Best DeFi Projects to Explore in 2021 0 23

Decentralized Finance, or DeFi, as it is commonly known, is one of the most vital segments of the crypto market and has bloomed to an all-time high in 2021, primarily due to institutional demand. DeFi projects use decentralized protocols for offering financial services and enable more conventional fintech companies to participate on platforms based on the blockchain. DeFi platforms use advanced technology for offering decentralized applications called dApps as well as asset management features. All transactions conducted in the space are in the form of crypto tokens. Every DeFi project has its own native crypto token for enabling users to enjoy decentralized services.

They have become a popular investment these days and some of the best DeFi projects to explore in 2021 are:

PancakeSwap (Cake)

This decentralized finance (DeFi) project enables blockchain developers to engage in staking, crypto farming, exchanging currencies, or launch their own projects. Its native token is referred to as CAKE and it has been developed over the Binance Smart Chain network. The total supply of the tokens of this decentralized exchange (DEX) is around 207 million. There is no upper limit imposed on the supply of CAKE.

Fantom (FTM)

Based on Ethereum, Fantom offers DeFi services and smart contracts to blockchain developers via its protocol. Its native token is known as FTM, which has a maximum supply of 3.175 billion and there are a total of 2.5 billion coins in circulation. As of August 20th, the FTM token has experienced a gain of 1,631% in the last year alone.

Polygon (MATIC)

This is a proof-of-stake platform that has been fundamentally designed to offer support to a number of DeFi protocols. It acts as the second layer of the Ethereum ecosystem. MATIC is the name given to Polygon’s utility token, which experienced a surge last year due to the demand for DeFi projects. It has become one of the top gainers in the crypto market. The total supply of Polygon is capped at 10 billion and 65% of its coins are already in circulation.

Harvest Finance (FARM)

This decentralized platform can be used for staking or farming DeFi tokens. Harvest Finance claims to offer its users the highest yields via its crypto harvesting techniques. Its utility token is named FARM and its supply is limited to 690,420 tokens. As of August 20th, its supply was around 590,812 tokens.

Aave (AAVE)

This DeFi project specializes in offering crypto holders lending and borrowing services. Its native utility token is known as AAVE, which has a maximum supply of 16 million and 13 million of them are already in circulation. It is ranked amongst the top 30 tokens in the crypto industry.

The Graph (GRT)

A Web3 DeFi platform, the Graph is capable of retrieving blockchain data via its GraphQL technology. The utility crypto of this Ethereum-based project is known as GRT, which has also seen a notable rise this year. The capped supply of Graph is around 10 billion tokens, five million of which have been in circulation as of August 20th. Amongst other cryptocurrencies, it has taken the 32nd spot and its dominance in the market is 0.19%.

Compound (COMP)

This DeFi project offers a lending platform to users and they can use their crypto holdings to generate interest. COMP is the name of its utility token, which has experienced a gain of 222% this year. There are a total of five million COMP tokens in circulation and their maximum supply is 10 million. As of August 20th, it was ranked at the 56th position.

finance (YFI)

People using can enjoy periodic returns for holding their crypto tokens on its DeFi platform. The most important thing to note is that it charges a minimal fee of around 0.5% for every transaction. YFI is its utility coin and it was ranked at the 78th spot by the yield aggregator. It has a circulating supply of around 36,666 tokens. In the last year, it has experienced a surge of about 220%.

These are some of the DeFi projects you can explore in 2021 and beyond if you are thinking about investing in this space for taking advantage of the returns it has to offer.


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Absconding Directors of South African Crypto Fraud “Africrypt” Agree To Attend Court Hearing Virtually 0 15

After proceeding of trial against infamous Africrypt, it would be for the first time that the main accused will attend court hearing, although virtually. The Court, upon the request of Cajee brothers’ counsels has agreed to offer virtual hearing option and fixed the date of 19th & 20th October, 2021 for recording of their testimonies.

The Courts in every country have been insisted upon by legal experts to utilize innovation and technology for justice system. Litigants everywhere criticize that justice is delayed. Primarily in the Asian and African regions, often Courts are criticized for not being able to decide cases even after 5 to 10 years. Recording of evidence kept linger on because the witness are not available in the country. In the modern countries, usually the Courts have provided for virtual hearings, however, such option was hardly utilized by Asian and African regions.

However, due to pandemic, the courts, which never used virtual hearing option, are now conducting hearings virtually as well. The practice has finally made its way into the justice system of both these regions as well. This very option has recently been utilized in a high profile crypto fraud case of South Africa namely “Africrypt”.

According to the complaints of Africrypt, the firm Africrypt looted their money while the perpetrators fled with millions of dollars. They claimed that a crypto scam of “exit” nature was committed on them.

Meanwhile, when the founders/operators of Africrypt namely Amer and Raees Cajee were there, they said they claimed a hack occurred. But nobody believed and said that they were concocting a false story to hide their crime while the money was taken by them. However, the local authorities soon came to know that both brothers went into hiding. No one knew where they were taking shelter or why they opted to hide if they did not do anything wrong. But their counsels were representing them before the Court and told the Court that Cajee brothers were receiving life threatening warnings. They were threatened by certain people of dire consequences which may involve harming their family members as well. So they went into hiding, claimed their attorneys.

Now an opportunity has been offered by the South African court to Cajee brothers to plead their case virtually. It has been noticed in the press as well that the Cajee brothers have accepted Court’s offer of attending Court’s hearing virtually.

The virtual hearing date was fixed to take place in September. But the date was requested by Cajee brothers’ counsels to be fixed in the month of October for various reasons. The Court has accepted the request of the counsels and has re-fixed the case for 19th October, 2021. On the said date of hearing, it is anticipated that both the main accused with record their testimonies virtually.

60 Crypto Exchanges in South Korea to Shut Down their Services 0 13

This is the week of the deadline for crypto exchanges as well as wallet operators in South Korea to comply with the new regulatory requirements introduced in order to stay open. Up until now, only one exchange has been granted the license for continuing their operations in the country. It is expected that around 60 crypto exchanges will either shut down fully, or cut down on their services. According to the new ‘Act on the Reporting and Use of Special Financial Transaction Information (Special Act)’, all crypto exchanges in South Korea have to register with the Financial Intelligence Unit (FIU) in the country and get certification for Information Security Management System (ISMS).

The last day to be able to do is September 24th. Crypto exchanges that are unable to do either of these things will have to cease their operations fully. Local media reported that around 34 exchanges have not been granted ISMS certification, which means they will entirely shut down by the given date. Around 29 crypto exchanges do have ISMS certification, but only one of them has managed to register with the FIU successfully. This is part of the country’s top financial regulator, the Financial Services Commission (FSC). On Friday, the Financial Intelligence Unit (FIU) had had their first crypto business review meeting.

Their goal had been to check the report that was submitted by Dunamu Inc. that operates the largest crypto exchange in South Korea named Upbit. The report was accepted by the review committee, which made Upbit the first licensed crypto exchange operator. It was further revealed by the FIU that other than Upbit, there were four other exchanges that had also submitted a report, which included Coinone, Korbit, Korea Digital Exchange (Flybit) and Bithumb. Furthermore, a report was also submitted by Korea Digital Asset (KODA), which is a wallet operator.

The FSC had said back then that since there was only a week left till the deadline, virtual asset providers should file a report right away, if they haven’t already done so. Furthermore, registered crypto exchanges that are interested in offering trading in the Korean won are also required to partner with banks for providing users with accounts verified with their real names. Up until now, banking partnerships have only been secured by the country’s largest exchanges, such as Upbit, Korbit, Coinone and Bithumb. Banks are not willing to partner with smaller exchanges because they are concerned about risks like money laundering.

This means that of the 29 exchanges that have been ISMS-certified, only 25 of them will be crypto-only exchanges in case they register with the FIU successfully. By September 24th, they will have to cease offering trading services in Korean won and should have already notified their clients, as per the rules of the financial regulators. Huobi Korea, Hanbitco, Gdac and Gopax are four companies that said they were still working on securing partnerships with banks by the given deadline. This indicates that out of 63 exchanges, only the leading four will continue to operate normally in the country. 

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