Month: January 2023

• The total DeFi TVL has reached $47.94 billion, up by 3% in the past 24 hours.
• Lido Finance is the top protocol with a total TVL of $8.19 billion, up by almost 40% in the past 30 days.
• The top three gainers in the last 30 days are Lido, JustLend and Convex Finance, with 39.98%, 36.95% and 35.27% gains, respectively.

The decentralized finance (DeFi) sector has been growing steadily since the start of 2021, and the total value locked (TVL) aggregator, DeFi Llama, has reported that the total DeFi TVL has reached $47.94 billion, up by 3% in the past 24 hours and hitting a two-month-high. The current leader of DeFi protocols is Lido Finance, which has been leading since the early days of 2023. Lido’s TVL sits at $8.19 billion, up by almost 40% in the past 30 days and has gained 7.2% over the last week. The liquid staking protocol managed to knock MakerDAO off the top spot on Jan. 4.

When it comes to the top three gainers of the last 30 days, Lido, JustLend, and Convex Finance have seen the greatest increase in their TVLs with 39.98%, 36.95%, and 35.27% gains respectively. JustLend also saw the highest increase in the last seven days, with 16.09% growth. Meanwhile, MakerDAO, which is the second-largest protocol, has seen a 22.24% increase in its TVL in the past 30 days and currently sits at $7.21 billion, up by 1.64% in the past 24 hours.

Curve, which is a decentralized exchange (DEX), was one of the biggest losers in November 2022 when its TVL dropped from roughly $6 billion to $3.6 billion in a matter of days after the FTX collapse. However, it has managed to make a comeback and is now at $4.78 billion.

In conclusion, the DeFi sector has been steadily growing since the start of 2021 and has seen a significant increase in its TVL in the past month. Lido Finance takes the top spot with a total TVL of $8.19 billion, and JustLend, Convex Finance, and MakerDAO have also seen considerable gains in the past 30 days. Curve has also been able to make a strong comeback after its losses in November 2022, and its TVL is now back up to $4.78 billion.

• The crypto community at the WEF meeting in Davos, Switzerland, has sought to disassociate itself from FTX’s abrupt demise and its co-founder Sam Bankman-Fried, currently charged with federal crimes in the United States.
• U.S. federal prosecutors filed eight criminal counts against Bankman-Fried, the former CEO of FTX, including wire and securities fraud.
• Ripple CEO Brad Garlinghouse explained Ripple’s exposure to the defunct crypto exchange and said that the firm anticipates recovering the leased funds from American bankruptcy proceedings.

The crypto community at the World Economic Forum (WEF) annual conference in Davos, Switzerland, has sought to disassociate itself from FTX’s abrupt demise and its co-founder Sam Bankman-Fried, currently charged with federal crimes in the United States. U.S. federal prosecutors have filed eight criminal counts against Bankman-Fried, the former CEO of FTX, including wire and securities fraud. He has entered a not-guilty plea after being extradited from the Bahamas to the United States.

Gary Wang, a co-founder of FTX, and Caroline Ellison, a former CEO of Alameda Research, have both pleaded guilty to federal fraud charges and consented to assist American prosecutors. Ripple CEO Brad Garlinghouse has explained Ripple’s exposure to the defunct crypto exchange, noting that Ripple had leased FTX $10 million in XRP and used it on various things related to FTX. Garlinghouse also stated that Ripple anticipates recovering those funds from American bankruptcy proceedings, adding that the firm’s exposure to FTX, which accounted for 1% of “liquid assets,” wasn’t “significant.”

The crypto community at WEF has pointed out that FTX is now portrayed as a crypto issue, but when all layers of the onion are peeled back, the issue is fraud rather than crypto. They have also noted that the issue shouldn’t be treated as something different than it is.

The crypto community has also condemned the actions of FTX and SBF, and have sought to distance themselves from any association with the defunct crypto exchange. This condemnation is not just limited to the members of the crypto community at the WEF, but extends to the entire crypto community around the world. The actions of FTX and SBF have caused significant damage to the reputation of the entire industry, and it is important that the crypto world takes a unified stance against these types of activities in order to ensure the long-term success of the industry.

• Animoca Brands has deposited 2 million $SAND with Binance.
• Animoca Brands is scaling back its expectations due to the current collapse of the crypto market.
• Yat Siu, co-founder and CEO of Animoca Brands, is in talks with potential investors to use the cash to assist blockchain and metaverse businesses.

Animoca Brands is making waves in the crypto industry. On January 13th, 2023, the company deposited 2 million $SAND with Binance, the third time in the week for the Animoca Brands wallet to make a deposit. With the rebound market creating great liquidity for the whale to sell out, Animoca Brands is positioning itself to make a big impact in the crypto world.

However, due to the current collapse of the crypto market, Animoca Brands has substantially scaled back its expectations. Yat Siu, co-founder and CEO of Animoca Brands, stated that Animoca Capital is in talks with potential investors and intends to use the cash to assist blockchain and metaverse businesses.

The blockchain industry is quickly becoming an increasingly important part of the global economy, and Animoca Brands is making strides to stay ahead of the competition. By depositing funds with Binance, they are able to access the necessary liquidity to ensure their success in the long run. Furthermore, they are using the funds to assist in the development of blockchain and metaverse businesses, which will allow them to gain a competitive edge.

The future of the crypto industry is uncertain, but one thing is certain: Animoca Brands is making a strong move to stay ahead of the competition. With the backing of Binance, Animoca Brands is set to make a big impact in the blockchain world.

• The Bank for International Settlements has proposed possible solutions to address the risks of the crypto markets.
• These solutions include encouraging sound innovation with Central Bank Digital Currencies (CBDCs) and limiting global crypto adoption.
• The authors note that while the bankruptcies of established projects have sparked increased calls for decentralization, true decentralization in crypto is illusory.

The Bank for International Settlements (BIS), an international financial institution owned by central banks, has recently released a bulletin entitled “Addressing the Risks in Crypto: Laying Out the Options” which looks to provide possible solutions to the numerous risks of the crypto industry. This bulletin was triggered by the high-profile booms and busts of 2022, including the FTX scandal, and suggests three possible lines of action to permanently eradicate the risks in the crypto verse before web3 becomes a threat to global financial stability.

The first possible line of action proposed in the bulletin is to encourage sound innovation with Central Bank Digital Currencies (CBDCs). By utilizing CBDCs, central banks can provide secure and reliable digital payments, thus allowing for the development of a more efficient and resilient financial system. Additionally, CBDCs could also be used to reduce systemic risk, as well as to facilitate capital flows and economic activity in the digital space.

The second line of action proposed by the BIS is to limit global crypto adoption. While cryptocurrencies have the potential to revolutionize the financial industry, they can also be extremely volatile and unpredictable, making them a threat to financial stability. The authors of the bulletin suggest that limiting the development, promotion and use of cryptocurrencies could help to reduce the risk of large-scale losses in the event of a crash.

Finally, the bulletin suggests that true decentralization in crypto is illusory. While decentralization is often touted as one of the main benefits of blockchain technology, the authors note that in reality, many of the larger crypto projects are highly centralized, and are thus vulnerable to manipulation and fraud. In order for decentralization to be truly effective, the authors suggest that crypto projects must be designed with security, transparency and accountability in mind.

Overall, the Bank for International Settlements has offered a number of possible solutions to address the risks of the crypto industry. By utilizing CBDCs, limiting global crypto adoption, and ensuring that crypto projects are designed with security, transparency and accountability in mind, the authors believe that these solutions could help to reduce the risk of high-profile implosions like the FTX scandal and create a more secure and reliable crypto ecosystem.