Another day, another Elon Musk-shaped Twitter-based crypto enigma – the Tesla chief and Twitter trickster-in-chief has sent the crypto community into a twist with to a tweet about decentralized finance (DeFi).
Without explaining whether he was being serious or just trolling his followers, Musk tweeted simply:
Don’t defy DeFi
— Elon Musk (@elonmusk) March 25, 2021
s serious or otherwise tweets have previously seen him delve into the world of bitcoin (BTC), dogecoin (DOGE) and even non-fungible tokens (NFTs). But the DeFi-related post appears to indicate that his playfulness – or crypto keenness – knows no bounds.
The now-seemingly-ever-present Tron (TRX) boss Justin Sun seized the opportunity for some humor, tweeting,
“Can you have DeFi on Tesla? For example, you can drive and earn Tesla tokens. The more you drive the more you earn!”
The Three Arrows Capital CEO Zhu Su called Musk “sensei,” and quipped that the community would become his “deFiant pupils.”
More puns were punched out by the blockchain advisor Anndy Lian, who advised that people should “defy current financial norms to embrace the new DeFi economy.”
Others took a more skeptical view of the matter, with the podcaster Luke Martin musing,
“How long until Elon Musk starts pumping his favorite DeFi coins like he did DOGE?”
But others still expressed excitement and all-around joy at a potential hint that Musk might actually branch out into the fast-moving world of DeFi, with a few daring to dream of a world of yield farming – powered by Telsa vehicles.
And in a sharp-witted tweet, the Spartan Group General Partner Jason Choi referenced one of Musk’smost enigmatic Twitter posts yet, writing,
“In retrospect, it will be inevitable.”
But perhaps the real truth of the matter is that Musk just felt the need to indulge in a little wordplay.
In a tweet from around the same time as his DeFi post, Musk wrote,
“If there’s ever a scandal about me, *please* call it Elongate.”
Meanwhile, the top 10 DeFi coins are down by around 4%-5% in the past hour (12:36 PM UTC) and 10%-18% in a day.
NFT, DeFi Assets Aren’t Showing Signs of Slowing: Report
The assets from NFT and DeFi sector are still rewarding investors, and there is no sign of slowing down yet. The latest report by Santiment shows that the latest ATH in the Bitcoin chart hasn’t affected the DeFi and NFT sector, and investors still believe in projects in those groups, too.
Another interesting sign came from the meme coins and derivative data that shows the interest of the crowd in the market. The volume and the price of famous meme coins are on the rise, and the coins are rewarding the holders very well.
The overall stat of the market shows that the investors are interested in most of the sectors in the market. In the Bitcoin blockchain, we see address activity on a rising trend. Besides, whales are still accumulating the coin that shows they’re confident about the continuation of the trend on the Bitcoin chart.
According to the data, in Bitcoin addresses that hold 100 to 10,000 BTC, the accumulated amount is still rising. These groups of whales currently hold 49.49% of Bitcoin’s supply that is the largest held amount in 8 years.
As mentioned above, the meme coin group has shown interesting stats in the past weeks, too. It doesn’t matter what experts and critics think about these kinds of coins because many users are now interested in them, and the prices are surging significantly.
An important metric about these coins is that when volume and social dominance go higher than a level, we can expect price corrections.
Almost all experts believe that price surges in meme coins are because of hype around them. No serious development backs them, but the crowd hypes them, affecting the prices. We should wait and see when the hype around these coins cools down in the future.
Other good returns happened in the DeFi and NFT sectors in the past week. Led by Ethverse and Chain-guardians, the top weekly gainers in the NFT sector had up to 58% returns. Experts believe that many NFT projects have the opportunity to reward the investors considerably, and traders should consider them in their portfolios as well.
In the DeFi sector, big players like Luna, Thorchain, Curve, and Safemoon had a good week, with their investors being confident about more rewards in the coming days. The top gainers of this sector rewarded their holders up to 124%.
It seems the overall market has had good days since the new ATH in the Bitcoin chart. But there are still many traders not sure about the future of the market. Some think Bitcoin will show new ATHs even up to $300K, while others believe some corrections may happen soon.
Immunefi to bolster DeFi security service with new funds
Decentralized finance (DeFi) security platform Immunefi has announced a $5.5 million fundraise from a group of 11 institutional investors, including Blueprint Forest, Electric Capital, Framework Ventures and Bitscale Capital, in addition to a series of private individuals.
Immunefi will utilize the funds to advance its services in DeFi security, providing asset protection to smart contract protocols, as well as implementing financial incentives to benevolent hackers.
The service is reportedly responsible for protecting more than $50 billion in protocol assets from projects such as Synthetix, Chainlink, SushiSwap and PancakeSwap. It has paid out $7.5 million in bug bounties throughout its history.
According to analytical data from DeFiYield’s “REKT Database,” the DeFi space has experienced malicious hacks totaling more than $1.74 billion throughout its lifespan, a vast proportion of which has been witnessed in the months since July 2021.
The $609-million hack of cross-chain protocol Poly Network in early August 2021 bears the undesirable crown for the industry’s largest-ever hack. However, in welcomely unusual circumstances, Mr. White Hat — as they came to be known — returned all of the available funds, the remaining balance being the $33 million in Tether (USDT) initially frozen.
Over the past year, the prevalence and severity of financial breaches within the DeFi space have established a surging demand for security services such as Immunefi.
Mitchell Amador, founder and CEO of Immunefi, spoke on the importance of offering DeFi protective measures:
“DeFi is unique because vulnerabilities in code represent a possibility of a direct loss of users’ money. Bug bounty programs are open invitations to security researchers to find those vulnerabilities in exchange for a reward, and have proved one of the most effective ways to deal with critical security holes.”
In late September, a $1.05 million bug bounty fee was paid to renowned white hat programmer Alexander Schlindwein in the aftermath of the Belt Finance saga for his instrumental role in preventing a potential $10 million downfall for the protocol. The claim was facilitated through Immunefi’s specialist bounty program.
More recently, white hat hacker Gerhard Wagner pocketed a cool $2 million for diligently advising a solution to a “double-spend” flaw on the Polygon network, preventing a potentially catastrophic $850 million exploit, with the bounty now standing as an industry record.
Immunefi’s Amador also commented on the potential impact a service such as Immunefi could have on the wider technology landscape:
“We believe that by helping launch such programs on Immunefi, we contribute not only to protecting DeFi projects for today, but also to shaping the tech industry for the future.”
Polymarket binary trade under investigation by CFTC
- CFTC is scrutinizing the DeFi platform to ensure they abide by the rules.
- The prediction market platform has made a bold move by hiring the previous CFTC director to tow them in the right direction.
Polymarket, a DeFi platform in New York, has been placed under a microscope by the Commodity Futures Trading Commission (CFTC). The state agency that regulates the United States derivatives trade wants to investigate some irregularities within the DeFi platform.
The regulatory body wants to know whether Polymarket is allowing its clients to deal with binary inappropriately. The agency will also determine if the company will get listed with the regulatory authority.
Polymarket is working under a powerful team
The prediction market platform recently brought in former CFTC enforcement chief James McDonald. He left the role late last year after serving since April 2017 as the enforcement director. After stepping down, he joined Sullivan & Cromwell as a legal firm in New York. His experience will play a big part in the investigations.
A representative from Polymarket noted that they would cooperate with the regulatory authority and abide by the required directives. The company will give all information that the agency needs to make the probe smooth. By doing this, they can provide their customers with the best service.
Leading with diverse markets
Polymarket has facilitated almost 5 billion shares since its establishment. Currently, the company is in the process of raising some funds. According to an anonymous source, the money could see the firm rise to nearly $1 billion valuations.
The prediction platform allows users to predict upcoming events with various unique markets. The customers use the USD Coin stable token while making predictions.
Polymarket does not take positions against its customers and hosts the smart contract interface allowing users to link with the protocol.
At the end of last year, Polymarket got a $4 million funding round led by Polychain Capital. The development involved former Coinbase CTO Balaji Srinivasan, CoinShares CSO Meltem Demirors, and AngelList CEO Naval Ravikant.
Decentralized finance (DeFi) traders argue that smart contract interfaces should use different procedures from centralized exchanges. However, the CEO, Shayne Coplan, has not given light on the concerns.
Other platforms have also begun offering decentralized speculation markets like Polymarket. Augur established a Polygon deployment of its company less than a month ago.
Polymarket always strives to stand out among its competitors by providing diverse markets. The opponents include Augur, DoubleDown Interactive, Stox, and ZenSports.
Polymarket markets include opinions on covid-19 case numbers and CryptoPunks floor prices. Augur is built on Ethereum, and its markets are more concentrated on crypto price predictions and contests.