Dawn Fitzpatrick, CEO, and CIO of the $27 billion Soros Fund Management announced that the investment management giant has been liquidating the $5 billion it had invested in March 2020 during the Covid-19 triggered market instability. Furthermore, Fitzpatrick noted that the company will be redirecting its investment into Decentralized Finance.
Soros CEO and CIO confirmed that the company owns a small portion of crypto in their portfolio. However, Fitzpatrick claimed Defi’s dominance over “mainstream” crypto, stating that coins have become less interesting as compared to the use cases of Defi.
“We own some coins — not a lot — but the coins themselves are less interesting than the use cases of Defi and things like that,” she told Bloomberg, noting that “cryptocurrencies have gone mainstream.”
The latest virtual currency adoption report by blockchain-based analysis firm, Chainalysis also noted exceptional Defi growth in the span of merely one year. The report stated that the Central and Southern Asia and Oceania (CSAO) region has seen the most cryptocurrency usage with Vietnam, India, and Pakistan topping the charts, according to the Global Crypto Adoption Index.
However, among several crypto activities, Defi took charge with skyrocketed Defi’s activity as a share of all transaction volume beginning from May 2020, and further-reaching above 50% by February. This activity has primarily been driven by Uniswap, Instadapp, and dydx, with significant activity on Compound, Curve, AAVE, and 1inch as well.
The rise of the Defi sphere comes with the unwelcoming Defi hacks trend. The Defi hack trend has taken the better of the blockchain system with protocols like CREAM Finance, PolyNetwork, Neko Network, the DEX protocol – NowSwap, pNetwork, and the latest hack of StakeSteak suffering exploits with attackers finding loopholes in the system. While Defi enables accountability through advanced smart contract technology for blockchain and further makes regulatory approval more approachable, but Defi hacks are currently the biggest threat to its potential growth.
On Monday, June 8, OpenAI confirmed it has confidentially filed S-1 draft with the SEC…
In the current week, the U.S. House will return to the issue of crypto tax…
Former FTX CEO Sam Bankman-Fried has officially requested a presidential pardon from Donald Trump. With…
More than 200 crypto firms and organizations, including Coinbase and Ripple, signed a letter urging…
Bitcoin treasury firm Strategy will begin paying semi-monthly dividends to STRC shareholders following approval of…
Crypto exchange Coinbase has become the official USDC deployer on the Perp DEX Hyperliquid, a…