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Top DeFi projects move further from decentralization in 2023

Despite nearly six years passing since the inception of decentralized finance (DeFi) in 2017, it’s still experiencing child-like growing pains in 2023. DeFi underpins many Web3 properties which experience hacks and exploits weekly. Multi-million dollar exploits remain commonplace. In truth, the industry has struggled with basics — starting with its name. Whether DeFi has ever achieved financial[Read more…]

Polygon hit by 157-block ‘reorg’ despite hard-fork to reduce reorgs

On Wednesday, Polygon experienced a blockchain quirk affecting 157 blocks or approximately five minutes worth of network activity. After blocks appeared to have stopped being produced for several minutes, the Ethereum side-chain’s co-founder Sandeep Nailwal tweeted that (block explorer) Polygonscan was “having some issues.” In actual fact, the interruption was down to a chain reorganization or ‘reorg’,[Read more…]

What’s happening with Binance’s $2 billion recovery fund?

After the collapse of FTX, Binance enjoyed several weeks of glowing press coverage about its commitment to spend $1 billion on helping the crypto industry. However, it appears that the wallet in question still holds nearly $1 billion BUSD and hasn’t spent anything. In its initial announcement on November 24, 2022, Binance claimed that 150 companies had applied to this so-called Industry[Read more…]

Explained: Is Polygon truly decentralized?

Polygon, an Ethereum scaling platform that claims to be decentralized, is landing partnerships with major names. Already a partner with Coinbase NFTs, it just became the primary provider of Instagram’s upcoming NFT marketplace. Of course, when crypto starts landing large deals, some people start asking big questions — like whether Polygon is truly decentralized. Formerly known as[Read more…]

What is Gnosis Safe and how is it centralizing Ethereum?

Gnosis Safe has a monopoly over multi-signature smart contract wallets on Ethereum. According to Safe’s team account on Dune, in January 2021, users were creating an average of 120 of its multi-signature smart contract wallets (or as Gnosis Safe calls them, “Safes”) per week. Nowadays, users create over 1,000 Safes per week. Weekly transactions using Safes have also[Read more…]

Starbucks: No benefits for unionized staff but here are some NFTs

High street coffee giant Starbucks announced a new NFT project on the same day that it revealed that its unionized branches won’t be granted access to its student loan or savings account benefits.  But, despite being released simultaneously, the two separate announcements garnered very different levels of interest.   On Monday, the company announced its NFT project in[Read more…]