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.
In this week’s newsletter, the European securities regulator published a report on the DeFi ecosystem, laying out the risks it poses to the EU financial system but also highlighting the benefits of DeFi.
Uniswap has launched a beta version of its Android wallet on Google Play, with the app gaining popularity among desktop and Apple iOS users. DeFi platform Star Arena recovered 90% of stolen Avalance (AVAX) tokens after offering a $250,000 bounty, while Platypus Finance also fell victim to another flash loan attack.
Price action for the top 100 DeFi tokens this week has been mixed, with most tokens trading at the same or slightly higher prices than last week. The total value locked in DeFi protocols reaches $45.67 billion.
European regulators: DeFi poses significant risks and benefits
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator, published an article on October 11 about DeFi and its risks to the EU market.
In a 22-page report, ESMA acknowledged the benefits DeFi promises, such as greater financial inclusion, the development of innovative financial products, and improved speed, security and cost of financial transactions.
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Uniswap launches Android wallet beta for Google Play
Decentralized cryptocurrency exchange Uniswap launched a closed beta Android version of its mobile app on October 12, according to a blog post from the app’s development team. Uniswap was previously only available on PC and iOS mobile devices.
The new Android beta app allows users to select coins on different chains without switching networks. It automatically detects the network the coin is on and switches to that network without prompting from the user. Currently it is available on Polygon, Arbitrum, Optimism, Base and BNB Chain, with more chain compatibility coming in the future.
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Stars Arena offers $257,000 reward to recover 90% of stolen funds
Web3 social media platform Stars Arena said it has recovered nearly all of the cryptocurrency stolen in an October 7 exploit and deducted 10% of the bounty for those responsible.
Stars Arena said in an Oct. 11 (formerly Twitter) post that approximately 90% of the 266,000 AVAX exploited (worth approximately $3 million at the time) were returned after an agreement was reached to provide the exploiters with nearly $257,000 worth of 27,610 AVAX bounty. The bounty also includes compensation for 1,000 AVAX, worth over $9,000, apparently lost on a bridge by exploiters.
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Platypus DeFi loses $2.2 million in another flash loan breach
DeFi protocol Platypus lost over $2 million in assets after another flash loan attack on its platform. The protocol suspended all pools in response to the attack.
According to blockchain security platform CertiK, the DeFi platform suffered three attacks and lost $2.23 million by exploiting vulnerabilities. On October 12, the first attack occurred, stealing $1.2 million from the platform. A second attack occurred hours later, stealing $575,000 worth of assets from the platform. Just a minute later, a third attack occurred, resulting in the loss of $450,000 in assets.
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Lido Finance reveals 20 slashing incidents due to validator configuration issues
Ethereum staking protocol Lido Finance has disclosed that its protocol has experienced 20 major slashing events due to a series of infrastructure and signer configuration issues with validators operated by Launchnodes.
According to Launchnodes, the incident occurred on October 11 at approximately 3:30 pm UTC. Lido said in a post on X on October 11 that Launchnodes’ validator nodes are now offline and that curtailment has stopped while the root cause is investigated.
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DeFi Market Overview
Data from Cointelegraph Markets Pro and TradingView show that the top 100 DeFi tokens by market capitalization have had a mixed week this week, with most tokens trading in the green on the weekly chart. The total value locked in DeFi protocols dropped to $45.67 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
