11 months ago
Welcome to Finance Redefined, your play dose of indispensable decentralized concern (DeFi) insights — a newsletter crafted to bring you the astir important developments from the past week.
The past week successful DeFi was dominated by developments successful the fashionable decentralized speech level Uniswap aft it announced a 0.15% swap interest starting connected Oct. 17, and an open-source hook connected Uniswap generated contention owed to Know Your Customer (KYC) checks.
In different large DeFi developments, Platypus Finance managed to retrieve 90% of the funds it mislaid to an Oct. 12 exploit portion the layer-2 zero-knowledge Ethereum Virtual Machine (zkEVM) “Scroll” launched its mainnet.
The apical 100 DeFi tokens by marketplace capitalization had a bullish week acknowledgment to Friday momentum successful the market, with a bulk of the tokens trading successful greenish and signaling double-digit gains connected the play charts. However, the terms enactment didn’t bespeak connected the full worth locked (TVL), which fell by astir $2 billion.
Ethereum LSDFi assemblage grew astir 60x since January successful post-Shapella surge: CoinGecko
The Ethereum liquid staking derivatives concern (LSDFi) ecosystem has seen a surge successful maturation this twelvemonth arsenic Ether (ETH) holders chose to involvement alternatively than liquidate.
Despite ETH withdrawals being enabled with the Ethereum Shapella upgrade successful April 2023, an Oct. 16 LSDFi study from crypto information aggregator CoinGecko said the assemblage has grown by 58.7x since January. By August 2023, LSD protocols accounted for 43.7% of the full 26.4 cardinal ETH staked, with Lido having the lion’s stock astatine astir a 3rd of the full staked market.
Ethereum layer-2 zkEVM “Scroll” confirms mainnet launch
Scroll, a caller contender successful the zkEVM abstraction that works to standard the blockchain, has confirmed the motorboat of its mainnet.
The squad down Scroll announced the motorboat successful an Oct. 17 station and added that existing applications and developer instrumentality kits connected Ethereum tin present migrate to the caller scaling solution. “Everything functions close retired of the box,” the Scroll squad said.
Platypus Finance recovers 90% of assets mislaid successful exploit
DeFi protocol Platypus Finance said it had recovered 90% of assets stolen successful a information breach past week.
According to the Oct. 17 announcement, the protocol’s nett nonaccomplishment was constricted to 18,000 Avalanche (AVAX) worthy $167,400 astatine the time. As the hacker voluntarily returned the funds, Platypus Finance stated it “will warrant that nary ineligible enactment volition beryllium pursued.” It besides hinted that withdrawal accusation regarding users’ assets volition soon beryllium posted.
Uniswap charges 0.15% swap fees opening Oct. 17
Decentralized speech Uniswap began charging a 0.15% swap interest connected definite tokens successful its web exertion and wallet connected Oct. 17.
According to a station by Uniswap laminitis Hayden Adams, the affected tokens are ETH, USD Coin (USDC), Wrapped Ether (wETH), Tether (USDT), Dai (DAI), Wrapped Bitcoin (WBTC), Angle Protocol’s agEUR, Gemini Dollar (GUSD), Liquidity USD (LUSD), Euro Coin (EUROC) and StraitsX Singapore Dollar (XSGD). Shortly aft publication, a spokesperson for Uniswap reached retired to Cointelegraph, stating that “both the input and output token request to beryllium connected the database for the interest to apply.”
KYC hook for Uniswap v4 stirs assemblage controversy
A caller hook disposable connected an open-source directory for Uniswap v4 hooks is sparking contention wrong the crypto community. The hook enables users to beryllium checked for KYC earlier they tin commercialized successful token pools.
Criticizing the hook, a idiosyncratic connected X (formerly Twitter) noted that the hook opens up the anticipation of decentralized concern protocols being whitelisted by regulators.
DeFi marketplace overview
Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s apical 100 tokens by marketplace capitalization had a bullish week, with astir tokens trading successful the greenish connected play charts. However, the full worth locked into DeFi protocols dropped to $43.81 billion.
Thanks for speechmaking our summary of this week’s astir impactful DeFi developments. Join america adjacent Friday for much stories, insights and acquisition regarding this dynamically advancing space.
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