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.
Progress on a few OG DeFi protocols dominated the DeFi space over the past week, with the Uniswap Foundation announcing plans to raise $62 million in new funding and decentralized oracle service provider Chainlink defying concerns about changes it made to multi-signature wallets.
Mixin Network was hacked on September 23, losing nearly $200 million in crypto assets. The company has now offered a $20 million bug bounty to the exploiter to return the remaining funds, claiming that the stolen funds were stolen. Most of them are user assets.
Curve Finance founder Michael Egorov reduced debt to $42 million and settled all Aave loans on September 28. Cryptocurrency exchange Upbit has successfully blocked a large number of counterfeit Aptos tokens on the platform and restored deposits and withdrawals of the token.
Chainlink downplays concerns after users notice silent change to multi-sig
Decentralized oracle network Chainlink has downplayed recent changes to the number of signers required for its multi-signature wallets, a move that prompted a backlash from outspoken critics on social media.
Cryptocurrency researcher Chris Blec is one of several users on X (formerly Twitter) calling on Chainlink to quietly reduce the number of signatures required for its multi-signature wallets from 4 out of 9 to 4 out of 8.
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Uniswap Foundation aims to raise $62 million in additional funding
Decentralized exchange (DEX) Uniswap is seeking an on-chain vote to approve a second tranche of $74 million in funding for its developer, the Uniswap Foundation.
According to the announcement on September 27, the second tranche of funds is expected to be worth $62 million and will be decided through on-chain voting on October 4, with a 10% price fluctuation buffer. If approved, the funds will be used for operating and research grants. The Uniswap Foundation is responsible for developing core protocol metrics, building innovation pipelines, and aligning incentives for popular DEX stakeholders.
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Curve Finance founder cuts debt to $42.7 million, settles all Aave loan
Michael Egorov, founder of DeFi protocol Curve, recently closed a loan on lending platform Aave, reducing debt from other protocols to $42.7 million.
According to data from on-chain analytics platform Lookonchain, the Curve founder deposited 68 million CRV tokens worth $35.5 million into the lending protocol Silo in the past two days and borrowed 10.77 million crvUSD stablecoins. Egorov has since exchanged crvUSD for Tether (USDT) and repaid all debt on Aave.
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Mixin Network offers $20M bug bounty to hackers in $200M hack
Mixin Network, a decentralized cross-chain protocol, offered a $20 million bug bounty to return the remaining funds in a Sept. 23 message to the hackers behind the $200 million vulnerability.
Mixin Network encrypts messages through user transactions and requires users to return funds, because most of the stolen funds are user assets.
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Cryptocurrency Exchange Upbit Stops Flood of Fake APT Tokens and Restores Services
South Korean cryptocurrency exchange Upbit has resumed Aptos APT (APT) deposits and withdrawals after resolving an issue where fraudulent APT tokens were incorrectly identified as legitimate.
On September 24, Upbit suddenly stopped Aptos token services after noticing “unusual deposit attempts,” prompting an inspection of the wallet system. The issue appears to stem from a newly created fake APT token called “ClaimAPTGift.com”, which has flowed into 400,000 Aptos wallets since its creation on September 21.
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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 reaches $45.7 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
