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The decentralized finance (DeFi) sector continues to attract increasing attention from crypto investors. ForkLog has gathered the most important events and news of the last weeks into a
The decentralized finance (DeFi) sector continues to attract increasing attention from crypto investors. ForkLog has gathered the most important events and news of the last weeks into a summary.
The volume of blocked funds (TVL) in DeFi protocols fell to $67.97 billion, with MakerDAO leading with $9.17 billion, while Lido ($8.75 billion) and AAVE ($7.6 billion) took second and third places, respectively.
In Ethereum applications, TVL fell to $39.92 billion. Over the past 30 days, the indicator has increased by 31% (value at $30.37 billion on July 13).
The decentralized exchange (DEX) trading volume in the last 30 days was $58.6 billion.
Uniswap continues to dominate the non-custodial foreign exchange market, which accounts for 70% of the total turnover. In terms of trading volume, the second is the DEX Curve (10.1%), the third is the Stabilizer (5.1%).
According to Chainalysis analysts, since the beginning of the year, the amount of funds stolen as a result of 13 attacks on cross-chain protocols has reached $2 billion.
The share of attacks on bridges accounted for 69% of all funds stolen by attackers in 2022.
“As the value transferred via cross-chain protocols increases, so does their appeal to hackers. “This poses a serious threat to building trust in blockchain technology.”
According to them, the solution to the technical problem of designing cross-chain protocols could only be a strict code control that would allow creating a library of reliable smart contracts as templates for other developers.
As a result of the change in the “Terms of Service” of the Oasis platform, sanctioned wallets will not be able to access the project’s implementation at the front-end level.
Users will not be allowed to use Oasis.app to manage positions and withdraw funds.
The platform did not disclose what tools it uses to identify high-risk wallets. The developer, under the pseudonym Banteg, suggested that after Uniswap, Oasis turned to TRM Labs services.
According to the site, the protocol manages $3.42 billion in deposits, and the trading volume over the past 30 days is $4.6 billion.
The Aave DeFi community has approved the launch of the USD-pegged decentralized stablecoin GHO in the ecosystem.
Aave DAO members contributed more than 500,000 AAVE tokens to the Snapshot platform during a three-day voting. The proposal received almost unanimous support.
The GHO is an over-collateralized stablecoin – the same model is used in MakerDAO’s DAI.
The collateral will be a “diversified set of crypto assets” powered by Aave. At the same time, users will continue to receive interest on blocked tokens as collateral.
Interest payments on loans in GHO will be transferred to the treasury of Aave DAO. The latter will take over the vehicle management functions.
Mark Zeller, head of integration at Aave, said the timing of the stablecoin’s release will depend on the results of the audits. He stressed that the development team “puts security before speed of deployment.”
DeFi protocol Injective Protocol raised $40 million in a funding round led by billionaire Alan Howard’s Brevan Howard Digital and Jump Crypto.
The funds raised will be used to develop the project’s ecosystem and Web3 technologies.
The INJ token reacted to the news by rising to $2.4. At the time of writing, the asset has retreated to the $1.95 area.
Venture capital firm Lightspeed Venture Partners is leading the startup’s Series A funding round unstoppable finance amounting to 12.5 million euros ($12.8 million).
It also included Speedinvest, Rockaway Blockchain Fund, Backed VC, Inflection, Discovery Ventures, Fabric Ventures, and Anagram.
The project is preparing to launch a DeFi Ultimate unsupervised crypto wallet with the ability to connect directly to yield protocols and decentralized exchanges.
Proceeds will also be used to expand into the US market. According to the Unstoppable Finance team, there are more than 300,000 pre-registrations on the waiting list.
August 2 cross-chain protocol Wandering As a result of a hacker attack, the attackers withdrew nearly $200 million worth of crypto assets.
Its nature allowed anyone to copy the hacker’s transaction and change the receiving address on their own. Thus, both ordinary users and “white hat hackers” removed the cryptocurrency from the protocol.
By August 5, users had returned $22 million (11% of stolen assets) to the Nomad storage address published after the attack.
More than 50% of funds remain dormant in hackers’ wallets – they were offered a reward for returning stolen assets.
On August 9, unknown persons compromised the frontend of the DeFi protocol Curve Finance. As a result, users lost $573,000 worth of assets.
Analysis showed that server and provider infrastructures were not compromised. Root cause is still being sought.
On August 12, Binance CEO Changpeng Zhao reported that the attacker sent money to the platform, after which the team froze and returned $450,000.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
