What Happened on Mar. 14th | A bet made in Mar. 14 2022
While Terra is now trading $0.0001, Do Kwon has been right about one thing: Decentralized Finance DO needs Decentralized Money.
With the current turmoil in the traditional banking industry and the increasing hostility to cryptocurrencies from governments, the crypto industry is heading to a situation where no centralized stablecoins are 100% safe and the industry is losing its traditional banking partners which handled the fiat on/off ramp in the past.
The industry has been relying too much on centralized stablecoins, $USDC and $USDT are the settlement currency of crypto trading, major lending and borrowing assets, and collateral of other "decentralized" stablecoins. They have become the single point of failure of the whole DeFi ecosystem.
Now it is a turning point. Should the industry continue this path where"Decentralized" Finance relies on centralized stablecoin?
Biggest Gainers & Losers
11 DeFi Protocols Suffer Due to the Euler Exploit, Including Balancer: Euler Finance lost over $200 million worth of cryptocurrency locked in its smart contracts. The protocol was hit by a flash loan attack that caused a cascading effect, resulting in frozen or lost funds for 11 different DeFi protocols.
Former Congressman: Govt's Seizure of Signature Bank Sends Anti-Crypto Message: Barney Frank, who helped draft the landmark Dodd-Frank Act after the 2008 financial crisis, has said that there was “no real objective reason” for Signature to be seized. Instead, he believes that regulators wanted to send a very strong anti-crypto message and that Signature Bank had become the poster child for this message.
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Policy and Regulation