This week’s DeFi newsletter looks at another rug pull, the UK Treasury’s push for DeFi regulations and more.
Thetanuts Finance, a DeFi protocol offering crypto options contracts, has raised $17 million to provide a buy-side marketplace and an expanded list of coins, according to an April 24 announcement from the team.
The team plans to employ the new funds to provide a “buy-side altcoin options market” to attract options purchasers. The announcement states that, until now, DeFi options protocols have focused on attracting sellers looking for steady income instead of options traders looking for leverage. Using the newly raised funds, the developers hope to be one of the first protocols to provide products for the buy side of the options market.
The team released a video on April 13 showing how the new protocol works. Unlike a traditional bridge, it doesn’t lock tokens sent to its contract. Instead, it destroys them and issues new tokens on the receiving network. Users can directly redeem these new tokens for bank deposits by depositing them with Circle or its partners.Ordinals Finance, an Ethereum-based DeFi protocol that allows users to lend and borrow inscriptions, has been accused of performing an exit scam known as a “rug pull.
In an April 24 press release seen by Cointelegraph, blockchain security firm CertiK reported that the protocol’s developer pulled 256 million of its native OFI tokens out of its smart contracts using a “safuToken” function. Another 13 million OFI were removed through an “ownerRewithdraw” function, bringing the total number of tokens withdrawn to 269 million, CertiK stated.DeFi’s total market value saw a minor increase this past week.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
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