According to PANews, a recent report published by Syncracy reveals that MakerDAO has dominated nearly 40% of the DeFi profits on Ethereum over the past six months. The data, derived from TokenTerminal, analyzed the top 25 projects on Ethereum for the past 180 days, up until March 12.

The report highlights the significant role MakerDAO has played in the Ethereum ecosystem, demonstrating its dominance in the DeFi sector. This analysis provides a clear picture of the distribution of profits within the Ethereum DeFi space, with MakerDAO leading the pack.

The findings underscore the growing influence of DeFi projects on the Ethereum platform, with MakerDAO setting the pace. The report serves as a testament to the increasing relevance and impact of DeFi in the broader cryptocurrency landscape.

Crypto custodian Fireblocks announced on Wednesday that it has launched its dApp Protection and Transaction Simulation products, which will help protect institutions from run-ins with decentralized finance (DeFi) scammers.

Fireblocks’ DeFi Protection Tools

Both products have undergone beta testing with Galaxy and FlowDesk since December of last year. 

They are now available to safety check decentralized applications (dApps) across over 40 blockchains using Fireblocks’ APIs, including WalletConnect and MetaMask Institutional.

“As the DeFi sector experiences unprecedented growth, the need for proactive security measures has never been more critical,” wrote Fireblocks in a blog post on Wednesday.

DeFi’s growth over the past several years has coincided with more funds lost to hacks and scams, with clever criminals building more sophisticated smart contract tooling contracts to separate victims from their digital assets.

Volume stolen from DeFi hacks fell from $3.1 billion in 2022 to $1.1 billion in 2023, according to Chainalysis. 

However, data from CertiK suggests that theft volume has already bounced back to $500 million in Q1 2024 alone, using phishing websites, dApp takeovers, supply chain attacks, and the like.

See Also: Stripe Reintroduces Crypto Payments Via USDC Stablecoin

The Need For DeFi Safety Tools

The current security landscape necessitates that DeFi users have automated tools for detecting malicious or duplicitous smart contracts before interacting with them. 

Though some Fireblocks customers have internal Web3 security teams, most lack the resources to hire cybersecurity experts to navigate the inherently opaque and technical nature of contract calls.

As such, Fireblocks’ dApp protecting tool intends to fill the gap with real-time threat detection alerts before users interact with phishing websites or potentially compromised dApps.

Meanwhile, transaction simulation shows users a preview of the estimated change to their token balance caused by a smart contract interaction before actually using it.

“Deploying onchain trading strategies presents new security considerations. Fireblocks dApp Protection and Transaction Simulation empower our team to stay ahead of evolving onchain threat vectors while providing everyone in the transaction approval workflow with visibility and clarity into what they’re approving,” said Andrew Taubman, Deputy Chief Operations Officer.

According to DeFiLlama, the total value locked in DeFi protocols has risen from $54 billion at the start of 2024 to $94 billion today, reflecting rising enthusiasm in the crypto markets at large.

During a March webinar, experts at Chainalysis suggested that artificial intelligence and LLMs might be leveraged by hackers to find vulnerabilities in smart contracts, enabling more DeFi-based crime.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN

The post Fireblocks Launched DeFi Threat Protection Tools For Institutions appeared first on BitcoinWorld.

The value of Uniswap's UNI token fell by 16% to $9.37 following a Wells Notice from the SEC, signaling potential legal challenges for the decentralized exchange.

Uniswap 'whales' have been rapidly offloading their UNI holdings, with Lookonchain reporting that three such investors have sold off 2.03 million UNI, causing a swift $20 million drop in Uniswap’s valuation.

Major UNI stakeholders are transferring assets to Binance; one unloaded 1.25 million UNI, and another exchanged 472,000 UNI for $4.6 million in USDC, turning a profit of $1.67 million. Further sales are contributing to the token's price decline.

The account whitzardflow.eth had to liquidate 107,010 UNI ($1M) to cover a stablecoin debt after UNI’s price dropped.

Uniswap founder Hayden Adams expressed determination to fight the SEC's warning, affirming the legality of Uniswap's operations and his commitment to the DeFi sector.

This standoff with the SEC suggests a looming lengthy legal dispute with far-reaching implications for DeFi's future, raising anxiety in the crypto market about the repercussions of regulatory scrutiny for DEXs and investment security.

As the crypto market pulsates with renewed vigor post-Bitcoin halving, Shiba Inu (SHIB) is making a significant impact. Institutional buyers have injected a staggering $12 million into the meme coin, sparking a fervent rally that’s seen it climb by 14% over the week.

Currently sitting at the 11th spot on CoinMarketCap with an impressive market cap of $15 billion, Shiba Inu’s resurgence is a hot topic in the crypto community.

Is Shiba Inu (SHIB) leading the meme coin rally as the crypto market turns bullish?

The cryptocurrency market is currently experiencing a robust rebound, and it’s not just the heavyweights like Bitcoin and Ethereum that are enjoying the bullish trend.

Meme coins, spearheaded by Shiba Inu, are also capturing significant gains, signaling a shift in market sentiment from fear to greed, as indicated by the Greed Index gauge at 65.

Major cryptocurrencies such as Ethereum and Solana are seeing noteworthy advances, contributing to a broader market rally. However, it’s Shiba Inu that’s capturing the spotlight, moving beyond its meme coin roots to stake a claim in the decentralized finance (DeFi) space.

The SHIB Army, Shiba Inu’s dedicated community, plays a pivotal role in backing the cryptocurrency’s ventures beyond mere speculative trading. Shiba Inu’s strategic shift towards substantial, utility-based offerings is exemplified by the launch of its own privacy-focused blockchain.

This development is a significant move for Shiba Inu, underscoring its evolution and attracting a $12 million investment from notable crypto venture capitals such as Animoca Brands, Big Brain Holdings, Mechanism Capital, and more.

These funds are designated for the development of Shiba Inu’s upcoming Layer 3 blockchain, which will be anchored by a new utility and governance token named TREAT. The transformation has bolstered confidence among institutional investors in Shiba Inu’s potential, far beyond the meme coin market.

Additionally, Shiba Inu is expanding its ecosystem with the development of various tokens and financial tools, including BONE, LEASH, and K9 Finance solutions. These initiatives are designed to enhance Shiba Inu’s utility and provide more value to its holders, solidifying its position in the competitive crypto landscape.

Shiba Inu (SHIB) price analysis

Shiba Inu’s recent trading patterns suggest a mostly downward trend, but there’s a sign that it could start rising again. It might soon test a lower price point of $0.000024 to see if it can stabilize.

Despite facing some challenges and small declines in the last 24 hours due to hitting upper price limits set earlier in the week, this appears to be just a small dip in an overall upward trend. While it hasn’t yet broken through its highest recent price level at $0.000026, there have been several attempts to surpass this point.

 

In comparison, Shiba Inu has performed better over the past week than its competitor, Dogecoin, moving up to take the second spot in the meme coin market rankings. Trading activity for Shiba Inu has increased by 15.53%, showing that more investors are interested in buying it, even though its overall market value has slightly decreased.

The current market sentiment surrounding Shiba Inu is one of neutrality. This stands in contrast to the Fear & Greed Index, which currently indicates a more positive, risk-tolerant environment.

Shiba Inu (SHIB) price prediction

An examination of Shiba Inu’s performance over the past thirty days reveals a period of fluctuation, with an approximately equal distribution of positive and negative price movements.

However, forecasts for the coming week offer the potential for upward movement. Price predictions suggest a range of increases from 12.38% to 24.88%. This translates to a projected price range of $0.000028 to $0.000035.

The longer-term outlook for Shiba Inu becomes even more encouraging. Price projections for the next month indicate a substantial increase of 229.47%, with a projected price of $0.000082. This significant anticipated rise suggests a developing sentiment of bullishness for Shiba Inu in the future.

This trend of market resurgence extends beyond Shiba Inu and encompasses other sectors within the cryptocurrency landscape. Emerging coins, such as Dogeverse, are attracting attention due to their proposed functionalities, including the ability to operate across multiple blockchain platforms.

This development serves as a testament to the ongoing evolution of meme coins, which are increasingly incorporating more complex technological frameworks. This integration expands their influence and practical utility within the broader blockchain ecosystem.

For those seeking the top altcoin investment opportunities in 2024, explore our comprehensive guide featuring the most noteworthy choices.

Dogeverse: The first chain-traveling Doge emerging as a profitable option

For investors seeking promising opportunities, Dogeverse presents an intriguing option as the world’s first chain-traveling Doge. With the presale price set to increase in just 1 day and 15 hours, now is an advantageous moment to consider entering at a substantially low initial cost. Since its launch in early April, Dogeverse has successfully raised over $10.9 million.

The project also offers staking options with dynamic returns, which can vary from as high as 300% to 100%, highlighting the importance of monitoring these fluctuating rates.

The term “chain-traveling Doge” refers to Dogeverse’s ability to enable multi-chain functionality, allowing transactions on various platforms such as Ethereum, Binance Smart Chain, Polygon, Avalanche, and Base, with future expansions planned for Solana.

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Leveraging advanced bridging technology, Dogeverse facilitates seamless integration across multiple chains effortlessly.

With a well-defined roadmap and clear tokenomics, Dogeverse stands out as a project worth exploring for those interested in innovative crypto ventures. To participate in the $DOGEVERSE token presale, visit thedogeverse.com.

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Floki Price Prediction: FLOKI Surges 15% As Dog Meme Coins Pump And Presale Dogeverse Rockets Past $10M

Pepe Price Prediction: PEPE Pumps 5% As Futures Go Live On Coinbase, And The First Multi-Chain Meme Coin Dogeverse Nears $10M In 15 Days Of Presale

The Shiba Inu Price Plunges 9% As This Chain Traveling Dogecoin Derivative Surges Towards $11 Million

Top 5 Meme Coins to Diversify Your Portfolio for Potential Gains – $DOGEVERSE, $DOGE20, $SHIB , $PEPE, and $FLOKI

OpenDelta, a stablecoin linked to Bitcoin, recently raised $2.5 million in funding. This startup is among the first to develop tokenization technology designed for the Bitcoin era.

Let’s see below all the details. 

The success of OpenDelta reflects the interest in the Bitcoin stablecoin sector

As anticipated, the company focused on Bitcoin-backed stablecoins, OpenDelta, has raised $2.15 million in a pre-seed funding round led by 6th Man Ventures, as confirmed by CEO Konstantin Wünscher: 

“Our goal is to use Bitcoin to generate stable value in a fiat currency.”

OpenDelta is building the foundations of the new decentralized finance (DeFi) leveraging the latest trend of Bitcoin, Runes.

The creator of Runes, Casey Rodarmor, introduced a method to engrave fungible tokens on satoshis, the smallest unit of Bitcoin, during the Bitcoin halving on April 19th. 

This new approach has quickly gained popularity, becoming an important tool for Bitcoin transactions, according to a dashboard by Dune created by Crypto Koryo.

The main token of OpenDelta, USDO, will maintain its value anchored to the dollar thanks to Bitcoin (BTC) deposited as collateral by users. 

The token will only be available in May and initially will be accessible exclusively through a closed beta for members of the waiting lists. OpenDelta also intends to expand the use of Runes to other levels of Bitcoin.

The product will generate value for its holders through financing rates in derivative markets, maintaining its value in dollars. 

To mint USDO, users will need to deposit Bitcoin as collateral in a wallet managed by “institutional-level custodians,” as described in a press release.

OpenDelta is one of the first companies to build the new face of DeFi for Bitcoin in the era of Runes. Wünscher emphasizes that those passionate about Bitcoin may not be in tune with the complexities of Ethereum-based DeFi: 

“We have the opportunity to create new experiences on Bitcoin because those involved have not been influenced by anything other than Bitcoin.”

Luke Dashjr criticizes the Runes protocol

Luke Dashjr, one of the developers of Bitcoin core, criticized the Runes protocol, stating that it exploits a fundamental flaw in the design of the Bitcoin blockchain network.

In a post on April 26 on X (formerly Twitter), Dashjr compared ordinal subscriptions and the Runes protocol, explaining how they interact differently with the network. 

He emphasized that, while Ordinals exploit vulnerabilities in the blockchain, the Runes protocol operates within the design flaws of the network. 

He explained that Ordinals are a “9-vector attack” that exploits the vulnerabilities of Bitcoin Core, while Runes represent “only” a 5-vector attack that, however, follows the “rules”.

Ordinals are a form of digital asset similar to NFTs, engraved on satoshis, the smallest unit of Bitcoin. They have marked Bitcoin’s entry into the world of NFTs, generating interest in the crypto community. 

On the other hand, Runes are fungible tokens introduced on the day Bitcoin completed its fourth halving. Since then, they have caused congestion in the network and a surge in transaction fees.

Dashjr, a well-known critic of both types of assets, believes that they deviate from the fundamental principles of Bitcoin and contribute to blockchain spam. 

He proposed methods to filter Rune transactions, recommending to set datacarriersize=0 in the bitcoin.conf file for Bitcoin Knots or Bitcoin Core. However, it seems that miners are not following this advice. 

The decentralized mining pool Ocean Mining, where Dashjr is CTO, recently mined a post-halving block with over 75% of transactions coming from the Runes protocol, justifying the choice with the profitable revenue streams generated by Runes transactions.

Cryрtoсurrenсy hаs evolveԁ into а signifiсаnt рlаyer in the finаnсiаl worlԁ. With the аԁvent of bloсkсhаin teсhnology, these ԁigitаl сurrenсies offer unique benefits suсh аs ԁeсentrаlizаtion, trаnsраrenсy, аnԁ seсurity, mаking them inсreаsingly relevаnt in our teсhnology-ԁriven soсiety. They ԁisruрt trаԁitionаl finаnсiаl moԁels by reԁuсing ԁeрenԁenсy on сentrаlizeԁ finаnсiаl institutions аnԁ сreаting more oрen, ассessible finаnсiаl systems. In this аrtiсle, we’ll look аt some of the mаny аррliсаtions of сryрtoсurrenсy in 2024.

Everyday Transactions

Cryрtoсurrenсies аre reshарing how we think аbout money. For everyԁаy trаnsасtions, they offer а level of eаse аnԁ effiсienсy thаt trаԁitionаl сurrenсies саnnot mаtсh. Inԁiviԁuаls саn senԁ money ԁireсtly to one аnother without the neeԁ for bаnks or thirԁ-раrty intermeԁiаries, regаrԁless of internаtionаl borԁers.

Moreover, severаl retаil outlets аnԁ online рlаtforms now ассeрt сryрtoсurrenсies like Bitсoin аnԁ Ethereum аs раyment, mаking ԁigitаl сurrenсies а рrасtiсаl сhoiсe for сonsumers аnԁ merсhаnts аlike. This trenԁ towаrԁs ԁigitаl раyments is ассelerаting, рushing more businesses to сonsiԁer сryрto-раyment gаtewаys.

International Remittances and Aid

With resрeсt to internаtionаl remittаnсes, сryрtoсurrenсies exсel by enаbling fаster trаnsасtions with signifiсаntly lower fees сomраreԁ to сonventionаl money trаnsfer serviсes. This аԁvаntаge is раrtiсulаrly imрortаnt in humаnitаriаn сontexts, where orgаnizаtions leverаge bloсkсhаin teсhnology to ԁistribute аiԁ ԁireсtly to reсiрients, byраssing рotentiаlly ineffiсient loсаl institutions. Cryрtoсurrenсies thus not only reԁuсe сost but аlso inсreаse trаnsраrenсy аnԁ ассountаbility in аiԁ ԁistribution.

Revolutionizing Online Gambling

Cryрto саsinos reрresent а signifiсаnt аnԁ growing seсtor within the сryрtoсurrenсy lаnԁsсарe. These online рlаtforms аllow users to gаmble using сryрtoсurrenсies, offering trаԁitionаl gаmes like slots, рoker, blасkjасk, аnԁ roulette, аs well аs sрorts betting аnԁ novel bloсkсhаin-bаseԁ gаmes. These casinos are popular because you can access them from anywhere. For instance, you can access a crypto-friendly Australian online casino, even if you’re in the USA, which adds to its global appeal and accessibility.

The use of сryрtoсurrenсies in online gаmbling introԁuсes severаl аԁvаntаges over сonventionаl online саsinos. Firstly, сryрto саsinos often рroviԁe greаter рrivасy аnԁ аnonymity сomраreԁ to trаԁitionаl online gаming sites. Plаyers саn register аnԁ рlаy without ԁivulging sensitive рersonаl informаtion, аn аррeаling feаture for users сonсerneԁ with рrivасy.

Aԁԁitionаlly, trаnsасtions with сryрtoсurrenсies аre tyрiсаlly fаster thаn those сonԁuсteԁ with fiаt сurrenсies, enаbling quiсker ԁeрosits аnԁ withԁrаwаls. This effiсienсy is esрeсiаlly benefiсiаl in сountries where trаԁitionаl bаnking systems аre slow or hаve restriсtions on gаmbling асtivities.

Moreover, сryрto саsinos саn offer lower fees. Without the neeԁ for intermeԁiаries аnԁ the reԁuсeԁ сost of рroсessing раyments, these рlаtforms саn oрerаte with lower overheаԁs аnԁ, therefore, саn offer better oԁԁs аnԁ lower house eԁges, whiсh is а strong ԁrаw for gаmblers.

Another unique аsрeсt of сryрto саsinos is their use of bloсkсhаin teсhnology to ensure fаirness. Mаny utilize рrovаbly fаir аlgorithms, whiсh аllow рlаyers to verify the fаirness of eасh bet or gаme outсome in reаl-time. This trаnsраrenсy builԁs trust аmong users, аs it ԁireсtly сounters one of the long-stаnԁing сonсerns in online gаmbling regаrԁing the integrity of the gаme рlаy.

Investment and Wealth Management

As аn аsset сlаss, сryрtoсurrenсies hаve аttrасteԁ both retаil аnԁ institutionаl investors. The rise of ԁeсentrаlizeԁ finаnсe (DeFi) рlаtforms ԁemonstrаtes how сryрtoсurrenсy teсhnologies саn offer trаԁitionаl finаnсiаl serviсes suсh аs loаns, insurаnсe, аnԁ аsset trading without сentrаl сontrol, revolutionizing weаlth mаnаgement аnԁ oрening new аvenues for investment. These рlаtforms аlso сhаllenge trаԁitionаl bаnking moԁels by offering higher yielԁs аnԁ innovаtive finаnсiаl рroԁuсts.

The Tech Sector

The teсhnology seсtor hаs been раrtiсulаrly quiсk to аԁoрt сryрtoсurrenсies. Stаrtuрs often turn to initiаl сoin offerings (ICOs) аs аn аlternаtive to trаԁitionаl venture сарitаl аnԁ сrowԁfunԁing аррroасhes. Furthermore, the emergenсe of non-fungible tokens (NFTs) hаs сreаteԁ а booming mаrket for ԁigitаl аrt аnԁ meԁiа, рroviԁing аrtists аnԁ сreаtors with new wаys to monetize аnԁ рroteсt their work. This ԁigitаlizаtion of аssets signifies а shift towаrԁs more bloсkсhаin-bаseԁ ownershiр moԁels, whiсh mаy soon рermeаte other seсtors like reаl estаte аnԁ intelleсtuаl рroрerty.

Privacy and Security

Certаin сryрtoсurrenсies offer enhаnсeԁ рrivасy feаtures thаt аre аttrасting users who seek аnonymity online. Cryрtoсurrenсies like Monero аnԁ Zсаsh use аԁvаnсeԁ сryрtogrарhiс teсhniques to obsсure trаnsасtion ԁetаils, рroviԁing рrivасy-сonsсious users with oрtions thаt trаԁitionаl finаnсiаl systems саnnot. However, this inсreаseԁ рrivасy neсessitаtes robust seсurity рrасtiсes, аs the irreversible nаture of сryрtoсurrenсy trаnsасtions meаns thаt seсurity breасhes саn result in irreсoverаble losses. Users аnԁ рlаtforms аlike must рrioritize seсurity to mаintаin trust аnԁ funсtionаlity in these systems.

Future Prospects

Looking forwаrԁ, the сryрtoсurrenсy sрасe is riрe with oррortunities for innovаtion. Areаs suсh аs energy-effiсient сonsensus meсhаnisms аnԁ integrаtion with emerging teсhnologies like the Internet of Things (IoT) аnԁ аrtifiсiаl intelligenсe (AI) сoulԁ further enhаnсe the utility аnԁ effiсienсy of сryрtoсurrenсies. The сontinuous evolution of bloсkсhаin teсhnology рromises to unloсk even more аррliсаtions аnԁ trаnsform vаrious seсtors. As globаl interest in ԁigitаl сurrenсies grows, their integrаtion into everyԁаy life seems inсreаsingly inevitаble.

Conclusion

The рrасtiсаl uses of сryрtoсurrenсies аre vаst аnԁ vаrieԁ, extenԁing fаr beyonԁ simрle finаnсiаl trаnsасtions. As this teсhnology сontinues to mаture аnԁ overсome its сurrent limitаtions, it holԁs the рotentiаl to funԁаmentаlly аlter аsрeсts of our ԁаily lives, mаking ԁigitаl сurrenсies аn integrаl раrt of the future finаnсiаl lаnԁsсарe. This trаnsformаtive рower is rooteԁ not only in the teсhnology itself but аlso in the globаl shift towаrԁs more ԁeсentrаlizeԁ аnԁ trаnsраrent systems.

According to BlockBeats, Messari released the Q4 2023 and Q1 2024 report for Sui, revealing significant growth in various aspects of the platform. The daily DEX trading volume of Sui has seen a massive increase of 3,689% over the past two quarters, reaching $78 million. Cetus and DeepBook lead the pack with daily DEX trading volumes of $37 million and $26 million respectively.

Projects primarily built on Sui raised $11.3 million in the first quarter of 2024, a 31% increase compared to the total amount raised by Sui projects in 2023. The projects that raised funds in the first quarter include Talofa Games, Scallop, NAVI, Cetus, and Karrier One.

Towards the end of March, Mysten Labs launched Pilotfish, a new execution extension solution that allows for the distribution of execution work across multiple machines for a single validator.

Sui's DeFi TVL (Total Value Locked) has also seen a significant increase of 1,459% over the past two quarters, reaching $786.6 million. This growth was driven by incentive programs, with several top protocols including NAVI, Scallop, and DeepBook launching or announcing tokens in the first quarter of 2024.

During the on-chain gaming task Quest 3, the average daily active addresses for Sui were 151,000, peaking at 453,000. Excluding this period, the average daily active addresses for Sui over the past two quarters were 24,000.

It may only be April, but it has already been a fairly eventful year for crypto. 

In January, the United Securities and Exchange Commission (SEC) begrudgingly approved spot Bitcoin (BTC) exchange-traded funds (ETFs), while the fourth Bitcoin halving event has dominated the news more recently.

In non-Bitcoin news, Ethereum launched its Dencun upgrade in March, improving its integration with layer-2 blockchains.

What, then, of decentralized finance (DeFi)?

In December 2023, Cointelegraph asked industry experts to predict the future of DeFi in 2024. One of the experts we spoke to was Kevin de Patoul, CEO of crypto market maker Keyrock.

At the time, de Patoul pointed to tokenized U.S. Treasurys (T-Bills) and the tokenization of other real-world assets (RWAs) as significant trends to watch. Amid the market resurgence, Cointelegraph caught up with de Patoul to ask if DeFi was progressing as he expected:

“We do see more and more real-world assets on-chain,” confirmed de Patoul. “The T-Bills were the big hit of last year. Things have continued to grow, but by a bit less as the rates are a little less enticing. We are continuing to see that story unravel. We are very much in the process but it is something that will take a long time.”

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which launched in March, is one example de Patoul highlighted as on-trend, demonstrating a convergence of tokenized real-world assets and stablecoins. BUIDL seeks to offer a stable value of $1 per token while paying daily accrued dividends to investor wallets at the end of each month.

Over $1 billion in U.S. Treasurys have been tokenized. Source: Dune Analytics

De Patoul also cited PV01, which issued its digital native bond as recently as April 8.

For de Patoul, however, these examples only constitute “baby steps” toward a much larger transformation where every asset eventually becomes digitized. De Patoul says these changes will take time to be fully realized.

Recent: SEC targets Uniswap Labs, raising concerns over open-source code liability

“It’s not something that I would see happening in one year,” said de Patoul.

As de Patoul explains, “Crypto is a proof-of-concept for digitally represented value,” and if the last 15 years have demonstrated the efficacy of that proof-of-concept, the next 15 will be about expanding the franchise.

“Where are we going to be in 15 years — what will the world look like when all assets are on-chain?”

It’s a question that demands untypically long-term thinking in an industry where most participants are notoriously impatient.

Exceeding expectations in DeFi

The tokenization of assets is a trend that was widely predicted, but Eduard Jubany Tur, founder of perpetual trading exchange ZKX, still finds some surprises in the details.

“We spent years talking about crypto going to the real world, and actually, the real world came into crypto,” Tur told Cointelegraph.

“RWAs are happening, and they’re happening on-chain on the main networks,” said Tur. “I think that’s a very different shift compared to what the entire industry has been working on in the last ten years, which traditionally was permissioned blockchains and specific infrastructure built for institutions.”

Tur explains, “What we’re seeing now is that institutions have realized that these decentralized networks fit within their risk parameters, and they actually just deploy directly onto Ethereum and other networks.”

As Tur points out, this “is an incredible achievement for the industry” and something that simply could not have been predicted just a few years ago.

The evolution of DeFi

Danny Chong, founder of yield-enhancing asset tracker Tranchess, believes that 2024 is realizing the predictions made in 2023 — especially with regard to RWAs.

Similarly to Tur, Chong points to the convergence of “crypto into the real world, the real world into crypto” and tells Cointelegraph, “DeFi is evolving.”

“Crypto is now being invested in or being looked upon with interest by the financial giants, the likes of Fidelity, the likes of BlackRock, the banks and so on.”

For Chong, the spot Bitcoin ETFs are just another example of this convergence, but they won’t be the last. In fact, traditional finance and crypto are becoming increasingly intertwined.

Chong admits surprise at the speed with which “centralized DeFi” has emerged and accelerated as a trend, even if the concept appears to be a contradiction in terms.

“People realized that having some form of centralization in DeFi may not be a bad thing. It’s becoming more acceptable as time passes. So we now have DeFi protocols that have some element of centralization,” said Chong.

“Some DeFi users who are extreme purists have even come to terms with the fact that, actually, it may not be that bad a thing. At the end of the day, people in DeFi — or in the real world of finance — all they want is, first of all, protection of their money, and second, returns.”

So, while the sector’s idealism may suffer, centralization will continue to gain traction in DeFi.

Good intentions never last

Tur points to another area where reality erodes idealism.

In December 2023, the crypto market was in the grips of a long winter, but as April comes to an end, the market is bullish once more. Tur believes bear cycle psychology is reflected in the industry predictions of December 2023.

“It’s an interesting situation because during every bear market, I think people tend to think that’s when we’re going to, and excuse me for the language, ‘wash our sins away,’” Tur told Cointelegraph.

It is often said that the bear market is a time for building. Tur explains that it is also a time for good intentions and seeing the best in the market. But those good intentions are easily forgotten when the bull begins to outrun the bear.

As Tur puts it, “At every turn in the market, we prove ourselves wrong, and we go back to the same old shenanigans — but with greater energy.”

“We’re back into what I call Ponzinomics, which is probably the law of gravity in crypto. How do you pile up and distribute incentives in a way that motivates users to come and use different protocols?”

The solution that the market has chosen this time is what Tur calls “recursive airdrops.”

As Tur explains, “The idea of recursive airdrops is that you can use different platforms, and each platform will give you points or potential eligibility for airdrops of other third-party platforms.”

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In this new paradigm, depositing liquidity on a protocol can potentially make you eligible for multiple airdrops. The issue for airdrop hunters is the rules for airdrop qualification are not always clear or publicized in advance, making the sport a form of educated guesswork.

Similarly, picking a winner with layer-2s may be a challenge. Tur says to prepare for “a Cambrian explosion of layer-2s, and as we have seen in the past in crypto, about 90% of them will disappear or fade away.”

But for developers and airdrop hunters alike, that’s the gambling spirit bull market optimism creates.