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Tuesday, 03 October 2023
BIS believes Defi has no use cases, but CZ is optimistic: finance revised

BIS believes Defi has no use cases, but CZ is optimistic: finance revised

Welcome to Finance Redefined, your weekly section of important information about decentralized finance (DeFi), a newsletter created to inform you about the most important events of the past week. brengen.The past week in the DeFi ecosystem has been full of ups and downs, starting with the US Commodity Futures Trading Commission's (CFTC) investigation into various DeFi protocols, up to Binance CEO Changpeng CZ Zhao's prediction that Defi's central financing (cefi) will increase during the next bullish period.While the Czech Republic expects a bright future for DeFi, the Bank for International Settlements (BIS) report states that the net form of Defi may not exist independently and may have little application in the real world.Shibarium, the Level 2 network of the Shiba Inu ecosystem, has continued its rapid growth after the restart, creating more than one million wallets; however, its progress has not yet affected the price of the Shiba Inu token (SHIB).DeFi tokens from the top 100 rose late on Friday, with most tokens showing a positive weekly increase.Binance CEO Changpeng Zhao predicts that the Defi has the potential to surpass the central Sefi in the next rise.In September. CZ AMA Zhao, formerly of 1 live X (formerly Twitter) Spaces, shared his thoughts on the future of Defi. I think the more decentralized the sector becomes, the better, he said, adding that it would take little time before cefi could take over trading volumes.All AroundThe US CFTC is taking regulatory measures against three DEFI protocols for allegedly failing to register various derivatives trading offers. The US Commodity regulator announced in September that it had issued orders against the Opyn, ZeroEx and Deridex protocols. 8 explanation.Deridex and opyn sued for failing to register as a clearing execution mechanism or a designated contract market and failing to register as a futures broker. According to the CFTC, these two protocols also do not comply with the provisions of the Banking Secrecy Act.According to the authors of the bulletin of the Bank for International Settlements, the need for divination in defi is the biggest obstacle to adoption in the real world. The problems with prophecies are both practical and principled, and the authors of the study did not see a way to solve them.Oracle is a third party that provides the actual data over or from the DeFi protocol. According to the authors, oracle is centralized by nature, and its existence means that the protocol is not completely decentralized — if it is folded into this, distrust disappears. The authors write that this is probably a fatal disadvantage for use with real assets.Binance is giving users back $1 million in Tether (USDT) to eliminate an incident related to CyberConnect (CYBER) tokens.As announced on the exchange on September 7, the difference in the price of the listed cyber tokens amounted to the following A week ago, cyber cross-chain bridges were reduced due to a lack of liquidity in the Korean cryptocurrency exchange Upbit. This led to reviewers borrowing Cyber from Binance to take advantage of its distinctiveness. In contrast, Binance users who included CYBER in the flexible Earn program were excluded from payments because the relevant assets were borrowed and thus reached the credit limit.The total number of wallets in the newly launched Shiba Inu Level 2 network on Shibarium has reached over one million, which has increased rapidly since the relaunch. The success, announced by the official shibarium team in a blog post on September 3, means that at least 900,000 wallets have been created since Shibarium was relaunched on August 28, just two weeks after the Shibarium network was won for the first time, albeit with some technical difficulties.Data from Cointelegraph Markets Pro and Tradingview shows that the top 100 DeFi tokens by market capitalization have experienced a late surge, with most tokens trading in green on the weekly charts. The total cost of DeFi protocols was $49.73 billion.Thank you for reviewing the most impressive DeFi developments this week. Join us on Friday to learn more stories, insights and information about this dynamically evolving field.Collect this article as NFT to preserve this moment in history and to show your support for independent journalism in the crypto space.

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