DeFI News by Thebittimes.Com

To abolish concerns about its transparency, Coinbase plans to add verifiable proof of reserves to its new Bitcoin Wrapper cbBTC. The Coinbase team confirmed the news on Monday, with the PoR allowing cbBTC to rival other Bitcoin wrappers such as Wrapped Bitcoin (WBTC) and 21.co Wrapped Bitcoin (21BTC). The exchange has been working on the verifiable PoR for some time, and it is now one step closer to becoming a reality. “With cbBTC, we’ve planned PoR since the early days and the team is hard at work building it,” Lukas Staniszewski, a product manager at Coinbase, said in a Sept. 23 post on the X platform. Upon the launch of their wrapped Bitcoin product on September 12, Coinbase was criticized for its lack of transparency. This lack of transparency made experts believe it would fall behind rivals WBTC and 21BTC. Furthermore, the exchange was accused of issuing “paper Bitcoin” to BlackRock this month as well. In addition, Tron founder Justin Sun referred to the launch as “Cent...

According to Johnny_TVL, Maker Protocol’s governing body, MakerDAO, had its revenues fall by up to 86% in Q3 of 2022. Johnny highlights that the reduction in revenue is due to weak loan demands, and some liquidations. MakerDAO’s earnings fell from $30 million in Q2 to a mere $4 million in Q3. While revenues plummeted, expenses have remained high. This is the first net income loss for the protocol since 2020. @MakerDAO third quarter was a painful one for the decentralized lender. Notables: – revs fell 86%, collateral ratio down to 1.1 – G-UNI dominating, is this increasing liquidity and on-chain volumes for DAI? – wBTC reliance on whales/institutions – RWAs – Endgame 🧵 1/n pic.twitter.com/OrJ7JvFSM3 — Johnny_TVL (@john_tv_locke) October 13, 2022 As per the data shared by the Twitter user, Maker DAO’s revenue from Ethereum-based assets fell by 74%. On the other hand, revenue from Bitcoin-based assets fell by 66%. Ether (E...