace aggregator Genie on Tuesday. Uniswap said this move is part of its mission to unlock universal ownership and exchange on its platform. Uniswap is now integrating NFTs into its product line, beginning with the Uniswap web application, and later integrations are said to include developer APIs and widgets. This isn’t the first time Uniswap has worked with NFTs. In the spring of 2019, it launched Unisocks, which offered NFT liquidity pools backed by real-world assets. Uniswap said in the announcement: “We’re excited to bring what we’ve learned …

Bancor, a decentralized finance (DeFi) protocol often credited as the pioneer of the DeFi space, paused its impermanent loss protection (ILP) function on Sunday, citing “hostile” market conditions. In a blog post on Monday, the DeFi protocol noted that the ILP pause is a temporary measure to protect the protocol and the users. The blog post read: “The temporary measure to pause IL protection should give the protocol some room to breathe and recover. While we wait for markets to stabilize, we are working to get IL protection reactivated as soon as possible.” When a user gives liquidity to a …

On Wednesday, Uniswap announced that former New York Stock Exchange president Stacey Cunningham will join the company as an adviser. Cunningham served as the first female president of the New York Stock Exchange after beginning her career as a trader on its floor. She said in a statement that she believes in the potential of Uniswap’s commitment to fairer markets. Uniswap is betting on her experience with TradFi translating over to decentralized finance (DeFi) to further help them evolve their place in Web3. Cunningham has also been listed as one of BBC’s 100 Women and joined the NYSE board of …

Ethereum's native token Ether (ETH) fell to as low as $950 on Uniswap—a decentralized crypto exchange— this June 13, about 20% lower than its spot rate across other exchanges. Over $130M ETH sold in six hours The incident happened at around 3:00 am UTC after a whale dumped 65,000 ETH for multiple "stablecoins," including USD Coin (USDC), Tether (USDT) and Dai (DAI). A piece of evidence noted that the whale sold its ETH holdings to pay off nearly $73 million worth of debt at Oasis.app, a DeFi lending platform. The duration of the sell-off saw ETH's liquidation price dropping from …

May was an incredibly challenging month for the cryptocurrency market as the majority of tokens booked heavy losses as a bear market was confirmed, but not every project dropped back to pre-bull market lows. Chain (XCN), a protocol designed to help organizations launch their own blockchain network or connect with other more established networks, has managed to rally more than 120% since May 19. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.0712 on May 11, XCN has reversed course to hit a record-high at $0.176 on May 31. The three reasons for the …

The decentralized finance (DeFi) ecosystem continues to struggle with the ongoing market volatility and after-effects of the Terra ecosystem collapse. Over the past week, major DeFi protocols showed signs of increased trading activity, with Uniswap breaching the $1 trillion trading volume mark. Terra remained the focus of most of the discussions around blockchain and crypto at the World Economic Forum (WEF), with analysts suggesting Terra was offering unsustainable yields. DeFi insurance protocol to pay out millions after Terra collapse, while interest in Ethereum Name Services (ENS) shattered new records. Top DeFi tokens by market cap had a mixed week of …

Crypto prices have been exploring new lows for weeks and currently it's unclear what it will take to reverse the trend. Despite the downtrend, cryptocurrencies within the Polkadot (DOT) ecosystem began to rally on May 24 and have managed to maintain gains ranging from 10% to 25%, a possible sign that certain sub-sectors of the market are on the verge of a breakout. Here’s a look at three Polkadot ecosystem protocols that have seen their token prices trend higher in recent days. Acala launches a $250 million aUSD ecosystem fund Acala (ACA) is the leading decentralized finance (DeF) platform on …

Decentralized exchange (DEX) Uniswap has topped $1 trillion in total trading volume since launching on Ethereum in late 2018. That comes from a relatively small user base, however, indicating that there is a lot of potential growth to come. According to data from Uniswap Labs, which are major contributors to the development of the protocol and ecosystem, the DEX’s number of cumulative addresses hit around 3.9 million this month after just over three years. The data was posted via Twitter on Tuesday, with the Uniswap Labs team noting that: “Over the past three years, the Protocol has Onboarded millions of …

Ether’s (ETH) 12-hour closing price has been respecting a tight $1,910 to $2,150 range for twelve days, but oddly enough, these 13% oscillations have been enough to liquidate an aggregate of $495 million in futures contracts since May 13, according to data from Coinglass. The worsening market conditions were also reflected in digital asset investment products. According to the latest edition of CoinShare's weekly Digital Asset Fund Flows report, crypto funds and investment products saw a $141 million outflow during the week ending on May 20. In this instance, Bitcoin (BTC) was the investors' focus after experiencing a $154 weekly …