Welcome to Finance Redefined, a weekly newsletter that provides you with essential decentralized finance (DeFi) insights and aims to bring you the most important developments of the past week.
Bullish sentiment for many projects has revived in the DeFi space over the past week, but it was the Uniswap founder who burned $650 billion of HayCoin (HAY) — 99% of the token supply — that made headlines. In other news, a new report highlights that 85% of DeFi projects did not report audits in Q3, and the largest DeFi protocol on Solana has shut down its operations due to strict regulations from the Financial Conduct Authority (FCA) .
The top 100 DeFi tokens are having a bullish week, with most tokens trading in the green and posting double-digit weekly gains.
Hacken: 85% of Crypto Carpets Did Not Report Audit in Q3
A new report shows that it is not difficult for investors to spot cryptocurrency scams, as most such scams usually have obvious and obvious characteristics.
Blockchain security audit agency Hacken released its latest security insights report on October 25, aiming to discover trends in cryptocurrency hacking attacks in the third quarter and assess how affected projects handle security issues.
continue reading
The largest DeFi protocol on Solana reportedly exits the UK market due to FCA rules
Marinade Finance, the largest DeFi protocol running on the Solana blockchain, has reportedly started blocking users from the UK. UK customers discovered the issue on October 23 when trying to access the Marinade website from a local IP address.
Marinade Finance has approximately 75,000 users and, as of this writing, the total value locked exceeds $265 million, accounting for 70% of all funds locked on the Solana blockchain.
continue reading
Uniswap founder burns $650 billion in HayCoin to fight speculation
According to an announcement on X (formerly Twitter), Uniswap founder Hayden Adams destroyed 99% of the HayCoin supply on October 20. Most of the tokens have been withdrawn from circulation due to Adams’ concerns about price speculation in the previous days.
Five years ago, Adams deployed the HAY token for testing before the decentralized protocol Uniswap was launched. He created a small test liquidity pool that represents only a small portion of the total supply and keeps over 99.9% of HAY tokens in his wallet. Just a few weeks ago, the coin was trading like a meme coin in the six-figure range.
continue reading
Polygon launches POL token contract on Ethereum, eventually replacing MATIC
According to an announcement on October 25, Polygon Labs has launched an Ethereum contract for the new Polygon token POL. The new token is designed to replace Polygon’s (MATIC) token. However, the team stated that users currently do not need to replace MATIC with POL.
According to blockchain data, the new token was created at 9:06 AM UTC on October 25. Its full name is “Polygon Ecosystem Token”. In the announcement, the Polygon team claimed that POL will “power a massive ecosystem of zero-knowledge layer 2 chains” by implementing a “re-staking protocol” that allows token holders to stake their tokens on multiple chains. on, and perform a variety of functions in the process.
continue reading
DeFi Market Overview
Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market capitalization are bullish this week, with most tokens trading in the green on the weekly charts. The total value locked in DeFi protocols jumped nearly $6 billion to $49.16 billion.
Thanks for reading our roundup of the week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education on this dynamic and growing field.
Svlook
