Ethereum-based decentralized exchange Sushi is set to launch its full suite of products on top of Harmony, according to a press release shared with no link shorteningday.   
In addition, the platforms will work together to distribute a total of $4 million worth of mining incentives and rewards to users. As part of the partnership, Sushi and Harmony are building a robust cross-chain finance stack, connecting developers that use Web 2.0 and Web 2.0 technologies."We believe this partnership with Sushi is just the beginning of bringing millions of people into decentralized finance. As our mainnet matures, we are onboarding more key DeFi primitives that will enable access to many new communities and we are excited to work with Sushi on this journey," Harmony founder Stephen Tse said. The collaboration also includes deploying Kashi, the first dApp built on Sushi’s Bento Box, on the Harmony platform. This will allow the dApp to utilize all assets in the Bento Box vault.According to the developers, unlike other existing platforms, such as Aave and CREAM, Kashi isolates borrowing and reduces risks by allowing users to borrow and lend individual pairs.Source

As the price of Bitcoin (BTC) briefly surpassed the $35,000 mark on Wednesday morning after dropping to a six-month low below $30,000 earlier this week, the overall cryptocurrency market is showing signs of recovery, with the majority of the coins in the green zone at the time of writing.
Tokens representing the booming decentralized finance (DeFi) sector are enjoying a bumper recovery, with many soaring by more than 10%. Uniswap (UNI) has soared by more than 13%, reaching $17.82. With a market cap of $9.3 billion, Uniswap is currently the most valued asset in the DeFi space, and the 11th largest cryptocurrency in the world.COMP, the governance token of Compound, and RUNE, the native token of THORChain both reached local highs of $264.95 and $6.43 respectively, though they've since pulled back to settle at around $257 and $5.90. CAKE, the token underpinning decentralized exchange PancakeSwap, is up nearly 20% to $13.41.Source

Reef Finance, the organization building Reef Chain, a DeFi blockchain built using Substrate Framework, recently announced integration with Pinknode to provide secure and reliable API endpoints for Reef users.The Reef Finance platform allows users access to a multitude of DeFi products across multiple chains by aggregating liquidity from the most profitable centralized and decentralized spaces.Pinknode is a Polkadot-only protocol that aims to empower developers with its node-as-a-service solutions for accelerating product life cycles by removing an entire layer of inefficiencies and complexities. Pinknode’s mission is to build leading infrastructure and exceptional tools for developers. These tools will empower teams to build upon and boost the development of Web 3.0 protocol, Polkadot.
“Pinknode’s team would like to say a big thank you to Reef Finance’s team for trusting us with the provision of node and API endpoint services to them and their users; this has been nothing short of amazing. We feel extremely privileged to be part of Reef Finance’s mission on becoming a multi-chain DeFi protocol. We are looking forward to achieving great things with them.”Eric Poh, Pinknode, CEO The Reef Finance team has developed Reef Chain, a fast, scalable, and EVM-compatible chain for DeFi applications. Reef Chain is currently in the canary version of the mainnet. The official mainnet is due to launch in a couple of weeks. Reef Chain is a customized blockchain that allows developers to build DApps or deploy existing projects from Ethereum.Source

Chainlink (LINK) has continued its downward move as the crypto dropped to $21 low. The intense selling pressure above $35 interrupted the upward correction of the crypto.

In the first rejection at the $35 high, Chainlink dropped to $24 low. Buyers reacted and pushed the altcoin to the $32 high. The bulls retested the $32 resistance zone twice but could not sustain the bullish momentum. Chainlink was resisted as the altcoin slumped to $21 low. There is a possibility that altcoin may fall and revisit the previous low at $18, or $15. However, if the $21 support holds, LINK/USD will resume up trending. For instance, on May 23, the bulls bought the dips as the crypto rallied to $35.Source

Popular Proof-of-Stake (PoS) and scalable blockchain platform ,Tomochain (TOMO), has entered a strategic partnership with Binance Smart Chain-powered platform, BSC Station. The partnership between TomoChain (TOMO) and BSC Station is aimed at expanding cross-chain decentralized finance (DeFi), and non-fungible tokens (NFTs).The DeFi and NFT space is currently one of the most sought-after spheres in the blockchain, and crypto space. BSC Station, powered by Binance Smart Chain (BSC), has the potential to become the economic framework for both the DeFi, and NFT space. In line with is, TomoChain also disclosed that it was thrilled about what the partnership with BSC Station is set to achieve.Source

There was no exploit or malicious activity, from the reports received until now. Simply, a bank run, where people kept cashing out and the token price kept falling. The way it works with Iron Finance is that there are two tokens – IRON and TITAN. The USDC is deposited into the protocol upon user’s minting IRON token, while the TITAN token used for minting is burned. When the user redeems, the USDC is paid back and TITAN are minted back. However, it turned out to be the race to the exits as people kept dumping their fractional reserve type TITAN tokens, after redeeming their initial collateral. This caused a domino effect as more and more players chose to exit the game and the price plummet severely in a matter of hours. The reason? TITAN marketcap wasn’t large enough to support such a market, also the token was overpriced had relatively constrained liquidity and there was no locking period like FRAX, to prevent a bull run.Source

Last week was another great week for Solana as the project announced the successful completion of the Solana Season Hackathon. In addition, the number of DeFi and dApp projects built on its platform continues to rise.
Here are some recent exciting updates from the Solana ecosystem.Solana Completes $314.15 Million Private Token Sale Solana Labs announced it successfully completed a private token sale of $314.15 million which would focus on developing a faster blockchain network and DeFi.
The funding round was led by Andreessen Horowitz, one of Silicon Valley’s most prominent venture capital firms, and Polychain Capital, a crypto hedge fund that also does VC-style investments.Solana disclosed that the fund will be used to launch an incubation studio to push the development of both decentralized applications and platforms that are building on Solana. It would also include a trading desk and venture investing arm that seeks to service the Solana ecosystem.
Anatoly Yakovenko, co-founder and CEO of Solana Labs, expressed his delight with the achievement. He also noted that growth in global developer uptake has convinced him that throughput and scalability in the blockchain are now a solved problem.“The next phase is onboarding a billion users. Solana ecosystem was built from the ground up to accommodate this scale. With this funding, Solana Labs is now positioned to bring in the right partners and capital to build products and tooling to get there,” he added.Source

A near-total collapse in the price of a share token of a decentralized finance (DeFi) protocol was “the world’s first large-scale crypto bank run,” the people behind Iron Finance said in a blog post providing a post-mortem of the event that saw the worth of the protocol drop from $2 billion to near zero Wednesday.A "negative feedback loop" was created when a series of large holders tried to redeem their IRON tokens and sell their "TITAN," the token of the Iron Protocol, the post said. This in turn caused more and more TITAN holders to run for the virtual hills, leading to what the team labeled "a classic bank run." "What we just experienced is the worst thing that could happen to the protocol, a historical bank run in the modern high-tech crypto space," the post said.The run was enabled by the fact that Iron Finance is only partially collateralized. It had enough for normal day-to-day operations but just like the bank run depicted in "It's a Wonderful Life," if everyone wants their money all at once the bank can't pay up. Unfortunately for Iron Finance, there was no George Bailey around Wednesday."When people panic and run over to the bank to withdraw their money in a short period, the bank may and will collapse," the post said.The so-called run garnered even more attention than it would have due to billionaire investor Mark Cuban's use of Iron Protocol. In the wake of the crash, Cuban is now calling on regulators to determine what constitutes a "stablecoin."
While declining to say how much he'd lost, Cuban said "it was enough that I wasn't happy about it."Redemptions in Iron Finance, which were disabled automatically due to the drop in TITAN's price, were set to resume at 17:00 UTC, the team said. However, at press time, the function wasn't working.Read more: Iron Finance’s Titan Token Falls to Near Zero in DeFi Panic Selling.source