The past week in the DeFi ecosystem was filled with highs and lows. The U.S. Commodity Futures Trading Commission (CFTC) launched an investigation into multiple DeFi protocols, while Binance CEO Changpeng Zhao predicted that DeFi would outgrow centralized finance (CeFi) in the next bull run. However, a report from the Bank for International Settlements (BIS) argued that a pure form of DeFi cannot survive independently and has little use case in the real world.The Shiba Inu ecosystem’s layer-2 network, Shibarium, has seen rapid growth post-relaunch, with over one million wallets created, but its progress has yet to impact the price of the Shiba Inu SHIB token. The top 100 DeFi tokens had a late Friday surge, with most of the tokens posting positive weekly gains.Binance CEO CZ forecasted that DeFi would outgrow CeFi in the next bull run, during a Sept. 1 live X (formerly Twitter) Spaces.The CFTC took regulatory action against three DeFi protocols for allegedly failing to register various derivatives trading offerings. Deridex and Opyn were charged for failing to register as a swap execution facility or designated contract market and failing to register as a futures commission merchant. The two protocols also failed to comply with customer provisions set out in the Bank Secrecy Act.The BIS report argued that the need for an oracle in DeFi is a major impediment to adoption in the real world, as oracles are centralized by nature and their presence means a protocol is not fully decentralized.Binance is refunding users $1 million of Tether USDT over its handling of the CyberConnect (CYBER) token incident.Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a late bullish surge, with most tokens trading in the green on the weekly charts. The total value locked into DeFi protocols touched $49.73 billion.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 10 |
| People | BIS, Changpeng Zhao, CZ, Binance CEO, Bank for International Settlements |
| Companies | Upbit, Binance, Bank for International Settlements (BIS), Shiba Inu, United States Commodity Futures Trading Commission (CFTC) |
| Currencies | Tether, APENFT, Shiba Inu, Ethereum, Bitcoin |
| Securities | None |
