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Third Circuit Court of Appeals Orders Independent Investigation for FTX

The recent ruling by the Third Circuit Court of Appeals regarding FTX's need for an independent investigation marks a significant development in the ongoing legal proceedings. The decision to overturn the previous ruling by a Delaware bankruptcy judge highlights the importance of transparency and impartiality in such cases. Let's delve into the key points surrounding this ruling: Key Points: The Third Circuit Court of Appeals has mandated that FTX undergo an independent investigation to uncover industry practices. The court deemed the investigation led by FTX's current CEO as insufficient, underscoring the necessity for an unbiased probe. The Bankruptcy Code requires the appointment of an examiner for cases where the debtor's debts exceed $5 million, a criterion that FTX meets. This ruling underscores the critical role of independent oversight in ensuring fairness and accountability in bankruptcy proceedings. By requiring FTX to undergo an independent investigati

Blend: The First NFT Perpetual Lending Protocol Introduced by Blur

As an Ethereum expert, I am always excited to see new developments in the DeFi space. The latest news is that Blur has launched its NFT perpetual lending protocol, Blend. This is a significant development as it marks the first time that NFT collateral has been supported in a lending protocol. In this article, I will explain what Blend is, how it works, and what its implications are for the DeFi space.

What is Blend?

Blend is a peer-to-peer lending protocol that allows users to lend and borrow using NFTs as collateral. This means that users can borrow funds by staking their NFTs as collateral, and lenders can earn interest by providing liquidity to the protocol.

How does Blend work?

Blend is a perpetual lending protocol, which means that borrowing positions automatically roll their expiry and can be refinanced should one party unilaterally decide to terminate. Here's how the process works:

  1. A borrower stakes their NFT as collateral.
  2. The borrower receives a loan in the form of a stablecoin, such as DAI or USDC.
  3. The borrower can use the stablecoin loan to invest in other DeFi protocols or use it for other purposes.
  4. The borrower must repay the loan with interest within a specified time period, or their NFT collateral will be liquidated.
  5. If the borrower repays the loan on time, they can retrieve their NFT collateral.

Lenders, on the other hand, can provide liquidity to the protocol by depositing stablecoins. They earn interest on their deposits and can withdraw their funds at any time.

What are the implications of Blend for the DeFi space?

Blend is a significant development for the DeFi space, as it marks the first time that NFT collateral has been supported in a lending protocol. This opens up a whole new world of possibilities for NFT owners, who can now use their assets as collateral to borrow funds.

Blend also has implications for the wider DeFi space. By supporting NFT collateral, Blend is bridging the gap between the traditional art world and the DeFi space. This could lead to more mainstream adoption of DeFi as traditional art collectors and investors realize the potential of using NFTs as collateral.

In conclusion, Blend is an exciting development for the DeFi space. It is the first lending protocol to support NFT collateral, opening up new possibilities for NFT owners and bridging the gap between the traditional art world and the DeFi space. I look forward to seeing how Blend develops and what other innovations we will see in the DeFi space in the coming months and years.


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