Monday, 27 March 2023

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Web3 community unites for Turkish–Syrian earthquake victims: Finance Redefined

Web3 community unites for Turkish–Syrian earthquake victims: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.

In the aftermath of a deadly 7.8-magnitude earthquake in southeastern Turkey, the Web3 community has come together to raise awareness and aid for disaster victims.

Stablecoins could prove to be a critical factor in larger DeFi adoption, says Aave founder Stani Kulechov. According to the Aave executive, building the “payment layer,” which involves stablecoins, can potentially hook regular people into the space, eventually introducing them into DeFi. On the other hand, S&P Global Ratings believe DeFi protocols can attract institutional interest if they get securitization right.

Venture capital firm Andreessen Horowitz (a16z) used 15 million Uniswap (UNI) tokens to vote against the deployment of Uniswap v3 on BNB Chain using the Wormhole bridge. Web3 developer ConsenSys has cast 7.03 million UNI votes in favor of its deployment on BNB Chain.

The DeFi market broke its four-week bullish streak after news about Kraken settling with the United States Securities and Exchange Commission and winding down its crypto staking services. The settlement means U.S.-based exchanges must shut down their staking services, which has come at a critical time for Ethereum, as the upcoming Shanghai upgrade will allow Ether (ETH) stakers to withdraw their staked ETH.

The Web3 community responds to Turkish–Syrian earthquake tragedy

A massive earthquake hit southeastern Turkey along the border with Syria on Feb. 6, which has so far caused the death of more than 18,000 people. The quake registered a magnitude of 7.8 on the Richter scale, which is internationally categorized as a “major” earthquake, and occurred along 100 kilometers of the fault line.

Infrastructure in the area suffered significant damage, resulting in a deadly cross-border humanitarian disaster. However, the world was quick to respond. Across the internet and various social media platforms, people have been gathering funds for local and international aid organizations to provide relief to those in the affected areas.

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Stablecoin adoption could lead to DeFi growth, says Aave founder

Stani Kulechov, the founder of the DeFi protocol Aave, highlighted several issues within the DeFi space at the StarkWare Sessions 2023, held at The Cameri Theatre in Tel Aviv, Israel.

In a fireside chat titled “DeFi: Resilience in the Face…

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