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, September became the worst month for cryptocurrency exploits in the DeFi space, with losses exceeding $300 million, and the popular DeFi lending protocol Yield announced that it was permanently shutting down in December.
Polygon co-founder Jaynti Kanani has stepped down from his day-to-day role at the company, saying he will now oversee from the sidelines a decentralized autonomous organization (DAO) that could help scientists find funding and community journals, according to a prominent scientific journal.
Price action in the DeFi market has been mixed this week, with most of the top 100 tokens trading at the same prices as last week.
CertiK: September becomes the worst month for cryptocurrency exploits in 2023
September has officially become the worst month for crypto-related breaches of 2023 (so far), with $329.8 million worth of cryptocurrency stolen.
On October 2, blockchain security firm CertiK said that the largest contributor to the month’s total came from the Mixin Network attack on September 23, when the Hong Kong-based decentralized cross-chain transfer protocol lost money due to a violation of its protocol. $200 million. Cloud service provider.
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Production agreement will permanently “end” operations by December 2023
Yield Protocol announced its decision to shut down before the end of the year due to lack of business demand and global regulatory pressure.
Yield Protocol will cease to exist at the end of its December 2023 series, which expires on December 29. Yield Protocol’s announcement detailing the “winding up” of operations confirmed that the fixed-rate series launched in March 2024 has been cancelled.
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Polygon co-founder resigns, will “spectate” and contribute
Jayant Kanani announced that he was taking a break from the “daily grind” of the project for the first time in six years.
In an Oct. 4 (formerly Twitter) post, Kanani said he planned to focus on “new adventures” while contributing to Polygon “from the sidelines.” Kanani helped create Matic Network, later renamed Polygon, in 2017 along with software engineers such as Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic.
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Nature magazine says DAO could help scientists find funding and community
The scientific journal Nature recently published an editorial in the Nature Biotechnology section praising DAOs as a revolutionary new way in which researchers working in underfunded scientific fields can create structures around their work. community and raise funds that might not otherwise be available.
In a DAO-based research initiative, project organization, fundraising, feedback, and pipeline from discovery to product/industry can all be handled by the same decentralized management organization.
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Wirex leverages ZK proofs to issue non-custodial crypto debit cards
Crypto payment service provider Wirex announced on October 3 the launch of a non-custodial crypto financial card service based on zero-knowledge proof (ZK-proof) called W-Pay.
Wirex’s new decentralized solution uses zero-knowledge technology and is built on Polygon’s chain development kit, promising improved scalability and security. Polygon’s CDK is built with ZK-proofs in mind, enabling companies and users to develop their own ZK-powered layer 2 tracks.
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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 pulled back slightly from last week, with most tokens trading in the green on the weekly chart. The total value locked in DeFi protocols dropped to $45.07 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
