Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights – a newsletter to bring you key developments over the past week.
The FTX contagion that began in the second week of November is still haunting various crypto protocols in the DeFi ecosystem. Recent victims of the contagion include Solana-based Decentralized Exchange (DEX) Serum, which was backed by Alameda and FTX. Another DeFi crypto trading firm, Auros Global, missed its principal return on a 2,400 Wrapped Ether (wETH) DeFi loan.
Looking ahead to some other major news in the DeFi ecosystem, popular DEX protocol Uniswap has launched its non-fungible token (NFT) marketplace aggregator, allowing users on the platform to trade NFTs.
Ankr became the latest exploit victim with reported losses of nearly $5 million. The decentralized finance protocol said it is working with exchanges to immediately halt trading of its BNB staking rewards token, aBNBc.
Demand for liquid Ethereum staking has hit new records and is seeing its biggest post-merger surge.
The top 100 DeFi tokens staged a recovery rally after nearly three weeks of declining dominance. The majority of DeFi tokens traded green, with many posting double-digit gains.
The serum swap “stopped running” after the collapse of Alameda and FTX.
Solana-based DEX Project Serum has informed its community that it “no longer exists” due to the collapse of its backers – Alameda and FTX. The team behind the project shared that despite the ongoing challenges, there is “hope” due to the available option to fork serum.
The announcement states, “A community-wide effort to fork Serum is underway.” OpenBook, the community-led fork of the Serum v3 program, is already live on Solana with over $1 million in daily volume , backed by continuous efforts to expand it and increase its liquidity.
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Crypto trading firm Auros Global misses DeFi payment due to FTX contagion
Crypto trading firm Auros Global appears to be suffering from FTX contagion after missing a principal return on a 2,400 wETH DeFi loan.
Institutional credit insurer M11 Credit, which manages liquidity pools on Maple Finance, told its followers in a Nov. 30 Twitter thread that the Auros had missed a principal payment on the 2,400 WETH loan, which has a total value of around 3 million has US dollars.
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Ankr confirms exploit, asks for immediate halt to trading
BNB chain-based DeFi protocol Ankr has confirmed that it was hit by a multi-million dollar exploit on December 1st. The attack appeared to have first been spotted around 00:35 UTC on December 2 by on-chain security analyst PeckShield.
Within an hour of the attack, Ankr confirmed on Twitter that the aBNB token had been exploited and that they are working with exchanges to stop trading the compromised token immediately.
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Uniswap launches the NFT marketplace aggregator
According to a new post on Nov. 30, DEX Uniswap announced that users can now trade NFTs through its native protocol. As Uniswap announced, the feature will initially offer NFT collections for sale on platforms such as OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, X2Y2, Foundation, NFT20 and NFTX.
Uniswap developers claim that users can save up to 15% on gas costs compared to other NFT aggregators by using Uniswap NFT, which combines ERC-20 and NFT swapping into a single swap router. Integrated with Permit2, users can swap multiple tokens and NFTs in one exchange while saving on gas fees.
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Demand for liquid Ethereum staking options continues to grow after the merger
Blockchain data analysis conducted by Nansen underscores the ever-growing amount of Ether (ETH) being staked across various staking solutions in the months following Ethereum’s move to Proof-of-Stake (PoS) consensus.
The much-anticipated merger has been a boon for DeFi in general, and staking solutions have been in high demand since Ethereum switched to PoS. This emerges from blockchain data from a variety of staking solutions across the Ethereum ecosystem.
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Overview of the DeFi market
Analytical data shows that the total locked value of DeFi has risen above $40 billion. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market cap had their first bullish week after FTX contagion.
Fantom (FTM) was the biggest gainer among the top 100 DeFi tokens, posting a 36.8% surge over the past week, followed by Chainlink (LINK) with a 12.47% surge. Uniswap (UNI) also posted weekly gains of 11%.
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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