Binance Labs shifts focus to Bitcoin DeFi, MarginFi sees $200M of outflows: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.
Like Ethereum’s peak era in 2017, Solana is facing a similar hurdle in network congestion that has lasted almost a week, leading to a high transaction failure rate.
Solana developers have now set April 15 as their target date to resolve the issue, calling it a bug rather than a design flaw.
Binance Labs has shifted its DeFi focus toward Bitcoin by investing in Bitcoin-native restaking protocol BounceBit.
In other news, withdrawals from the Solana-based DeFi protocol MarginFi grew over $190 million amid an apparent management meltdown and claims from competitors that it hasn’t met its promises.
Solana devs target April 15 for failed TX fix — It’s “not a design flaw”
Solana developers are targeting April 15 to implement a fix for an “implementation bug” that recently caused the transaction failure rate on Solana to skyrocket.
“Solana’s current issue is not a design flaw; it’s an implementation bug,” stressed Mert Mumtaz, the CEO of Helius Labs, a blockchain infrastructure firm that provides back-end support exclusively to the Solana network.
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Arkham accuses competitors of spreading “false rumors” amid token sell-off
Blockchain analytics firm Arkham has accused its fellow competitors of “spreading false rumors” to create fear, uncertainty and doubt (FUD) after questions arose regarding the firm’s transfer of its native ARKM tokens.
Although Arkham did not name the dissenting competitors, just a few days prior, a post published by fellow blockchain analytics firm Nansen claimed that Arkham “moved over 25.2m ARKM ($56 million) over the past two days” to unlabeled wallets and cryptocurrency exchange Binance.
“Let’s take a look at what’s going on because they won’t show you,” wrote Nansen, noting that the ARKM was sent to different Binance addresses with no prior activity and to a fresh wallet address.
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Binance Labs shifts investment focus to Bitcoin DeFi
Binance Labs, the venture capital arm of the world’s largest cryptocurrency exchange, has invested in Bitcoin-native restaking protocol BounceBit.
BounceBit merges centralized finance and DeFi features to create more utility for Bitcoin (BTC), wrote co-founder of Binance and head of Binance Labs,
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MarginFi outflows $190 million as CEO rage-quits amid token controversy
Nearly $200 million of user funds have exited Solana-based lending protocol MarginFi over the last two days amid an abrupt resignation of the platform’s CEO, which was followed by accusations of wrongdoing by its competitors.
On April 10, the now-former CEO of MarginFi, Edgar Pavlovsky, suddenly announced he had resigned from MarginFi, citing disputes arising from both within his firm and outside of it.
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DeFi market overview
Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bullish week, with most trading in the green on the weekly charts. The total value locked in DeFi protocols rose above $100 billion.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
