The top 100 DeFi coins have seen a bullish wave as the new month begins, but many DEX platforms are still chasing the FTX contagion.
Welcome to Finance Redefined, your weekly dose of basic decentralized finance (DeFi) insight – a newsletter set to bring you key developments from the past week.
The FTX epidemic, which started in the second week of November, is still haunting various crypto protocols in the DeFi ecosystem. Solana-based decentralized exchange (DEX) serum, backed by Alameda and FTX, is the latest to be caught up in the pandemic. Another DeFi cryptocurrency exchange, Auros Global, has missed the principal repayment of 2,400 Ether (wETH) DeFi loans.
Looking at some other big news in the DeFi ecosystem, the popular DEX protocol Uniswap has launched the market aggregator for Non-Fangable Tokens (NFT) which allows users on the platform to trade in NFT.
Anker became the latest victim of an exploit with a record loss of nearly $5 million. The DeFi protocol said it is working with exchanges to immediately stop trading of BNB for the reward token, aBNBc.
Demand for Liquid Ethereum saw an even bigger increase after the merger, setting new records.
The top 100 DeFi coins have seen some rally after nearly three weeks of bearish dominance. Most DeFi tokens traded in the green, with several posting double-digit gains.
Serum exchange ‘stopped’ after Alameda and FTX collapsed
Solana-based DEX Project Serum has reported to its community that the breakdown of Alameda and FTX backers has “resolved.” The team responsible for the project shared that there is “hope” despite the ongoing challenges due to the choice of “fork” the vaccine.
According to the announcement, “the community-wide effort to segment the serum is getting stronger.” OpenBook, the community-run software for Serum v3, is already on Solana, with over $1 million in daily volume supported by ongoing efforts to expand and increase liquidity.
Cryptocurrency trading firm Auros Global misses DeFi payment due to FTX hit
Cryptocurrency trading firm Auros Global appears to be suffering from FTX contamination after it defaulted on the principal of 2,400 DeFi loans.
Corporate loan contractor M11 Credit, which operates Maple Finance’s liquidity pools, told its Twitter followers on November 30 that Auros had defaulted on the principal of 2,400 loans totaling about $3 million.
He asserted that he denied the mistreatment and demanded that the trade cease immediately
BNB Chain-based DeFi protocol Anker confirmed on December 1st that it had exploited a multi-million dollar vulnerability. The attack appears to have been first detected by security analyst PeckShield around 12:35 UTC on December 2.
Within an hour of the attack, Anker confirmed on Twitter that the aBNB token had been misused and that they were working with exchanges to stop trading of the hacked token immediately.
Uniswap launches NFT marketplace aggregator
According to a new post published on November 30, DEX Uniswap has announced that users can now trade NFTs on their native protocol. As Uniswap said, the functionality will initially include NFT pools available for sale on platforms such as OpenSea, X2Y2, LookRare, Sudoswap, Larva Labs, X2Y2, Foundation, NFT20, and NFTX.
Uniswap developers claim that when using the Uniswap NFT, which combines an ERC-20 swap and NFT into a single swap router, users can save up to 15% on gas costs compared to other NFT aggregators. By integrating with Permit2, users can trade multiple tokens and NFTs on a single exchange while saving on gas fees.
Demand for staking Ethereum liquid options continues to rise post-merger
Blockchain data analytics by Nansen highlights the ever-increasing amount of Ether
Various staking solutions are being put on hold in the months following Ethereum’s transition to the Proof of Stake (PoS) consensus.
The highly anticipated consolidation has been a boon for DeFi in general, and staking solutions have been in great demand since Ethereum’s transition to PoS. This is according to blockchain data from various staking solutions in the Ethereum ecosystem.
DeFi Market Overview
Analytical data reveals that the total insured value of DeFi has risen to more than $40 billion. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap are seeing their first bullish week after the FTX contagion.
It was the highest gainer among the top 100 DeFi tokens, up 36.8% last week, followed by Chainlink.
up 12.47%. one t