Welcome to Finance Redefined, your weekly dose of essential information on decentralized finance (DeFi), a newsletter prepared to bring you the most important events of the last week.
2023 started on a bullish note for the entire crypto market, including the DeFi ecosystem, with most of the tokens posting double-digit gains in January and recording multi-month highs. Aside from the bull rally, January also saw a 93% year-on-year decline in losses from DeFi exploits and hacks.
2023 started on a bullish note for the entire cryptocurrency market, including the DeFi ecosystem, with most tokens posting double-digit gains in January and posting multi-month highs. Aside from the bullish rally, January also saw a 93% year-over-year decline in losses from DeFi exploits and hacks.
The slew of regulatory action against the Mango Markets exploiter is being hailed as a big win for the DeFi sector. The United States Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have taken action against the alleged fraudster, which shows that DeFi is becoming a “safer and more welcoming environment,” according to credit rating firm Moody’s.
The series of regulatory actions against the alleged Mango Markets thief is considered a great victory for the DeFi sector. The Securities and Exchange Commission (SEC) and the United States Commodity Futures Trading Commission (CFTC) have taken action against the alleged scammer, showing that DeFi is becoming a “safer and more welcoming environment” , according to the credit rating company Moody’s.
Amidst all these positive developments, Solana’s DeFi protocol Everlend shut down due to liquidity issues stemming from the FTX crisis and asked users to withdraw their funds. North Korean hackers also attempted to launder $27 million in Ether (ETH) from the Harmony Bridge attack.
The bullish momentum of the top 100 DeFi tokens continued in February, as the total value locked (TVL) in DeFi protocols reached nearly $50 billion, with most tokens posting another weekly price rise.
DappRadar: DeFi Enjoys a Prolific Start in 2023
DeFi protocols experienced a boom in TVL across different staking pools in January. The market hit $74.6 billion worth of staked assets, increasing by 26% from December.
In January, DeFi protocols experienced a TVL boom across different staking pools. The market reached $74.6 billion in staked assets, up 26% from December.
In its latest monthly report, DappRadar highlights the growth of the DeFi sector alongside the rejuvenation of the non-fungible token (NFT) markets, which have also seen increases in trading and sales volume.
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Losses from crypto exploits in January are down almost 93% year-on-year
Aside from the cryptocurrency market bullish rally in January, there has been more positive news in the sector, with the month seeing a sharp decline in exploit losses compared to January 2022.
According to data from the blockchain security company PeckShield, as of January 31, there had been losses of USD 8.8 million due to cryptocurrency exploits. There were 24 exploits during the month, with $2.6 million worth of cryptocurrency sent to mixers like Tornado Cash. The summary of assets sent to the mixers includes 1,200 ETH and approximately 2,668 BNB.
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Regulatory action against alleged Mango Markets thief is a victory for DeFi, according to Moody’s
Recent charges brought against Mango Markets exploiter Avraham Eisenberg will positively impact the DeFi space, according to credit rating firm Moody’s.
Recent charges brought against Mango Markets exploiter Avraham Eisenberg will positively impact the DeFi space, according to credit ratings firm Moody’s.
In a January 31 note to Moody’s Investor Service, Assistant Vice President for Decentralized Finance Cristiano Ventricelli asserted that enforcement actions taken by the two main US market regulators in January mean DeFi is moving towards a “more secure and welcoming environment.” “.
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Everlend, Solana’s DeFi protocol, closes due to liquidity problems
Solana’s DeFi protocol, Everlend, shuts down its operations and urges its clients to withdraw funds from the platform.
The company announced the decision on Twitter on February 1, saying that despite having “enough run” to continue trading, it would be a long shot in current market conditions.
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North Korean Hackers Attempt to Launder $27 Million in ETH from Harmony Bridge Attack
North Korean exploiters behind the Harmony bridge attack continue to try and launder the funds stolen in June 2022. According to on-chain data revealed on Jan. 28 by blockchain sleuth, ZachXBT, the perpetrators moved 17,278 ETH over the weekend, worth about $27 million .
The North Korean hackers behind the Harmony Bridge attack are still trying to launder the funds stolen in June 2022. According to on-chain data revealed on January 28 by the detective; ZachXBT, the authors moved 17,278 ETH over the weekend, worth about $27 million.
The tokens were transferred to six cryptocurrency exchanges, ZachXBT wrote in a Twitter thread, without disclosing which platforms had received the tokens. Three main addresses carried out the transactions.
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DeFi Market Review
Analytical data reveals that the total market value of DeFi remained above $40 billion last week, trading around $48.1 billion at press time. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a bullish week, with almost all tokens posting price gains.
dYdX (DYDX) was once again the big winner, up 39% on the weekly charts, followed by Fantom (FTM), which continued last week’s bullish momentum posting a 33% weekly gain.
Thanks for reading our roundup of this week’s biggest DeFi events. See you next Friday for more stories, perspectives, and insights into this ever-evolving space.