DeFi

Decentralized Finance Platform Sky Proposes Removing Wrapped Bitcoin as Collateral

Friday. September 13 at 9:30 PM

1 min. read

Sky, a decentralized finance lending and borrowing platform formerly known as Maker, has suggested eliminating Wrapped Bitcoin as collateral within its ecosystem due to concerns about its association with Justin Sun. The team announced plans to offboard Wrapped Bitcoin variants on SparkLend, their decentralized non-custodial liquidity protocol, through a series of steps starting on Sept. 26. Users were advised to close WBTC Legacy Vaults and positions to avoid liquidation. SparkLend currently has $73 million in debt collateralized against WBTC, with legacy vaults holding $127 million in collateralized debts. The decision was influenced by recent changes in WBTC ownership involving Sun or affiliates, raising significant counterparty risks. Alternative strategies for Bitcoin collateral, such as centralized and decentralized tokenized products, were proposed to fill the gap. The move aims to reduce exposure to potential risks associated with Sun-affiliated products and ensure a more secure ecosystem for users.

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Revolutionizing AI Investment with OSOL100 Token

Saturday. December 21 at 6:00 AM

Lahore, Pakistan, December 20th, 2024 - O.XYZ, a prominent decentralized Super AI project, has introduced OSOL100, an innovative AI index token that captures the value of Solana's top 100 AI projects. This unique token offers direct exposure to Solana's AI ecosystem, agents, and meme tokens in a transparent and easily managed investment tool. OSOL100 simplifies investment strategies, enhances portfolio diversification, and tracks the performance of the top AI projects within Solana. Each OSOL100 token represents a decentralized share of the fund on DAOS.fun, aligning with O.XYZ's mission to create a community-governed Sovereign Super AI. With SuperMissO as the first AI CEO in development, O.XYZ envisions an autonomous, community-driven future. OBOT token holders can access OSOL100, adding value to their holdings. O.XYZ aims to democratize AI technology, ensuring it serves humanity's interests through transparent and community-led initiatives under the leadership of Ahmad Shadid at O.Systems Foundation.

DeFi

Revolutionizing Token Distribution with Gud Tech's $GUD Launch

Saturday. December 21 at 4:00 AM

Gud Tech, Zircuit’s pioneering multichain AI platform for automated finance, celebrates the successful launch of its $GUD token. Operating on Zircuit, the AI-driven blockchain for secure DeFi and staking, $GUD is transforming token distribution by prioritizing inclusivity and decentralization. Within the first week, the $GUD launch attracted over 127M $ZRC tokens staked, securing a total value of $9M USD. This early success highlights the community's eagerness for a fairer token economics model and decentralization. Participants earn $GUD tokens by staking Zircuit's native token, $ZRC, enabling active involvement in the ecosystem. Unlike traditional launches, 40% of the $GUD supply was immediately available through decentralized exchanges, promoting a more equitable distribution. Gud Tech's commitment to community ownership is evident through the exclusion of presales or VC funding, empowering users and reinforcing decentralization. Visit gud.tech for more information on Gud Tech's AI platform for automated finance and its future plans for AI-powered decentralized finance.

DeFi

Cow Protocol's COW Token Surges 30% Following WLFI's $2.5 Million USDC Trade

Friday. December 20 at 11:00 PM

Cow Protocol's COW token experienced a significant 30% increase after World Liberty Financial (WLFI), a DeFi project associated with Donald Trump, conducted a $2.5 million USDC transaction to acquire 759.36 ETH. WLFI currently holds around 16,400 ETH valued at $53.73 million. The project has been actively acquiring various assets such as ETH, WBTC, AAVE, LINK, ENA, and ONDO, despite recent losses in these tokens due to market volatility caused by Federal Reserve actions. WLFI's consistent use of the CoW Protocol has attracted attention and speculative interest, leading to a 35% increase in the COW token's value, nearing $1. WLFI's investment strategies have sparked market surges, with recent transactions including purchases of Ethereum, ONDO, ENA, AAVE, and LINK tokens. Despite facing challenges since its launch, WLFI continues to make strategic moves, such as swapping cbBTC for WBTC and adding sUSDe as collateral on Aave v3. Justin Sun, a key investor in WLFI, has endorsed WBTC for its governance and transparency advantages over cbBTC. The project has adjusted its presale target and imposed restrictions on token transfers, targeting non-US and accredited US investors.

DeFi

Revolutionizing Blockchain with Sonic Mainnet Launch

Wednesday. December 18 at 9:00 PM

Sonic Labs has recently unveiled the Sonic mainnet, a layer-1 blockchain platform compatible with EVM. Offering developers enticing incentives and robust infrastructure, Sonic boasts 10,000 TPS, sub-second finality, and a decentralized gateway to Ethereum. The platform enables developers to create cutting-edge applications on unparalleled infrastructure and liquidity. Developed by the team behind Fantom, Sonic and its S token represent a significant advancement from Fantom and FTM. Through a seamless upgrade process from FTM to S, existing holders can transition to Sonic effortlessly. Sonic prioritizes developer incentives by rewarding them with up to 90% of network fees through Fee Monetization (FeeM). This model ensures developers are included from the start, unlike other chains that focus on value extraction. The Sonic Gateway provides secure, decentralized interoperability between Ethereum and Sonic, with plans to expand to other blockchains in the future. Sonic Labs is also conducting an airdrop program to distribute S tokens and encourage network growth.

DeFi