Latest news with #DeFi
Yahoo
6 minutes ago
- Business
- Yahoo
Aave whales withdraw $1.7bn in Ethereum and trigger scramble to unwind looping trades
Decentralised finance whales have pulled a whopping $1.7 billion worth of Ethereum from lending protocol Aave over the past week. As a result, available liquidity has shrunk and temporarily sent the interest rate the protocol charges borrowers to more than 10%. That's good news for those lending out their Ethereum, who enjoyed a brief spike in the amount their deposits earned. But for investors on the other side of the table it's a different story. Unwinding positions Those engaged in looping, a strategy to juice their Ethereum staking yields by repeatedly depositing and borrowing from the market, suddenly started losing money. They unwound their positions en masse, resulting in liquid staking providers needing to unstake Ethereum. The queue to exit staking swelled to over 627,944 Ethereum, worth roughly $2.3 billion, on Wednesday, the highest it has ever been, according to data from Ethereum borrowing rates have since almost returned to their pre-withdrawal levels. But the episode showed how the actions of a few wealthy DeFi users can create ripple effects across the DeFi landscape. Aave is the biggest lending protocol on Ethereum, with over $55 billion of deposits, per DefiLlama data. Users can deposit assets, like Ethereum, and earn interest when other users borrow them. Whale's game Most of the $1.7 billion in withdrawals can be attributed to a few entities. Marc Zeller, an Aave contributor, told DL News he believed crypto billionaire Justin Sun was behind the majority of the Ethereum withdrawals. Zeller said that the Tron founder regularly moves large amounts in and out of the lending protocol. 'He's just unpredictable,' Zeller said on Telegram. 'He's moving billions like I go grocery shopping.' Wallets tagged by users as belonging to Sun on Arkham, a crypto data platform, withdrew more than $646 million worth of Ethereum from Aave over the past three days, onchain records show. A wallet belonging to crypto exchange HTX also withdrew a net of $455 million worth of Ethereum from Aave over the past week. Sun serves as an advisor to HTX and is a prominent figure in its public-facing activities, often promoting the platform and its initiatives. 'He's moving billions like I go grocery shopping.' Wallets attributed to Sun by Arkham still hold another $80 million worth of Ethereum on Aave. Sun did not immediately respond to a request for comment. Several more entities also pulled smaller amounts of Ethereum from Aave, including Abraxas Capital Management, a London-based investment manager. It withdrew a net $115 million worth of the cryptocurrency over the past week. Looping risks The whale withdrawals of Ethereum from Aave shrunk the available supply of the asset on the platform. When this happens the protocol is designed to increase the interest rate charged to borrowers. When the interest rate jumped it meant that looping strategies which depended on the interest rate for borrowing Ethereum staying low, reversed, and started losing investors' money. Those investors unwound their positions, queuing millions of dollars worth of Ethereum for withdrawal from the network's staking contract via liquid staking providers, and creating the large backlog. Only a certain amount of Ethereum can be unstaked at a time. It will take the network almost eleven days to unstake the backlog of 627,944 Ethereum, according to While looping can be very profitable for those who do it, the practice is also fraught with risks. In April last year, investors on Blast-based protocol Pac Finance were left reeling after a code change liquidated users looping staked Ethereum tokens, costing them $26 million. Tim Craig is DL News' Edinburgh-based DeFi Correspondent. Reach out with tips at tim@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
2 hours ago
- Business
- Business Insider
Everclear Secures Strategic Investment From NEAR Foundation to Scale Cross-Chain Clearing
Today, Everclear, the cross-chain clearing and settlement protocol for digital assets, announced a strategic investment and partnership with the NEAR Foundation. This partnership entails a long-term commitment by both teams to advance cross-chain clearance and settlement with NEAR's tech. NEAR Foundation's capital deployment includes provision of solver capital aimed at unlocking liquidity to meet the growing demand for Everclear's offerings and a multi-faceted strategic investment, signaling support for the CLEAR community. Powering Intents-Based Interoperability The cross-chain intents market is seeing significant momentum with new chains coming in and a stablecoin explosion–transaction fees are already often as low as 0.01% and settlement times are often seconds, which creates a perfect set-up for further growth. Everclear, which recently surpassed $1B in total transaction volume, introduces a DeFi primitive that enables clear and net-off bi-directional cross-chain liquidity flows at zero cost. To further strengthen its robust clearing and netting infrastructure, Everclear will integrate with the NEAR technology stack and scale the amount of available liquidity in the protocol with additional resources. Illia Polosukhin, NEAR co-founder, stated: "Unifying liquidity for both human and AI users is a key mission for NEAR and the Intents ecosystem. We're happy that Everclear will utilize NEAR Intents for cross-chain clearing and settlement amidst the proliferation of stablecoins, chains, and new asset types in the market today – we see a great opportunity in our work together." 'Partnering with the NEAR Foundation enables Everclear to scale liquidity and target billions in monthly volume over the next 12 months,' said Dima Khanarin, Everclear Foundation CEO. 'With hundreds of stablecoins and new appchains like Robinhood launching, the cross-chain clearing market for digital assets is poised to surpass $1Trillion.' Since March 2025, Everclear has: About Everclear Everclear is the first cross-chain clearing and settlement protocol, enabling efficient movement of liquidity across blockchain networks. Like Visa and SWIFT in traditional finance, Everclear coordinates liquidity flows across decentralized ecosystems—eliminating fragmentation and unlocking a more connected digital asset economy. Everclear is backed by NEAR Foundation, Pantera Capital, Polychain, 1kx, Hashed, ConsenSys, and the Ethereum Foundation. X: About NEAR Protocol NEAR Foundation is the blockchain for AI. A high-performance, AI-native platform built to power the next generation of decentralized applications and intelligent agents. It provides the infrastructure AI needs to transact, operate, and interact across Web2 and Web3. NEAR combines three core elements: User-Owned AI, which ensures agents act in users' best interests; Intents and Chain Abstraction, which eliminate blockchain complexity for seamless, goal-driven transactions across chains; and a sharded blockchain architecture that delivers the scalability, speed, and low-cost execution needed for real-world AI and Web3 use. This integrated stack makes NEAR the foundation for building secure, user-owned, AI-native applications at internet scale. CEO
Cision Canada
3 hours ago
- Business
- Cision Canada
Bybit DeFi Report: RWA and DEXs Thrive Despite Cooling Market Activity
DUBAI, UAE, July 23, 2025 /CNW/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, released a new decentralized finance (DeFi) report, encapsulating significant shifts in the sector with real-world assets (RWA) and decentralized exchanges (DEXs) as new drivers. Unlike the frenzy of DeFi Summer of 2020, institutional adoption and utility-focused applications are fueling today's market. DeFi's Institutional Play: Regulatory clarity stemming from events such as the GENIUS Act and Circle's IPO has spurred institutional interest in DeFi lending and tokenized assets. Backed by the mainstreaming of stablecoins, DeFi's integration with traditional finance has been driven by institutional interest. Total DeFi lending deposits reached $67.8 billion across platforms including Aave, Morpho, and Maple Finance. RWA platforms like Securitize, Ondo Finance, and Franklin Templeton are enabling yield opportunities backed by US Treasuries, bridging crypto and mainstream investing. DEXs Challenge Centralized Players: Hyperliquid leads perpetual futures trading with $1.27 trillion in year-to-date volume, showing DEXs can play in the same league as CEXs. This has encouraged hybrid platforms like Byreal, which combine CEX liquidity with DeFi transparency. Divergent Performance: While RWA and DEX sectors flourish, AI-related DeFi (DeFAI) tokens face declining interest and liquid staking growth remains constrained by token volatility. The report approaches the state of play in DeFi with sector highlights from all aspects, demonstrating DeFi's transition toward utility-focused applications anchored in real-world use cases. As institutional RWA adoption accelerates and hybrid solutions emerge, DeFi positions itself as on-chain financial infrastructure, combining centralized finance performance with decentralized transparency. #Bybit / #TheCryptoArk / #BybitReport About Bybit Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at
Business Upturn
4 hours ago
- Business
- Business Upturn
Sky Quarry's Nevada-Based Refinery Launches Crowdfunding Campaign
WOODS CROSS, Utah, July 23, 2025 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) ('Sky Quarry' or 'the Company'), an integrated energy company focused on sustainable resource recovery, is pleased to announce the launch of a crowdfunding offering by its wholly owned subsidiary, Foreland Refining Corporation. Shifting fuel markets across the Western U.S. are creating a unique opportunity for regional producers. Nevada currently imports approximately 86% of its refined fuel, much of it from California, where refinery closures are reshaping long-term supply dynamics. Foreland Refining offers a critical in-state solution, stepping in to meet this growing demand from its strategic base in Railroad Valley. 'This is a rare opportunity to invest in real infrastructure with real revenue,' said Marcus Laun, Executive Vice President and Co-Founder of Sky Quarry. 'While we continue working to bring our asphalt shingle recycling operations online, Foreland is already producing essential petroleum products and generating revenue. It is a foundational part of our circular energy model, and now we are inviting the public to participate in its future with us.' While building out its integrated energy platform, Sky Quarry is also exploring digital asset strategies aimed at improving transparency and efficiency in future capital raises. Though the Foreland crowdfund runs on traditional rails, the Company views its revenue-linked structure as a strong example of the kind of real-world investment that could be adapted to blockchain-based platforms as alternative financial infrastructure evolves. Sky Quarry supports ongoing legislative efforts in Washington, including the Clarity for Payment Stablecoins Act and the GENIUS Act, which aim to provide a clearer regulatory framework for digital securities. The Company believes its history of successful crowdfunding efforts positions it to help shape the future of DeFi and real-world asset tokenization. Proceeds from the crowdfund are intended to support targeted upgrades at the refinery to boost production as allowed under current permits, improve operational efficiency, and prepare for future integration of recycled heavy oil recovered from Sky Quarry's planned asphalt shingle recycling operations in Utah, as well as for debt repayment, working capital, and general corporate purposes. Foreland Refining Corporation's offering is being conducted pursuant to Regulation Crowdfunding through PicMii Crowdfunding, with securities issued by Foreland Refining Corporation. Potential investors should carefully review the offering materials, including the Form C and related risk disclosures, before investing. To learn more about the campaign or to invest, visit: Partnership Opportunities Sky Quarry invites interested parties to connect with Jennifer Standley at [email protected]. The Company is particularly interested in engaging with foundations, asset managers, and crypto entrepreneurs who share its vision for the convergence of traditional public markets and digital assets. About Sky Quarry Inc. Sky Quarry Inc. (NASDAQ:SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit . About Foreland Refining Corporation Foreland Refining Corporation, a wholly owned subsidiary of Sky Quarry, owns and operates the Eagle Springs refinery, located in Railroad Valley near Ely, Nevada. Founded in 1998, the company has operated the facility for over two decades, supplying fuel to mining, industrial, and transportation customers across the Western U.S. The refinery currently produces a range of essential petroleum products, including diesel, asphalt, vacuum gas oil (VGO), and naphtha. It remains the only active crude oil refinery in the state of Nevada. Forward-Looking Statements This press release may include 'forward-looking statements.' All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as 'expect,' 'look forward to,' 'anticipate,' 'intend,' 'plan,' 'believe,' 'seek,' 'estimate,' 'will,' 'project,' or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in our disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company's other disclosures, including the statements made under the heading 'Risk Factors' and elsewhere in the Company's Form 10-K as filed with the SEC on March 31, 2025, as well as the Company's Form 10-Q as filed with the SEC on May 15, 2025. Forward-looking statements speak only as of the date of the document in which they are contained. Investor RelationsJennifer Standley Director of Investor Relations [email protected]
Crypto Insight
7 hours ago
- Business
- Crypto Insight
JPMorgan exploring crypto-backed loans amid stablecoin push: FT
JPMorgan Chase is reportedly looking into crypto-backed loans, signaling a potential shift in how US banks regard crypto assets. The Financial Times reported on Tuesday, citing unidentified sources, that JPMorgan may start lending directly against crypto assets like Bitcoin and Ether. The FT reported this may happen by 2026, though the plans are subject to change. The report followed a recent JPMorgan indication that it is interested in stablecoins. In a July 15 earnings call, JPMorgan Chase CEO Jamie Dimon said they plan to be involved in stablecoins. He said the bank will be involved in the asset class to 'understand it' and 'be good at it.' The comments came as its competitor Citigroup announced plans to enter the stablecoin race. In a post-earnings conference call, Citigroup CEO Jane Fraser said the bank was considering issuing a stablecoin for payments. Cointelegraph reached out to JPMorgan for comments but had not received a response by publication. JPMorgan CEO softens stance on crypto In previous years, Dimon had expressed anti-crypto sentiments. In 2017, he called Bitcoin a 'fraud' during a company meeting, saying that he would fire any employee trading BTC on the company's accounts. In 2018, Dimon criticized crypto during an event, calling it a 'scam' and saying he had no interest in it. In 2022, Dimon made more anti-crypto remarks, calling digital assets 'decentralized Ponzi schemes.' Despite this, he commented positively on blockchain, decentralized finance (DeFi), smart contracts and 'tokens that do something.' According to the Financial Times report, the unidentified source said that Dimon's earlier anti-Bitcoin comments had alienated potential clients who made their money through crypto or were long-term believers in the asset class. More recently, Dimon started to soften his remarks on crypto, saying he'd defend people's rights to buy Bitcoin. On May 19, Dimon said they will allow JPMorgan clients to buy BTC. However, the company said it would not custody the crypto asset. 'I don't think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,' Dimon said. Source:
