Binance Labs Shifts Focus to Bitcoin DeFi, MarginFi Sees $200M Spending: Finance Redefined
Welcome to Finance Redefined, your weekly volume of decentralized finance (DeFi) insights – a newsletter designed to bring you the most relevant developments from the past week.
In the year As Ethereum peaked in 2017, Solana faced a similar setback, a week-long network outage that resulted in massive trading losses.
Solana developers have set April 15 as their target date to fix the problem, calling it a bug rather than a design flaw.
Binance Labs has shifted its DeFi focus to Bitcoin by investing in Bitcoin's native reset protocol BounceBit.
In other news, MarginFi's exit from Solana-based Diffie Protocol has soared to more than $190 million amid apparent leadership failure and claims it has failed to deliver on promises from competitors.
Solana April 15 Targeted TX Fix – “Not a Design Flaw”
Solana's developers are targeting April 15th to fix an “implementation bug” that recently caused a spike in transaction failure rates on Solana.
“Solana's current issue is not a design flaw; Mert Mumtaz, CEO of Helios Labs, a blockchain infrastructure company that provides back-end support exclusively for the Solana network, emphasized.
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Arkham Sues Competitors For Spreading “False Rumors” Amid Token Sale
Blockchain analytics firm Arkham has accused its colleagues of “spreading falsehoods” to create fear, uncertainty and doubt (FUD) after questions were raised about the transfer of the company's native ARKM tokens.
Although Arkham did not mention the names of its rivals, a few days ago, a post published by fellow blockchain analytics firm Nansen stated that Arkham “has moved more than 25.2m ARKM ($56 million) over the past two days” to unnamed wallet and cryptocurrency exchange Binance.
“They won't show you yet so let's see what's going on,” Nansen wrote, adding that ArkM was sent to various Binance addresses with no prior activity and to a new wallet address.
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Binance Labs shifts investment focus to Bitcoin DeFi
Binance Labs, the venture capital arm of the world's largest cryptocurrency exchange, has invested in Bitcoin-based reaking protocol BounceBit.
BounceBit combines centralized finance and DeFi features to create an additional resource for Bitcoin (BTC), writes Binance co-founder and head of Binance Labs.
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MarginFi Raises $190 Million As CEO Stops Fury In Token Controversy
Nearly $200 million in user funding for Solana-based lending protocol MarginFi has been hit by competitors' allegations of wrongdoing following the sudden resignation of the platform's CEO over the past two days.
On April 10, MarginFi's former CEO, Edgar Pawlowski, announced his sudden resignation from MarginFi, citing conflicts within and outside the company.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, the top 100 DeFi tokens by market capitalization had the highest volume week, mostly in the green trading on the weekly charts. The total value locked in DeFi protocols has topped $100 billion.
Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.
