Welcome to Finance Redefined, your weekly dose of important information about decentralized finance (DeFi) – a newsletter designed to inform you of significant developments in the past week.

October is historically associated with bulls, but in 2022 this month also led the way in crypto hacks, barely halfway through, and the DeFi ecosystem has already seen around a dozen hacks resulting in hundreds of millions of dollars in losses.

The largest hack occurred on Solana’s DeFi platform Mango Markets on October 11, resulting in the loss of more than $100 million in cryptocurrency. The hacker has now come out to demand USD 70 million in coins (
USDC

) stablecoin as a reward for returning the stolen cryptocurrency.

In another hack, TempleDAO was hacked for $2 million on the same day as the Mango Market exploit.

Moving on from hacker exploits, DappRadar, a DeFi analytics firm, has unveiled its version of the explanation for why the daily number of active users in the $1.6 billion Decentraland metaverse ecosystem was below 40.

The top 100 DeFi tokens have been under bearish pressure throughout the week, with some relief late Thursday night. Most of the tokens were trading in the red on the weekly charts except for a few, and the total value locked (TVL) fell below $50 billion.

Only halfway through, and October is the “most important month” for cryptohackers: string lights
Blockchain analytics company Chainalysis called October 2022 “the biggest month of the biggest year for hacking activity,” with the total hack cost for the month nearly reaching $718 million.

Although it hasn’t been more than half a month, Chainalysis reported that 11 different DeFi protocol hacks have been used by hundreds of millions of people.

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Mango Markets Hacker offers cool settlement
On October 12, a day after $117 million was withdrawn from Solana DeFi platform Mango Markets via a price feed exploit, the hacker responsible for the attack demanded a settlement. The proposal was submitted at the Decentralized Autonomous Organization (DAO) Governance Forum Mango Markets.

If the procedure goes through, the hacker will send the stolen MNGO, SOL (
salt

) and Marinade Stake SOL tokens to the address provided by the Mango DAO team. Non-loss users will be completely redone. However, the hacker demands that any bad debt be treated as a reward for finding fault and insurance to be paid through the community’s treasury in the amount of $70 million or $70 million.

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DappRadar explains why Decentraland has fewer than 40 active users
Crypto Twitter was shocked by reports that Decentraland, the $1.2 billion metaverse ecosystem, had less than 40 daily active users recently. The data provided by DeFi analytics firm DappRadar has created quite a buzz in the crypto community, with questions raised about the future of Web3.

Decentraland was quick to deny these figures and stated that for a better understanding of the activity of platform users, one should refer to the dashboard on the website. The Metaverse platform noted that it accounted for 1,074 users interacting with smart contracts in September and a total of 56,697 users logging in monthly.

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MakerDAO revenue drops 86% due to Ethereum and BTC issues
Revenue for MakerDAO, the governing body of the Maker Protocol, fell sharply in the third quarter of 2022 due to falling demand for loans and multiple liquidations, while expenses remained high.

According to an Oct. 13 post by Johnny_TVL, a Messari analyst and co-author of The State of Maker Q3 2022, the decentralized autonomous organization’s revenue fell to just over $4 million in the third quarter, down 86% from the previous quarter. .

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DeFi Market Overview
Analyst data shows that the overall value of DeFi has fallen again, with the value of TVL falling to $50 billion at the time of writing. Data from Cointelegraph Markets Pro and TradingView show that the top 100 DeFi tokens by market cap had a mixed week, with most tokens trading in the red on the 7-day chart, barring a few.

) continued its bullish momentum into the second week of October, registering a 10.78% gain over the past seven days. No other top 100 DeFi token traded higher on the weekly chart.

Thanks for reading our roundup of the most important DeFi events this week. Join us next Friday for more stories, insights and knowledge in this dynamic space.

Source: CoinTelegraph

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