The record-setting rout in cryptocurrencies has put a slew of decentralized-finance applications and their communities in a race to protect themselves against a cascade of liquidations -- sometimes by employing unprecedented measures.
On Sunday, token holders of Solend, a lending app on the Solana blockchain, voted to temporarily take over a large user’s account that faced the threat of a large liquidation, an extreme move for DeFi that appears to be a first -- though a subsequent proposal aimed to walk that back. A day earlier, MakerDAO, an app that supports stablecoin DAI and is run by a crypto community that formed one of the first decentralized autonomous organizations, suspended the token from being deposited and minted in DeFi crypto lending platform Aave.
DeFi apps -- in which users can trade, borrow from and lend to each other without intermediaries like banks -- are suffering because they tend to be interconnected, and troubles in one can have cascading effects on others....
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...