According to a Bloomberg report, the head of the Securities and Exchange Commission, Gary Gensler, has revealed that he has some concerns about the decentralized finance (DeFi) space. He further said that the SEC is also monitoring other crypto space aspects, especially Stablecoins and exchange-traded funds (ETF).
Gensler Asks Staff To Exert Authority
Gensler reveals that he’s urged his staff to use their power as they deem fit. “I have told my staff to exert their authority wherever they deem necessary and that they have the agency’s support.” As previously reported, the SEC chief disclosed that he has discussed with congress during a March 2021 virtual meeting to develop crypto policies to enable the SEC to monitor the crypto space properly.
Even though Gensler is an MIT-trained blockchain expert, he has made it clear he won’t be biased about crypto because of his training, stating that investor protection is his main objective as SEC chief. “I am fascinated by this technology and even taught it for three years. I am neutral about this technology and mainly concerned about investor protection.”
Moving DeFi From Ethereum To Cardano
Most DeFi enthusiasts would agree that things haven’t been smooth in the DeFi space recently. While these factors strengthen the top echelons in the space, the weak participants are leaving there.
Now, KICK.IO is offering a solution to this problem. The Cardano-built decentralized platform hopes to deploy Cardano’s attractive proof of work protocol to make DeFi firms switch from Ethereum’s proof of stake protocol which most projects complain about as being slow and expensive.
The KICK.IO team consists of DeFi and traditional finance experts. It often chooses projects that will enhance the Cardano ecosystem to protect stakeholders’ investment. With lots of interest from investors, the KICK.IO might already be sold out before it goes public by mid-September.
As the DeFi market grows, traders seek better trader- and investor-friendly competition to Ethereum. Most analysts see Cardano as the best option than Ethereum, given its scalability and decentralized nature. Cardano’s Ouroboros (proof of stake protocol) offers lightning-fast transactions, meager fees, and the use of proven technology for environmentally-friendly crypto transactions.
A DeFi Protocol Token Surges By Almost 19%
The price of RUNE, the native token of DeFi protocol, Thorchain, has surged by almost 19%. As of this writing, CoinGecko data reveals that the RUNE trades around $7.15. It has gained 19& in the last 24 hours and 84% in the last seven days.
This would be good news for RUNE holders as Thorchain’s security has been breached twice in the last few weeks, causing its price to decline to less than $5 from almost $9. Two weeks ago, hackers stole 2,500 ETH tokens from the protocol’s liquidity pools.
A week ago, the protocol suffered another breach. However, the $rune’s rally has positively affected Thorchain’s market cap, increasing it to almost $2 billion. Even though other DeFi tokens aren’t gaining any positive momentum, DefiPulse data shows that the total value locked across all DeFi platforms still exceeds $68 billion.