Eva Szalay / Bloomberg:
As typical crypto lending rates fall below US Treasury yields, DeFiLlama data shows DeFi platforms’ total value locked is $60B, down from $182B in Dec. 2021 — Cryptocurrencies are facing a new threat: the lure of Treasuries offering a similar payout for a whole lot less risk.
Xinyi Luo / CoinDesk:
Alameda-backed DeFi projects Maps.me, a maps app for travelers, and “DeFi Prime Brokerage protocol” Oxygen say 95%+ of their native tokens are locked up at FTX — Alameda Research led funding rounds into both companies in 2021. — Maps.me and Oxygen, two decentralized finance …
Muyao Shen / Bloomberg:
DeFi Llama: the total value locked in DeFi has dropped by 12%+ in the past day, after hovering around $50B to $60B since June 2022 and $180B+ in December 2021 — Decentralized finance is feeling the pain of Binance’s proposed takeover of FTX.com, with investors yanking cash from projects …
Shaurya Malwa / CoinDesk:
Facing a large deficit in its treasury, DeFi protocol Sushi proposes diverting fees from the Kanpai protocol and reduces its runway requirement from $9M to $5M — Developers proposed to divert 100% of fees generated on the platform to Sushi’s multisig for one year or until new tokenomics are implemented.
Krisztian Sandor / CoinDesk:
A look at what went wrong at decentralized lending protocol Maple Finance, as $54M in loans, or 66% of its lending pools, turn bad and what could happen next — Maple Finance, the largest unsecured crypto lending platform, is grappling with a debt crisis while gearing up for a major system upgrade.
Washington Post:
Sources: US Treasury will warn the White House that cryptocurrencies need major regulations as they pose significant financial risks that outweigh benefits — A new assessment from the Biden administration is expected to find that cryptocurrencies pose threats to investors
Colin Wilhelm / The Block:
DC-based policy nonprofit Coin Center sues the US Treasury Department, saying the treasury overstepped its authority by sanctioning Tornado Cash in August 2022 — – The D.C.-based policy nonprofit sued the Treasury Department, saying it overstepped its authority when it sanctioned transaction mixer Tornado Cash in August.
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