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The Tornado Cash Saga Left a Void, Says Chief Scientist at Chainalysis: Finance Redefined

Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights – a newsletter to bring you key developments over the past week.

Chainalysis’ chief scientist shared his views on the Tornado Cash saga, saying that the incident left a void for illegal money mixing services, but the real impact of the sanctions could be determined in the long-term.

Ethereum’s post-merger staking ecosystem could have a significant impact on the crypto economy, according to a new report. Institutional lending platform Mapple Finance has launched a $300 million loan pool for Bitcoin mining farms.

The Tribe DAO, a decentralized autonomous organization, voted to pay back affected users of the $80 million exploit in DeFi platform Rari Capital’s liquidity pools. BNB Chain launched a new community-led security initiative called Avenger DAO.

The top 100 DeFi tokens by market cap are having a mixed week in terms of price action, with many tokens trading in red while a few others showed weekly gains.

Tornado Cash left a void, time will tell what fills it – Chainalysis Chief Scientist

The sanctions against cryptocurrency mixer Tornado Cash have left a vacuum for illegal fund mixing services, but more time is needed before we know the full impact, according to Chainalysis’ chief scientist.

During a demo of Chainalysis’ recently launched blockchain analytics platform Storyline, Cointelegraph interviewed Chainalysis’ chief scientist Jacob Illum and country manager for Australia and New Zealand Todd Lenfield on the impact of the tornado cash ban.

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Tribe DAO votes to pay back victims of $80 million Rari hack

After months of uncertainty, the Tribe DAO has passed a vote to pay back affected users of the $80 million exploit in DeFi platform Rari Capital’s liquidity pools.

After several rounds of voting and governance proposals, Tribe DAO, which consists of Midas Capital, Rari Capital, Fei Protocol and Volt Protocol, made the decision to vote on Sunday with the intention of fully compensating hacking victims.

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Staking Providers Could Expand Institutional Presence in Crypto Space: Report

The carbon footprint of the Ethereum blockchain is expected to decrease by 99% after last week’s merge event. By positioning staking as a service for retail and institutional investors, the upgrade could also have a significant impact on the crypto economy, according to a Bitwise report on Tuesday.

The company forecasts potential gains of 4% to 8% for long-term investors from staking Ether (ETH), while analysts at JP Morgan forecast staking returns on PoS blockchains to double to $40 billion by 2025 could.

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Maple Finance launches $300 million loan pool for bitcoin mining companies

On Sept. 20, institutional crypto lending protocol Maple Finance and its delegate Icebreaker Finance announced that they would provide up to $300 million worth of secured debt financing to public and private bitcoin mining companies. Qualified entities that meet treasury management and energy strategy standards across North America and Australia are eligible for funding.

On the other hand, the company tries to provide investors and lenders with risk-adjusted returns in the low teens (up to 13% per year). The pool is only open to accredited investors who meet significant income and/or wealth requirements within a jurisdiction.

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BNB Chain introduces a new community-driven security mechanism to protect users

BNB Chain, Binance’s native blockchain, has launched AvengerDAO, a new community-driven security initiative designed to help protect users from fraud, malicious actors, and possible exploits.

The security-oriented DAO was developed in collaboration with leading security firms and popular crypto projects such as Certik, TrustWallet, PancakeSwap and Opera to name a few.

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Overview of the DeFi market

Analytical data shows that DeFi’s total locked value saw a slight decrease from last week. TVL is valued at approximately $50.64 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 mixed week, with many tokens staging a recovery towards the end of the week while some others traded red on the weekly charts.

Compound (COMP) was the biggest gainer, up 15% over the past seven days, followed by PancakeSwap (CAKE), up 8.8%. Theta Network (THETA) was another token in the top 100, posting a 5% weekly gain.

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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