Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights – a newsletter to bring you key developments over the past week.
Decentralized applications, or DApps, finally showed a glimmer of recovery in August, when the daily average of unique active wallets rose 3.7% compared to May.
With just under a week to go until the merger, SEBA Bank has launched Ethereum staking services for institutions. On the other hand, Layer 2 scalability solutions hope to significantly reduce their post-merger carbon emissions.
Over the past week, two DeFi protocols have fallen victim to coordinated flash loan attacks. On Wednesday, avalanche-based lending protocol Nereus Finance fell victim to a sneaky hack in which a user locked in $371,000 worth of USD Coins (USDC) using a smart contract exploit. The very next day, on Thursday, New Free DAO, a non-fungible token (NFT)-focused project, lost nearly $1.25 million in another similar flash loan attack.
The top 100 DeFi tokens by market cap finally saw a green week after nearly two weeks of dominant bearish price action. Most tokens posted double-digit gains, with Luna Classic (LUNC) – formerly Terra (LUNA) – making an entry into the top 30 with over 100% gains over the past seven days.
DApp activity jumps 3.7% in August for first time since May: report
DApps showed a slight recovery for the first time since May, with the daily average unique active wallets (UAWs) rising 3.7% month-on-month, according to a report by DappRadar.
The increase was partly due to Flow Protocol, which saw a 577% UAW increase due to Instagram’s support for its NFTs and the game Solitaire Blitz. On the other hand, Solana’s UAW shrank 53% in August from the previous month while transactions fell 68%, the results showed.
Continue reading
SEBA Bank offers Ethereum staking services for institutions
As the Ethereum network moves from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus, a digital asset platform initiated a service for institutions to get involved in staking Ether (ETH ) to dive in.
In an announcement sent to Cointelegraph, Swiss digital asset banking platform SEBA Bank said it has launched an Ethereum staking service for institutions looking to generate revenue from staking on the Ethereum network. According to the company, the move is in response to growing institutional demand. for DeFi services.
Continue reading
Degens borrowing ETH to get fork tokens are a headache for DeFi platforms
The growing number of speculators taking out ether loans to maximize their potential to earn fork ether proof-of-work (ETHPow) tokens is causing a headache for DeFi protocols.
The issue has gained prominence over the past month as it is expected that a significant number of Ether miners will continue to work on a forked PoW chain, or possibly even multiple chains, following the long-awaited merger.
Continue reading
Avalanche Flash Loan Exploit Sees $371,000 in USDC Stolen
Avalanche-based lending protocol Nereus Finance fell victim to a sophisticated hack that saw a user see $371,000 worth of USD coins net using a smart contract exploit.
Blockchain cybersecurity firm CertiK was among the first to spot the exploit on Tuesday, suggesting the attack compromised liquidity pools on Nereus related to Decentralized Exchange (DEX) Trader Joe and automated market maker Curve Finance.
Continue reading
DeFi protocol token NFD crashes 99% after flash loan attack
New Free DAO, a DeFi protocol, faced a series of flash loan attacks on Thursday, resulting in a reported loss of $1.25 million. The price of the native token fell by 99% in the wake of the attack.
Unlike regular lending, several DeFi protocols offer flash lending, which allows users to borrow large amounts of assets without upfront collateral. The only condition is that the loan must be repaid in a single transaction within a certain period of time. However, this feature is often exploited by malicious attackers to gather large amounts of assets to launch costly exploits targeting tarDeFi protocols.
Continue reading
Overview of the DeFi market
Analytical data shows that DeFi’s total locked value saw a slight change from last week. The TVL value is approximately $61.02 billion at the time of writing. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market cap had a bullish week, with the majority of tokens posting double-digit gains while a few others continued to trade in the red.
LUNC was the biggest gainer on a weekly basis, posting a 101% gain over the past 7 days, followed by Chainlink (LINK) with a 14.8% gain. Compound (COMP) is up 7.71% and PancakeSwap (CAKE) is up 6.24% on the weekly charts.
Thank you for reading our roundup of this week’s most influential DeFi developments. Join us next Friday for more stories, insights and information in this dynamically evolving space.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.