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Enzyme Finance Integrates Aave To Its Ecosystem To Allow Portfolio Managers To Monetize New Yields

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Enzyme Finance, a decentralized asset management infrastructure, can now support depositing on the Aave protocol. This will allow portfolio managers in the enzyme ecosystem to monetize new yields.

Enzyme tweeted the announcement on Twitter, saying:

Another week, another #DeFi building block is brought to Enzyme Vault Managers. We’re delighted to support @AaveAave lending as part of the #Sulu journey starting… right now!

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What Is Aave Offering

Enzyme vault managers hold long-term tokens in the Aave Ecosystem, and these tokens are not usually traded in the short term. Aave helps vault managers to earn an additional yield on these tokens.

The tokens available for lending are listed: Aave, BAL, BUSD, CRV, DAI, ENJ, KNC, LINK, MANA, MKR, REN, SNX, SUSDC, USDT, WBTC, WETH, YFI, and ZRX. Aave is the third largest project in DeFi with >$5 billion locked up in its contracts.

What Is Enzyme Finance?

Enzyme Finance, formerly known as Melon, is a decentralized asset management infrastructure built on Ethereum. It serves two types of users; Portfolio managers and Subscribers to portfolios. Enzyme allows portfolio managers to build, scale and monetize investment strategies of their choice – ETF’s, market making, yield farming, etc. Portfolio managers also gain the advantage of various building blocks offered by the ecosystem.

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Enzyme allows users to search and subscribe to strategies with a proven track record, making research processes and portfolio management simpler for subscribers to portfolios. Users can do this while maintaining control of their assets with fully transparent terms.

Enzyme’s native token is $MLN, used to pay fees to the network, and incentivizes developers to build on the ecosystem. The DAO that governs it is known as the Enzyme Council made up of user representatives and technical experts.

What Is Aave?

Aave is an open-source non-custodial protocol on Ethereum for decentralized lending and borrowing.

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The protocol mints ERC20 compliant aTokens at a ratio of 1:1 to supplied assets for lenders. The interest starts compounding continuously, seen in the steady increase in the lender’s amount of aTokens.

While users can borrow against most supplied assets, the collateralization ratio and liquidation threshold depend on the asset. The liquidation penalty depends on this asset too. Users can get a bonus for liquidating an unhealthy loan.

Aave keeps a liquidity reserve to ensure withdrawal at any time. The protocol lets borrowers opt-in and out of a stable rate that changes less often. Aave offers flash loans that are trustless and uncollateralized. Borrowing and repayment must happen in the same transaction. This feature is aimed at developers leading to innovative uses of DeFi. Aave’s native token is AAVE.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice

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Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

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The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

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Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack

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As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.

Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.

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The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.

The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,

“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”

PeckShield provided some details about the same noting,

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According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,

“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”

Source: Twitter

Actions taken by the team

The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.

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They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.

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Coinbase

NBA Makes Coinbase Its Exclusive Crypto Partner

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Coinbase has joined FTX in scoring major partnerships in the sports industry     

The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.   

Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues. 

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As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.  

Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:

The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission.  Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.

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The shares of Coinbase are up roughly 3% at press time. 

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