In this week's DeFi newsletter we look at the many ups and downs in the space over the past week, ranging from a failed exploit attempt to a hack that cost the protocol $180M.
Ethereum layer-2-based crypto derivatives trading platform dYdX has vowed to become “100% decentralized by EOY” via the protocol’s v4 update.
At present, only certain components of dYdX are decentralized including its Ethereum smart contracts, governance and staking. However, its “order book and matching engine” are managed by dYdX Trading Inc. — the team that developed the platform.Andre Cronje, former Fantom Foundation technical adviser and Yearn.finance founder, resurfaced on Monday via Medium after announcing hislast month.
The top highlight in the post is the phrase: “Crypto culture has strangled crypto ethos.” According to Cronje, he has a “disdain” for crypto culture but a “love” for crypto ethos. He explained that the culture, which prioritizes “wealth, entitlement, enrichment and ego,” has suppressed the principles of “self-sovereign rights, self custody and self-empowerment.
The problem with the protocol was seeded by suspicious governance proposals BIP-18 and BIP-19, which were issued on Saturday by the exploiter, who asked for the protocol to donate funds to Ukraine. However, those proposals had a malicious rider attached to them that ultimately created the sinkhole of funds from the protocol, according to smart contract auditor BlockSec.
The weekly performance of several tokens saw a bullish surge in double digits, barring a few tokens that remained in the red. In the top-100 DeFi list, 0x was the biggest gainer with a surge of 22.5% over the past week, followed by PancakeSwap (
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Hacker bungles DeFi exploit: Leaves stolen $1M in contract set to self destructNot all hackers are built the same. One has fumbled their heist at the finish line leaving behind over $1 million in stolen cryptocurrency. (Reporting via jessecogo)
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Near-Based DeFi Protocol Bastion to Launch BSTN Token at a $180M ValuationEXCLUSIVE: BastionProtocol, the largest defi project on auroraisnear’s nearprotocol, is launching its new $BSTN token at a $180 million valuation on Thursday. 0x_bae reports
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Gauntlet's Tarun Chitra explains the keys to building a successful DeFi projectIn this episode of The Scoop, Founder and CEO of Gauntlet Network Tarun Chitra, describes his company’s rise to unicorn status, and explains how a project in DeFi can be successful.
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Tezos co-founder Arthur Breitman discusses the untapped potential of DeFiWhen will we see the true potential of decentralized finance? Check Tezos co-founder ArthurB’s interview for Cointelegraph at the Paris Blockchain Week Summit.
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Metrics Show Decentralized Exchange Volumes Continue to Slide This Year – Defi Bitcoin NewsDecentralized exchange (dex) volumes have been dropping since December 2021 according to current statistics.
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Aurora-based DeFi protocol Bastion raises $9 millionBastion, the largest DeFi protocol on the Aurora blockchain — a subnet of the NEAR blockchain — has raised $9 million in Series A funding.
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