DeFI News by Thebittimes.Com

The supply of Bitcoin (BTC) on cryptocurrency exchange s has hit its lowest amount in the past five years , as investors continue to pull their assets off them due to declining confidence in crypto trading platforms that have been under constant pressure by regulators in recent months. Indeed, the overall supply of Bitcoin on exchange s is down to a mere 5.38%, which is the lowest point since December 2017, according to the most recent information shared by crypto on-chain and social metrics platform Santiment in an X post published on November 29. As the analysts explained, investors have continued to move their Bitcoin into self-custody “as exchange reputation continues to diminish,” exacerbated by the recent settlement between Binance and the United States Securities and Exchange Commission (SEC), as well as the lawsuit against Kraken. Bitcoin vs. Tether supply on exchanges. Source: Santiment At the same time, the ten largest exchange crypto wallets with Tether (USDT) are ...

The DEX's operating expenses currently amount to $5 million per year. According to a new proposal dated Dec. 6, Jared Grey, CEO of decentralized exchange Sushiswap (SUSHI), disclosed that the project's Treasury has less than 1.5 years of runaway left, and the "significant deficit in the treasury threatens Sushi's operational viability, requiring an immediate remedy." Grey explained that Sushiswap's annualized operating expenses amounted to roughly $9 million in October, however, that has since been reduced to around $5 million. "We made the reduction possible by renegotiating infrastructure contracts, scaling back underperforming or superfluous dependencies, and instituting a budget freeze on non-critical personnel and infrastructure." To remedy the situation, Grey proposed setting Sushiswap's "Kanpai," or the amount of fees diverted to its Treasury, to 100% for "one year or until new tokenomics are implemented." This woul...

Join Our Telegram channel to stay up to date on breaking news coverage While investors are eager to learn when they will be able to recover their funds from the now-defunct crypto exchange FTX, insolvency lawyers warn that it could take “ decades .” On November 11, the crypto exchange and 130 affiliates filed for Chapter 11 bankruptcy protection in the United States. Insolvency lawyer Stephen Earel, partner at Co Cordis in Australia, stated that “realizing” the crypto assets and determining how to distribute the funds will be a “enormous exercise” in the liquidation process, which could take years , if not “ decades .” He attributes this to the complexities associated with cross-border insolvency issues and competing jurisdictions. Earel stated that FTX users are in the same line as everyone else, including creditors, investors, and venture capital funders, and that those who have made “crypto to crypto trades” may n...