Audits and carpet-pulling projects, 650B token burned, and major DeFi protocol quits UK: Finance redefined
Welcome to Finance Redefined, your weekly DeFi Insights – a newsletter designed to bring you the most important developments from the past week.
Last week in Diffie was filled with bullish resurgence for many projects, but the Uniswap founder's $650 billion HayCoin (HAY) burn — 99% of the token's supply — grabbed the headlines. In other news, a new report found that in Q3, 85% of DeFi projects pulling the plug didn't report audits, and the biggest DeFi protocol on Solana closed its UK operations due to stricter rules on financial ethics. Authority (FCA)
The top 100 DeFi tokens had a bright week, with most tokens trading in the green with double-digit weekly gains.
85% of crypto carpetbaggers didn't report audits in Q3: Hacken
Cryptocurrency scams aren't too difficult for investors to spot, as most such scams often share distinct and visible characteristics, according to a new report.
Blockchain security auditor Hackin released its latest Security Insights report on October 25, aiming to identify trends in Q3 crypto hacks and assess how affected projects approached security.
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Biggest DeFi protocol on Solana reportedly quits UK market citing FCA rules
Marinade Finance, the largest DeFi protocol running on the Solana blockchain, has reportedly started banning users from the UK. Customers in the UK discovered the problem on October 23rd when trying to access the Marinade website from local IP addresses.
Marinade Finance has nearly 75,000 users with a total value of more than $265 million locked up at the time of writing, accounting for 70 percent of the funds locked on the Solana blockchain.
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According to the estimation of the founder of Uniswap, he burned 650 billion dollars in HayCoin
Uniswap founder Hayden Adams burned 99% of HayCoin's supply on October 20, according to an X (formerly Twitter) announcement. Adams said most of the tokens were removed from circulation due to the price speculation of the previous days.
Adams deployed the HAY token for testing five years ago before launching the decentralized protocol Uniswap. He created a small test liquidity pool with a small fraction of the total supply and kept more than 99.9% of HAY tokens in wallets. A few weeks ago, the token was trading in the six-figure range as memecoin.
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Polygon will finally launch the POL token contract on Ethereum to replace MATIC
According to an announcement on October 25, Polygon Labs has launched an Ethereum contract for its new Polygon token, POL. The new token is intended to replace the Polygon (MATIC) token. However, the team says users currently do not need to convert MATIC to POL.
According to blockchain data, the new token was created on October 25 at 9:06 am UTC. Its full name is “Polygon Ecosystem Token”. In the announcement, the Polygon team implemented a “re-staking protocol” that allows token holders to participate on multiple chains, performing multiple tasks in the process, Paul said, “enhancing the broader ecosystem of zero-knowledge layer 2 chains.” .
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, DeFi's top 100 tokens had a strong week by market capitalization, with most tokens trading in green on weekly charts. The total value locked in DeFi protocols jumped $6 billion to $49.16 billion.
Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.
