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.
The current downturn in the cryptocurrency market has not stopped European venture capital firms from investing in DeFi projects. A new report reveals that European DeFi startups saw a 120% increase in VC funding last year.
The Euler Finance saga continued to dominate headlines, with the exploiter returning a significant portion of the $190 million in stolen funds. The exploiter has returned more than 58,000 stolen Ether (ETH) in one delivery, and another $37 million worth of ETH and Dai (DAI) in the second.
Traditional banking giant Citibank envisions tokenization taking over traditional finance, predicting that by 2030 as many as billions of dollars in assets could be tokenized.
MakerDAO approved a new constitution to create multiple offices tasked with performing various jobs for the protocol, each with its own powers and responsibilities.
The top 100 DeFi tokens had a mixed week and didn’t see much change from the previous week, with most tokens trading in the green.
European DeFi Startups See a 120% Increase in VC Investment in 2022: Data
2022 was a turbulent year for the cryptocurrency sector, due to a bear market and the fall of some of the most prominent players in the sector, such as Terra and FTX. Despite the setbacks, VCs continued to support cryptocurrency startups.
According to a new study published by European investment firm RockawayX, VC investment in Europe-based cryptocurrency startups reached its all-time high in 2022, with $5.7 billion invested. European decentralized finance startups reached $1.2 billion in 2022, an increase of 120% over the previous year’s investments of $534 million.
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Alleged Euler Finance thief returns over 58,000 Ether
The alleged hacker responsible for the $196 million attack on the Euler Finance lending protocol has returned most of the stolen assets, according to on-chain data.
In a transaction made on March 25, the attacker returned 51,000 ETH, worth about $88 million at press time. That same day a second transfer of 7,737 ETH was made, worth more than 13 million dollars. Earlier, on March 18, the hacker sent 3,000 ETH to the protocol, worth almost $5.4 million at the time. The exploiter still controls some of the stolen assets. By April 27, the attacker returned another $37.1 million in ETH and DAI.
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Citi claims that by 2030 there could be trillions of dollars in tokenized assets
Citibank is betting on blockchain-based tokenization of real-world assets to become the next “big use case” for cryptocurrency. The firm forecasts that the market will reach between 4 and 5 trillion dollars in 2030.
This would mean multiplying by 80 the current value of real-world assets locked in blockchains, as explained by Citibank in its March report. “Money, Tokens and Games”.
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MakerDAO approves a new “constitution” to formalize the governance process
MakerDAO, the decentralized autonomous organization behind the DAI stablecoin, has approved a new proposed “constitution” intended to formalize governance processes and help prevent hostile actors from taking over the protocol, according to the official forum page for the proposal.
According to the text of the proposal, a constitution is needed because the Maker protocol “depends on the governance decisions of humans and institutions that hold MKR tokens,” which can “expose weaknesses and vulnerabilities that can crash the Maker protocol or the loss of user funds”.
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DeFi Market Review
Analytical data reveals that the total market value of DeFi surpassed $50 billion last week. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market capitalization had a bullish week, with most tokens trading in the green, save for a few.
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.
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