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

Despite the slump in cryptocurrency prices, the number of firms raising in the decentralized finance (DeFi) market has continued to pick up. Lending protocol Goldfinch offers the latest example. The project announced Wednesday the completion of a $11 million fundraise led by venture capital investment giant a16z. The firm, which has grown by 2.5x over the last few months, provides borrowers the ability to take out an under-collateralized loan — a unique offering in a market where borrowers typically have to post more collateral than they want to borrow. I'm not used to dealing with this many zeros," said Mike Hall, a former Coinbase product analysis. Hall co-founded Goldfinch with Blake West, who also spent some time at Coinbase as a backend engineer. While the DeFi market has typically been associated with rogue bands of retail traders, Goldfinch is wooing an array of institutions to help build out its platform. The three-sided market is made up of borrowers looking for capital, liquidity providers, and backers of the loans. It's being examined by credit funds managing billions that are looking to lend and financial technology firms that are looking to borrow.Source

Decentralized finance service B.Protocol has announced plans for a new version that will improve the liquidation of undercollateralized loan positions on lending platforms.
In a release issued on Tuesday, the backstop liquidity protocol for DeFi lending platforms revealed that the upcoming v2 is based on a white paper for a novel Backstop automated market maker (B.AMM) written by a couple of anonymous community members. According to a blog post published by B.Protocol founder Yaron Velner the v1 design that utilized professional liquidators to share profits with users instead of miners was not sufficient to tackle the capital inefficiency problem. Unlike centralized exchanges like Binance that offer leveraged trading up to 100 times user deposits, the leverage ratio on decentralized exchanges (DEX) rarely exceeds five times. This significantly lower leverage limit is despite the massive liquidity pool available to DEX platforms.Source

Solanax aims to revolutionize the world of decentralized Finance by providing the fastest, cheapest decentralized exchange which will operate without any third-party extensions.Solanax even has its very own token called SOLD. It currently has a supply of 80,000,000.
Liquidity providers are rewarded on Solanax for providing liquidity to low-volume assets. Decentralized Finance has become pretty popular since last year. We have seen millions of DApps being launched to the Ethereum and Binance Smart Blockchain. DeFi is famous worldwide because of the financial tools it provides. Apart from borrowing and lending services, DeFi freely allows users to trade cryptocurrencies and even perform yield farming. Due to its accessibility and convenience, DeFi has a large user base. Solanax, a brand new decentralized blockchain-based automated market maker, has been launched. Solanax is entirely built on the Solana protocol.Source

MetaMask – the world’s most popular Web3 gateway and wallet announced on 10 June that it’s expanding it’s renowned multi-chain functionality to institutional entities, by offering a new variant – MetaMask Institutional. The ConsenSys owned platform which covers Ethereum and other EVM compatible blockchains, now aims to lure institutional players, hedge funds, corporate entities into the world of decentralized finance (DeFi).
How Would It Differ From The Retail Version?
Despite the fact that MetaMask hasn’t made any screenshots available yet, it’s understandable that the newly designed interface would allow native interaction with major DApps from within. The retail version only contains the token swap feature, rumored to be the primary way to qualify for the future wallet token.Source