1 year ago
Welcome to Finance Redefined, your play dose of indispensable decentralized concern (DeFi) insights — a newsletter crafted to bring you important developments implicit the past week.
After the Mango Markets exploit past week, Compound protocol paused the proviso of 4 tokens arsenic lending collateral to support it against immoderate terms manipulation.
Crypto staking protocol Freeway said 1 of its trading strategies “appears to person failed,” forcing the steadfast to halt services earlier this week. October continues to beryllium dominated by DeFi hacks arsenic different DeFi lockup protocol, Team Finance, mislaid $14.5 cardinal during declaration migration, contempt an audit clearance.
MakerDAO assemblage voted to o.k. the custody of $1.6 cardinal USD Coin (USDC) with the organization brokerage level Coinbase Prime.
The apical 100 DeFi tokens showed bullish momentum aft astir 3 weeks of terms show dominated by the bears. Majority of the tokens traded successful the greenish connected the play charts, with respective of them seeing double-digit gains.
After Mango Markets exploit, Compound pauses 4 tokens to support against terms manipulation
Decentralized lending protocol Compound has paused the proviso of 4 tokens arsenic lending collateral connected its platform, aiming to support users against imaginable attacks involving terms manipulation, akin to the caller $117 cardinal exploit of Mango Markets, according to a connection connected Compound’s governance forum that was precocious passed.
With the pause, users volition not beryllium capable to deposit Yearn.finance’s YFI (YFI), 0x’s ZRX, Basic Attention Token (BAT) and Maker’s MKR (MKR) arsenic collateral to instrumentality loans.
Freeway’s withdrawal halt blamed connected ‘failed’ trading strategy
Crypto staking level Freeway pointed astatine the nonaccomplishment of 1 of its cryptocurrency trading strategies, on with marketplace conditions, arsenic the starring crushed for halting idiosyncratic withdrawals earlier this week.
The crypto output level connected Oct. 23 announced it was halting assorted transactions relating to its high-yield Supercharger product, citing “unprecedented volatility” astatine the time, without giving immoderate much details astatine the time, which saw its token terms plummet.
Team Finance exploited for $14.5M during protocol migration contempt declaration audit
DeFi lockup protocol Team Finance said that implicit $14.5 cardinal worthy of tokens were exploited done the Uniswap v2 to v3 migration relation connected its platform. As told by blockchain information steadfast PeckShield, the hacker transferred liquidity from Uniswap v2 assets connected Team Finance to an attacker-controlled v3 brace with skewed pricing. By locking tokens to the contract, the attacker bypassed existing validation mechanisms and pocketed the immense leftovers arsenic a refund for profit.
Uniswap v3 was designed with amended ratio for liquidity providers (LP) than v2 connected its decentralized exchange. However, v2 astute contracts are inactive operational, and users indispensable interact with a migration astute declaration to migrate their LP assets from v2 to v3. PeckShield estimated that the archetypal onslaught vector required for this enactment costs conscionable 1.76 Ether (ETH).
MakerDAO assemblage votes to o.k. custody of $1.6B successful USDC with Coinbase
Coinbase Prime, an organization premier brokerage level for crypto assets, announced connected Oct. 24 that it has entered into a concern with MakerDAO to go a custodian of $1.6 cardinal worthy of the stablecoin USDC, of which MakerDAO is the largest azygous holder.
The MakerDAO assemblage voted to o.k. the custodianship, which volition let its assemblage to gain a 1.5% reward connected its USDC portion holding funds with a starring organization custodian.
DeFi marketplace overview
Analytical information reveals that DeFi’s full worth registered a surge toward the extremity of October, with the full worth locked (TVL) rising supra $50 cardinal astatine the clip of writing. Data from Cointelegraph Markets Pro and TradingView amusement that DeFi’s apical 100 tokens by marketplace capitalization had a bullish week, with the bulk of the tokens trading successful the greenish connected the 7-day chart, barring a few.
Theta Network (THETA) was the biggest gainer implicit the past week, registering a play surge of 14.68%, followed by Avalance (AVAX) with a 12.85% surge connected the 7-day chart. Many different DeFi tokens registered single-digit play gains, barring a fewer that traded successful the red.
Thanks for speechmaking our summary of this week’s astir impactful DeFi developments. Join america adjacent Friday for much stories, insights and acquisition successful this dynamically advancing space.
English (US) 