Welcome to Finance Redefined, your weekly dose of important decentralized finance (DeFi) insights — a publication crafted to convey you probably the most important developments from the previous week.
Cointelegraph interviewed Velvet Capital’s CEO on the challenges dealing with DeFi and the important thing limitations it wants to beat to go mainstream. Cosmos-based Umee and Osmosis merge to create “DeFi Hub,” the place Umee’s UX Chain code can be reimplemented on the Osmosis chain, combining options of the 2 networks.
The Platypus hacker has managed to evade accountability for the $8.5 million exploit on the protocol after claiming to be an moral hacker. The courtroom allowed the exploiter to stroll free.
Regardless of a minor market downturn, the highest 100 DeFi tokens had one other bullish week, with the entire worth locked in DeFi tokens surging previous $60 billion.
Cosmos-based networks Umee and Osmosis to merge, creating “DeFi Hub”
Cosmos-based networks Umee and Osmosis will merge by way of a software program improve, in line with a Dec. 4 announcement. Umee’s UX Chain code can be reimplemented on the Osmosis chain, combining options of the 2 networks and creating what the event groups name a “DeFi Hub” for the Cosmos ecosystem.
Umee is a decentralized lending protocol on a devoted Cosmos chain referred to as “UX Chain.” Then again, Osmosis is likely one of the largest decentralized exchanges within the Cosmos ecosystem, additionally working by itself devoted community. It has over $23 billion in cumulative quantity and is the fourth-largest Cosmos chain when it comes to complete worth locked, in line with DefiLlama.
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Platypus exploiters stroll free after claiming to be “moral hackers”
A French courtroom has allowed two brothers accountable for stealing $8.5 million from DeFi protocol Platypus to stroll free with out repercussions.
On Feb. 16, the hackers managed to empty and transfer $8.5 million from Platypus by way of a flash mortgage assault, forcing the protocol to droop buying and selling companies till a decision was discovered. Preliminary investigations recognized the wrongdoer as Mohammed M., who took benefit of a code error and withdrew all property by way of an uncollateralized mortgage.
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Addressing the limitations to DeFi adoption — Interview with Velvet Capital
The approaching collectively of DeFi and asset administration is marking a giant change within the monetary world.
DeFi’s decentralized and clear structure presents a compelling different to conventional monetary programs. It may enhance how property are managed, give buyers higher returns, and make funding alternatives extra extensively accessible for institutional gamers and people.
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KyberSwap proclaims treasury grants for hack victims
KyberSwap intends to offer monetary help to customers affected by a big exploit on Nov. 22, which led to a $48.8 million loss for the DeFi protocol. To handle this, KyberSwap is establishing a grant initiative from its treasury to compensate these adversely affected by the occasion.
The grant is designed to ease the monetary burden on affected people and can equal the US greenback equal of the property misplaced within the safety breach. This transfer highlights KyberSwap’s dedication to its consumer group and platform safety. Whereas the particular particulars and standards for the grant are being finalized, KyberSwap has dedicated to offering extra info inside two weeks.
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DeFi market overview
Information from Cointelegraph Markets Professional and TradingView exhibits that DeFi’s prime 100 tokens by market capitalization had a bullish week, with most tokens buying and selling in inexperienced on the weekly charts. The overall worth locked into DeFi protocols remained above $60 billion.
Thanks for studying our abstract of this week’s most impactful DeFi developments. Be a part of us subsequent Friday for extra tales, insights and training relating to this dynamically advancing area.
