In the past week, there have been many new developments from an adoption perspective and protocol developments in the decentralized finance (DeFi) ecosystem. The European Commission has added a new chapter on DeFi that shows the growing impact of the nascent ecosystem as a Virginia county looks to put its retirement fund into a DeFi yield.
DeFi exploits have once again become the focus of attention as recent research shows that DeFi protocols lost $1.6 billion to various exploits in the first two quarters of 2022. Hacker Rari Fuze, who escaped with $80 million worth of funds, was offered a $10 million bounty.
DeFi tokens also made a bullish comeback towards the end of last week. However, the overall weekly performance remained in the red.
The European Commission report suggests rethinking the regulatory approach to DeFi
Analysts at the European Commission showed an unexpected understanding of how DeFi works, having defined it as something different from the traditional financial system and acknowledging that it would require a rethink of the regulatory approach.
On Monday, crypto venture advisor at Presight Capital and a longtime expert on European regulation Patrick Hansen shared some crucial details from the European Commission’s “European Financial Stability and Integration Review 2022”. The April 7th report includes a 12-page chapter on DeFi, in which the authors outline a sensible approach to the topic.
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Virginia County plans to put pension funds into DeFi yield farming
Fairfax County in Northern Virginia has already invested part of its pension funds in crypto and blockchain startups. Deeper involvement in DeFi yield farming is now being considered.
Fairfax County Police Pension System chief investment officer Katherine Molnar said Tuesday at the Milken Institute Global Conference that the system aims to fund two new crypto-focused hedge fund managers over the next three weeks. A decision will be made over the next few days that, if approved, would mark the first time pension fund funds would be used in DeFi.
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The Rari Fuze hacker offered a $10 million bounty from the Fei Protocol to return $80 million in loot
DeFi platform Fei Protocol offered hackers a $10 million bounty to get a large chunk of stolen funds from various Rari Fuse pools worth $79,348,385.61 — nearly $80 million – Dollars – negotiate and retrieve.
On Saturday, Fei Protocol informed its investors about an exploit in numerous Rari Capital Fuse pools and demanded that the hackers return the stolen funds in exchange for a $10 million premium and a no-questions-asked pledge.
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So far in 2022, more than $1.6 billion has been exploited by DeFi
The DeFi space has been riddled with hacks, exploits and scams so far this year, with over $1.6 billion worth of crypto stolen from users, surpassing the total amount stolen in 2020 and 2021 combined.
Analysis by blockchain security firm CertiK revealed Monday’s stats showing the month of March had the highest stolen value at $719.2 million, over $200 million more than all of 2020. The March number is largely due to the Ronin Bridge exploit Attackers made off with over $600 million worth of crypto.
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Solana and Moonbirds Help NFT Market Hit $6.3B Monthly Trading Volume: Report
According to the monthly DappRadar report, the NFT market recorded a multi-month trading volume of $6.3 billion, up 23% since March and surpassing $6 billion for only the third time in its history.
Moonbirds contributed half a billion worth of trading volume, while the Solana blockchain saw nearly $300 million in NFT trades, up 91% month-on-month.
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Overview of the DeFi market
Analytical data shows that despite a bullish surge towards the end of the week, DeFi’s total locked value remained in a similar range to last week at $123 billion. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market cap enjoyed a week of volatile price action and constant downward pressure.
The majority of DeFi tokens in the top 100 ranked turned green on the daily chart, but their weekly performance remained declining, with the exception of Curve DAO token (CRV), which is up 4% over the past week.
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.
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