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CeFiWire Most Read for August 4: DeFi Hit by a Curveball
What was news for the week ending August 4, 2023.
Last week’s news was not all good. The biggest story was the death(?) of DeFi with the loan troubles of Curve founder Michael Egorov. One could argue that curveball was one that institutional DeFi can is not swinging at anyway. In other news, Figure Technologies, one of the few financial services built upon blockchain that is turning a profit in what could be called TradFi (in this case HELOCs), was forced to lay off 20 percent of its workers.
The good news is that the Fed’s raising of short-term interest rates is creating a rush of demand for onchain yield. Led by Ondo Finance, that market is growing by about 20 percent a month.
Meanwhile, institutions in the U.S. continue to remain mostly quiet as they wait out Washington and perhaps the last 18 months of the Biden administration while European firms are prepping for the starting MiCA gun. We assume that the early adopters are quietly building with an eye on February 2025, but we can’t tell in all of the quiet.
Or … it just may be that everyone is on vacay now that it is August.
— Sean Hanna, Editor
The Most Read Five
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