Welcome to Finance Redefined, your weekly dose of Decentralized Finance (DeFi) essentials, a newsletter put together to bring you the biggest happenings of the past week.
this past week, Cross-bridging protocols became the focus of DeFi discussions, as a new report showed that RenBridge was used to launder $540 million in stolen funds. Curve Finance, for its part, resolved the exploit on its site and directed users to revoke any recent contracts.
London-based blockchain startup Interlay launched a Bitcoin (BTC)-based cross-chain bridge on Polkadot called interBTC (iBTC), DeFi platform Oasis.app says sanctioned addresses will no longer be able to access the app.
Most of the top 100 DeFi tokens saw fresh bullish momentum along with the rest of the market, with several of the tokens posting double-digit gains on weekly charts.
Curve Finance resolves website issues and asks users to revoke any recent contracts
On August 9, automated market maker Curve Finance took to Twitter to warn users of a bug on its site. The team behind the protocol noted that the issue, which appeared to be an attack by a malicious actor, was affecting the nameserver and frontend of the service.
Curve stated via Twitter that its exchange – which is a standalone product – did not appear to be affected by the attack as it uses a different domain name system (DNS) provider.
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Elliptic: RenBridge, a cross-chain bridge, laundered $540 million in hack proceeds
Cross-chain bridges have been the target of more than a few hacks this year, but new data from blockchain analytics provider Elliptic alleges that one of them has been used to launder more than $500 million in ill-gotten crypto assets.
According to a new report, cryptocurrency bridge RenBridge facilitated the laundering of at least $540 million in criminal proceeds since 2020 through a process known as chain jumping – converting one form of cryptocurrency into another and moving it across multiple blockchains.
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Interlay Launches BTC Stablecoin Bridge Without Trust in Polkadot
Interlay, a London-based blockchain startup, launched a BTC-based cross-chain bridge on Polkadot. Called interBTC (iBTC), the bridge enables the use of Bitcoin on non-native blockchains for DeFi, cross-chain transfers, and non-fungible tokens (NFTs), among others.
interBTC functions as a BTC-backed stablecoin, secured by a decentralized network of overcollateralized vaults, which Interlay says resembles MakerDAO’s Dai (DAI) token, a stablecoin on the Ethereum blockchain.
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DeFi platform Oasis will block wallet addresses deemed at risk
According to a new community Discord post on August 11, the DeFi platform Oasis.app says that sanctioned addresses will no longer be able to access the app.
As a result of the change in the terms of service, wallets marked as high risk are prohibited from using Oasis.app to manage positions or withdraw funds. Instead, this category of users must directly interact with the corresponding underlying protocol where the funds are stored or find another service.
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DeFi Market Landscape
Analytical data reveals that DeFi’s total value locked saw an increase of $5 billion from last week, posting a value of $68.94 billion. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a bullish week, with several tokens posting double-digit gains.
Ankr (ANKR) was the biggest gainer in the top 100, posting a 48% gain over the past week, followed by Avalanche (AVAX) with a 20% gain. Oasis Network (ROSE) was up 18% and Chainlink (LINK) was up 16% on the weekly chart.
Thanks for reading our roundup of this week’s biggest DeFi happenings. Join us next Friday for more stories, perspectives, and education in this dynamically moving space.
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