DeFi Weekly | Former FATF Executive Secretary: DeFi lacks effective monitoring and has certain risks

DeFi data

1. DeFi total market value: 165.535 billion US dollars

j3B8Ety4Jze4yhwVT1BWxiLoPck04nRSeNpwOHyp.pngeMdUj9vzppJ9yeD8ryLtOGebPZH3vrE0VYpekfRM.png

The price of the top ten currencies by market capitalization and the change this week, data source: CoinGecko

2. 24-hour trading volume on decentralized exchanges: US$4.26 billion

T2C2CBSq5WRbsFh2W6bWal3oD6vA7vUAbRkASvgf.pngMwRk2gZWLcNRavwDpD3bjayOZKDFTdGfP156rncn.png

Data source of DEX transaction volume in the past 24 hours: Debank

3. Total borrowings of DeFi lending platform: US$28.45 billion

BPztKjJKftZFYUfjgI6iKxTrF9qr7h3Cbn2cN0Kw.png7A955dW6dBkiivDXxK99IItU64LYA7tmXkcUC8rA.png

The proportion of loans in each DeFi lending platform Data source: Debank

4. The total value of locked assets in DeFi reaches US$121.46 billion

C3M9zigt8pMvELUhZkmlrjlPnoWxANrZeepYA9Rq.png

DeFi ranked top ten lock-up volume data source: DeFi Pluse

Important DeFi developments:

Former FATF Executive Secretary: DeFi lacks effective monitoring and there are certain risks

On November 4, the former executive secretary of the Global Anti-Money Financial Action Task Force (FATF), Rick McDonell, said that although DeFi protocols may provide similar functions in financial transactions, they hardly provide regulators to ensure safe and effective financial services. The supervision required by the market. The lack of effective supervision will bring huge risks to fraud, money laundering, evasion of sanctions and other criminal activities in these markets, but it is still too early what effective measures the regulator will take.

DeFi platform Beta Finance received US$5.75 million in financing, led by Sequoia Capital India

November 1st news, Decentralized Finance (DeFi) platform Beta Finance said on Friday that it has received 5.75 million US dollars in financing, led by Sequoia Capital India, ParaFi Capital, DeFiance Capital, Spartan Group, GSR, Delphi Digital and Multicoin Capital and others participated in the investment. Beta Finance provides users with solutions for lending and shorting cryptocurrencies, and is committed to providing users with an easier way to hedge risks.

DFG declared Boca DeFi platform Acala public project loans contributed 500,000 DOT

On November 5th, DFG announced that it would contribute 500,000 DOT to the crowd lending of Polkadot’s DeFi platform Acala project. DFG stated that since its first investment in Polkadot in 2019, it has been waiting for Polkadot slot auction opportunities. DFG believes that Acala is a highly determined long-term investment project with unique characteristics. Acala has actively participated in the Polkadot ecosystem from the very beginning, and has accumulated solid product development experience and shareholder support. Its unique and leading position in Pocardo will be consolidated as products, technologies and communities continue to grow.

willy Woo: DeFi is competing for the valuation of the banking sector

According to Golden Financial Report, Bitcoin analyst Willy Woo tweeted that 1) the valuation of the banking sector: 7.3 trillion US dollars, 2) the valuation of inflation hedge (value storage assets): about 500 trillion US dollars. DeFi is competing (1), Bitcoin is competing (2).

DeFi lending platform bZx: The leak of private keys affects the deployment of bZx smart contracts on Polygon and BSC

On November 5, the DeFi lending platform bZx tweeted that the private key controlling the deployment of bZx smart contracts on Polygon and BSC appeared to have been leaked an hour ago, resulting in a loss of funds. The deployment of Ethereum is controlled by DAO and will not be affected. bZx will vote in the community to use the vault as support to complete the deployment on BSC and Polygon. If the user approves any tokens of the bZx contract on Polygon or BSC, the approval shall be revoked as soon as possible. The deployment, governance and DAO vault on Ethereum were not affected by this incident. The bZx smart contract itself has not been compromised. This incident only affected the deployment on Polygon and BSC through the leaked key.

Dogelon Mars will launch the governance token xELON to achieve DeFi and pledge functions

On November 5th, Dogelon Mars announced its next development plan. The Dogelon Mars community is working hard to introduce xELON into its ecosystem. Dogelon Mars is building DeFi and pledge functions through a new contract. xELON will be used as a governance token to provide incentives for the Dogelon Mars DeFi ecosystem and will be used to incentivize users to pledge their ELON.

Expert: The encryption amendment in the US Infrastructure Act will not be conducive to DeFi

According to news on November 5, legal experts warned that part of the infrastructure bill that will be voted on today modifies part of the tax law and criminalizes companies and individuals that fail to declare digital asset transactions. Abraham Sutherland, a lecturer at the University of Virginia School of Law, said that this is a separate clause separate from the controversial “broker” clause, which has attracted everyone’s attention in the Senate bill: “This is not good for all users of digital assets. , But it is particularly detrimental to decentralized finance. The law will not completely prohibit DeFi. On the contrary, it imposes reporting requirements, which, given the way DeFi operates, will make it impossible to comply with these requirements.” CoinShares CSO Meltem Demirors tweeted She raised her concerns about the unconstitutional and anti-American nature of the amendment. It is reported that the amendment to Article 6050I is part of the Infrastructure Act, which is scheduled to be voted on in the House of Representatives on November 5.

NFT

Huobi Global announces the launch of a trial version of Huobi NFT in the NFT market

Huobi Global announced the launch of the NFT market “Huobi NFT” trial version, allowing users to buy and trade NFT artworks and collectibles in many fields such as games, art, animation, and music. Huobi Global stated that it has been preparing for the launch of the NFT market for a period of time, and this move is a “key milestone” for its meta-universe strategic expansion. Huobi Global said that the NFT market will include games, art, animation and music, etc., will cooperate with artists, singers, etc., and will customize user experience and curate products according to the trends and preferences of various markets around the world. In addition, the NFT market will also receive overall ecological support from Huobi.

DareNFT plans to open the open NFT2.0 meta-universe, aiming to be compatible with more NFT projects

On November 5th, DareNFT plans to open the open NFT2.0 meta-universe for the universal NFT2.0 protocol for digital assets, aiming to make NFT more useful and allow more NFT-based applications (such as NFT games, NFT content, NFT art) Join the agreement. It is reported that the DareNFT ecosystem currently consists of 30 partners including traditional games, NFT games, content platforms, and ecological support application fields. The ecosystem has become the cornerstone of DareNFT’s open NFT meta-universe.

The South Korean Herald published an article explaining why NFTs are more disruptive than cryptocurrencies

On November 7th, the South Korean Herald published an article “Why NFT is more disruptive than cryptocurrency?” The article stated that NFT is more destructive than cryptocurrency because it may be used in many fields. Kim Won-sang of Kakao Corp.’s Blockchain Division Ground X said that the cryptocurrency market still belongs to the traditional financial sector. On the other hand, NFT has unlimited potential to surpass the existing concept of financial assets. Lee Young-jae, Senior Manager of Mirae Asset Securities, said: “The conclusion of Mirae Asset Securities is that digital assets, including NFTs, have great potential. Digital asset innovation represents an unprecedented combination of radical, discontinuous, and disruptive innovation. Digital assets have risen to a level that threatens existing financial companies. In the financial market, we can expect something like’NFT Securities’, which can grant membership and shareholder rights at the same time.”

Bollywood star Amitabh Bachchan’s NFT collection bids for $520,000 on the first day of auction

News on November 3, Bollywood star Amitabh Bachchan’s NFT collection received a bid worth US$520,000 (approximately 38 million rupees) on the first day of the auction organized by Beyondlife.Club. The auction went live on November 1st and will end on November 4th, supported by Guardian Link, a decentralized brand market for NFT in India.

Real Madrid club will launch smart ticket NFT on the Flow blockchain

News on November 5th, La Liga giants Real Madrid Club will cooperate with the fan participation software platform LAVA to launch a smart ticket NFT on the Flow blockchain. In late September, the product was tested in a game at the Real Madrid Stadium and will now begin large-scale promotion. The smart ticket will provide token rewards, allowing fans to access digital items specially designed for the game to improve the fan experience. This product has similarities with fan tokens and can be exchanged for rewards. This can be used to design products for specific games (rather than the entire brand), which is expected to increase the sense of participation of fans.

Concert organizers and ticketing companies launched Live Stubs, a ticketing stub NFT project

On November 2nd, the concert organizer Live Nation and the ticketing company Ticketmaster launched the ticket stub NFT project Live Stubs, which will be used for the first time in the tour of the Swedish electronic dance music band Swedish House Mafia. Michael Rapino, President and CEO of Live Nation, said: Live Stubs will evoke memories of collecting ticket stubs and help deepen the connection between artists and fans. Live Nation and Ticketmaster are also exploring the use of blockchain technology to limit scalpers’ ticket delivery behavior.

Quentin Tarantino announces that seven unedited scenes from Pulp Fiction will be auctioned as NFT

On November 2nd, Quentin Tarantino announced that seven unedited scenes from “Pulp Fiction” will be auctioned on OpenSea as NFT , which also includes the original movie Handwritten script and exclusive audio commentary by Tarantino himself. NFT is built on the Secret Network, a blockchain that prioritizes privacy, which means that the content is only visible to the owners of these NFTs.

South African Rhino Conservation Society Black Rock Rhino will auction rhino horn NFT

On November 3, the South African Rhino Conservation Association Black Rock Rhino, in cooperation with the blockchain technology company Virtual Nation Builders, will auction the rhino horn NFT on November 11 at Momint, one of the largest NFT markets in South Africa. According to the statement, the auction proceeds will be used to pay for some daily expenses in the reserve to better protect the rhino. It is reported that with NFT technology, rhino enthusiasts around the world will be able to obtain images of rhino horns, but in fact it does not violate the 1977 “Convention on International Trade in Endangered Species” (CITES) ban on rhino horn trade.

Singapore project Dark Zodiac’s NFT digital transaction card sold out, earning $1.4 million

On November 3, it was reported that after a team of Singapore enthusiasts launched a series of online digital trading cards linked to NFTs, it made nearly $1.4 million in just over an hour. The Dark Zodiac team launched the project on September 26, and all 3876 cards were sold.

Chess Federation will launch NFT market ChessNFT.com

On November 3, the International Chess Federation (FIDE) announced the establishment of a partnership with TON labs to launch a new NFT market ChessNFT.com dedicated to chess sports, demonstrating the digital art and the iconic moments of chess. Collection.

BTS brokerage company Hybe will cooperate with Upbit operator Dunamu to create an NFT joint venture

On November 4, it was reported that Hybe Co., the brokerage firm of the BTS (BTS), will cooperate with South Korea’s largest cryptocurrency operator to establish a NFT-related joint venture. According to the agreement, Hybe will acquire a 2.5% stake in Dunamu, which operates Upbit, for 500 billion won (approximately US$423 million). In addition, Hybe disclosed in a document submitted to regulators on Thursday that the company will issue 700 billion won of new shares to Dunamu. It is understood that Upbit is one of the four exchanges approved to provide Korean won trading services and currency trading services in South Korea. Prior to this, South Korea carried out supervision and bans in September. According to data provided by the ruling party legislator Noh Woong-rae, the country’s cryptocurrency market is dominated by the four major exchanges. As of September, Upbit’s trading volume accounted for approximately 88% of the country’s trading volume.

DeFi data

1. DeFi total market value: 165.535 billion US dollars

j3B8Ety4Jze4yhwVT1BWxiLoPck04nRSeNpwOHyp.pngeMdUj9vzppJ9yeD8ryLtOGebPZH3vrE0VYpekfRM.png

The price of the top ten currencies by market capitalization and the change this week, data source: CoinGecko

2. 24-hour trading volume on decentralized exchanges: US$4.26 billion

T2C2CBSq5WRbsFh2W6bWal3oD6vA7vUAbRkASvgf.pngMwRk2gZWLcNRavwDpD3bjayOZKDFTdGfP156rncn.png

Data source of DEX transaction volume in the past 24 hours: Debank

3. Total borrowings of DeFi lending platform: US$28.45 billion

BPztKjJKftZFYUfjgI6iKxTrF9qr7h3Cbn2cN0Kw.png7A955dW6dBkiivDXxK99IItU64LYA7tmXkcUC8rA.png

The proportion of loans in each DeFi lending platform Data source: Debank

4. The total value of locked assets in DeFi reaches US$121.46 billion

C3M9zigt8pMvELUhZkmlrjlPnoWxANrZeepYA9Rq.png

DeFi ranked top ten lock-up volume data source: DeFi Pluse

Important DeFi developments:

Former FATF Executive Secretary: DeFi lacks effective monitoring and there are certain risks

On November 4, the former executive secretary of the Global Anti-Money Financial Action Task Force (FATF), Rick McDonell, said that although DeFi protocols may provide similar functions in financial transactions, they hardly provide regulators to ensure safe and effective financial services. The supervision required by the market. The lack of effective supervision will bring huge risks to fraud, money laundering, evasion of sanctions and other criminal activities in these markets, but it is still too early what effective measures the regulator will take.

DeFi platform Beta Finance received US$5.75 million in financing, led by Sequoia Capital India

November 1st news, Decentralized Finance (DeFi) platform Beta Finance said on Friday that it has received 5.75 million US dollars in financing, led by Sequoia Capital India, ParaFi Capital, DeFiance Capital, Spartan Group, GSR, Delphi Digital and Multicoin Capital and others participated in the investment. Beta Finance provides users with solutions for lending and shorting cryptocurrencies, and is committed to providing users with an easier way to hedge risks.

DFG declared Boca DeFi platform Acala public project loans contributed 500,000 DOT

On November 5th, DFG announced that it would contribute 500,000 DOT to the crowd lending of Polkadot’s DeFi platform Acala project. DFG stated that since its first investment in Polkadot in 2019, it has been waiting for Polkadot slot auction opportunities. DFG believes that Acala is a highly determined long-term investment project with unique characteristics. Acala has actively participated in the Polkadot ecosystem from the very beginning, and has accumulated solid product development experience and shareholder support. Its unique and leading position in Pocardo will be consolidated as products, technologies and communities continue to grow.

willy Woo: DeFi is competing for the valuation of the banking sector

According to Golden Financial Report, Bitcoin analyst Willy Woo tweeted that 1) the valuation of the banking sector: 7.3 trillion US dollars, 2) the valuation of inflation hedge (value storage assets): about 500 trillion US dollars. DeFi is competing (1), Bitcoin is competing (2).

DeFi lending platform bZx: The leak of private keys affects the deployment of bZx smart contracts on Polygon and BSC

On November 5, the DeFi lending platform bZx tweeted that the private key controlling the deployment of bZx smart contracts on Polygon and BSC appeared to have been leaked an hour ago, resulting in a loss of funds. The deployment of Ethereum is controlled by DAO and will not be affected. bZx will vote in the community to use the vault as support to complete the deployment on BSC and Polygon. If the user approves any tokens of the bZx contract on Polygon or BSC, the approval shall be revoked as soon as possible. The deployment, governance and DAO vault on Ethereum were not affected by this incident. The bZx smart contract itself has not been compromised. This incident only affected the deployment on Polygon and BSC through the leaked key.

Dogelon Mars will launch the governance token xELON to achieve DeFi and pledge functions

On November 5th, Dogelon Mars announced its next development plan. The Dogelon Mars community is working hard to introduce xELON into its ecosystem. Dogelon Mars is building DeFi and pledge functions through a new contract. xELON will be used as a governance token to provide incentives for the Dogelon Mars DeFi ecosystem and will be used to incentivize users to pledge their ELON.

Expert: The encryption amendment in the US Infrastructure Act will not be conducive to DeFi

According to news on November 5, legal experts warned that part of the infrastructure bill that will be voted on today modifies part of the tax law and criminalizes companies and individuals that fail to declare digital asset transactions. Abraham Sutherland, a lecturer at the University of Virginia School of Law, said that this is a separate clause separate from the controversial “broker” clause, which has attracted everyone’s attention in the Senate bill: “This is not good for all users of digital assets. , But it is particularly detrimental to decentralized finance. The law will not completely prohibit DeFi. On the contrary, it imposes reporting requirements, which, given the way DeFi operates, will make it impossible to comply with these requirements.” CoinShares CSO Meltem Demirors tweeted She raised her concerns about the unconstitutional and anti-American nature of the amendment. It is reported that the amendment to Article 6050I is part of the Infrastructure Act, which is scheduled to be voted on in the House of Representatives on November 5.

NFT

Huobi Global announces the launch of a trial version of Huobi NFT in the NFT market

Huobi Global announced the launch of the NFT market “Huobi NFT” trial version, allowing users to buy and trade NFT artworks and collectibles in many fields such as games, art, animation, and music. Huobi Global stated that it has been preparing for the launch of the NFT market for a period of time, and this move is a “key milestone” for its meta-universe strategic expansion. Huobi Global said that the NFT market will include games, art, animation and music, etc., will cooperate with artists, singers, etc., and will customize user experience and curate products according to the trends and preferences of various markets around the world. In addition, the NFT market will also receive overall ecological support from Huobi.

DareNFT plans to open the open NFT2.0 meta-universe, aiming to be compatible with more NFT projects

On November 5th, DareNFT plans to open the open NFT2.0 meta-universe for the universal NFT2.0 protocol for digital assets, aiming to make NFT more useful and allow more NFT-based applications (such as NFT games, NFT content, NFT art) Join the agreement. It is reported that the DareNFT ecosystem currently consists of 30 partners including traditional games, NFT games, content platforms, and ecological support application fields. The ecosystem has become the cornerstone of DareNFT’s open NFT meta-universe.

The South Korean Herald published an article explaining why NFTs are more disruptive than cryptocurrencies

On November 7th, the South Korean Herald published an article “Why NFT is more disruptive than cryptocurrency?” The article stated that NFT is more destructive than cryptocurrency because it may be used in many fields. Kim Won-sang of Kakao Corp.’s Blockchain Division Ground X said that the cryptocurrency market still belongs to the traditional financial sector. On the other hand, NFT has unlimited potential to surpass the existing concept of financial assets. Lee Young-jae, Senior Manager of Mirae Asset Securities, said: “The conclusion of Mirae Asset Securities is that digital assets, including NFTs, have great potential. Digital asset innovation represents an unprecedented combination of radical, discontinuous, and disruptive innovation. Digital assets have risen to a level that threatens existing financial companies. In the financial market, we can expect something like’NFT Securities’, which can grant membership and shareholder rights at the same time.”

Bollywood star Amitabh Bachchan’s NFT collection bids for $520,000 on the first day of auction

News on November 3, Bollywood star Amitabh Bachchan’s NFT collection received a bid worth US$520,000 (approximately 38 million rupees) on the first day of the auction organized by Beyondlife.Club. The auction went live on November 1st and will end on November 4th, supported by Guardian Link, a decentralized brand market for NFT in India.

Real Madrid club will launch smart ticket NFT on the Flow blockchain

News on November 5th, La Liga giants Real Madrid Club will cooperate with the fan participation software platform LAVA to launch a smart ticket NFT on the Flow blockchain. In late September, the product was tested in a game at the Real Madrid Stadium and will now begin large-scale promotion. The smart ticket will provide token rewards, allowing fans to access digital items specially designed for the game to improve the fan experience. This product has similarities with fan tokens and can be exchanged for rewards. This can be used to design products for specific games (rather than the entire brand), which is expected to increase the sense of participation of fans.

Concert organizers and ticketing companies launched Live Stubs, a ticketing stub NFT project

On November 2nd, the concert organizer Live Nation and the ticketing company Ticketmaster launched the ticket stub NFT project Live Stubs, which will be used for the first time in the tour of the Swedish electronic dance music band Swedish House Mafia. Michael Rapino, President and CEO of Live Nation, said: Live Stubs will evoke memories of collecting ticket stubs and help deepen the connection between artists and fans. Live Nation and Ticketmaster are also exploring the use of blockchain technology to limit scalpers’ ticket delivery behavior.

Quentin Tarantino announces that seven unedited scenes from Pulp Fiction will be auctioned as NFT

On November 2nd, Quentin Tarantino announced that seven unedited scenes from “Pulp Fiction” will be auctioned on OpenSea as NFT , which also includes the original movie Handwritten script and exclusive audio commentary by Tarantino himself. NFT is built on the Secret Network, a blockchain that prioritizes privacy, which means that the content is only visible to the owners of these NFTs.

South African Rhino Conservation Society Black Rock Rhino will auction rhino horn NFT

On November 3, the South African Rhino Conservation Association Black Rock Rhino, in cooperation with the blockchain technology company Virtual Nation Builders, will auction the rhino horn NFT on November 11 at Momint, one of the largest NFT markets in South Africa. According to the statement, the auction proceeds will be used to pay for some daily expenses in the reserve to better protect the rhino. It is reported that with NFT technology, rhino enthusiasts around the world will be able to obtain images of rhino horns, but in fact it does not violate the 1977 “Convention on International Trade in Endangered Species” (CITES) ban on rhino horn trade.

Singapore project Dark Zodiac’s NFT digital transaction card sold out, earning $1.4 million

On November 3, it was reported that after a team of Singapore enthusiasts launched a series of online digital trading cards linked to NFTs, it made nearly $1.4 million in just over an hour. The Dark Zodiac team launched the project on September 26, and all 3876 cards were sold.

Chess Federation will launch NFT market ChessNFT.com

On November 3, the International Chess Federation (FIDE) announced the establishment of a partnership with TON labs to launch a new NFT market ChessNFT.com dedicated to chess sports, demonstrating the digital art and the iconic moments of chess. Collection.

BTS brokerage company Hybe will cooperate with Upbit operator Dunamu to create an NFT joint venture

On November 4, it was reported that Hybe Co., the brokerage firm of the BTS (BTS), will cooperate with South Korea’s largest cryptocurrency operator to establish a NFT-related joint venture. According to the agreement, Hybe will acquire a 2.5% stake in Dunamu, which operates Upbit, for 500 billion won (approximately US$423 million). In addition, Hybe disclosed in a document submitted to regulators on Thursday that the company will issue 700 billion won of new shares to Dunamu. It is understood that Upbit is one of the four exchanges approved to provide Korean won trading services and currency trading services in South Korea. Prior to this, South Korea carried out supervision and bans in September. According to data provided by the ruling party legislator Noh Woong-rae, the country’s cryptocurrency market is dominated by the four major exchanges. As of September, Upbit’s trading volume accounted for approximately 88% of the country’s trading volume.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/defi-weekly-former-fatf-executive-secretary-defi-lacks-effective-monitoring-and-has-certain-risks/
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