Busy Week for Uniswap, and Platypus Recovers 90% of Hacked Funds: Finances Revealed
Welcome to Finance Redefined, your weekly volume of decentralized finance (DeFi) insights – a newsletter designed to bring you the most relevant developments from the past week.
Last week, Uniswap, a popular decentralized exchange platform in DeFi, caused controversy after it announced a 0.15% exchange fee starting October 17th and open source Know Your Customer (KYC) checks on Uniswap.
In other major DeFi developments, Platypus Finance managed to recover 90% of its lost funds on October 12, launching a layer-2 zero-knowledge Ethereum Virtual Machine (zkEVM) “rolling” mainnet.
Top 100 DeFi Tokens by Market Capitalization Thanks to Friday's momentum in the market, most tokens are trading in the green and recording double-digit gains on the weekly charts. However, the price action was not reflected in the total value locked (TVL), which is close to $2 billion.
Ethereum LSDI sector up almost 60x since January on post-Shappella increase: CoinGecko
The Ethereum Liquid Staking Derivatives Finance (LSDFi) ecosystem has seen growth this year as owners of Ether (ETH) have chosen stakes over liquidation.
Despite the April 2023 ATM Capella update to enable ETH mining, an October 16 LSDFi report from crypto data aggregator CoinGecko showed the sector has grown by 58.7x since January. In the year By August 2023, LSD protocols will account for 43.7% of the total 26.4 million ETH share, with Lido holding the lion's share of one-third of the total market.
Continue reading
Ethereum layer-2 zkEVM “scroll” ensures the launch of the mainnet
Scroll, a new competitor in the zkEVM space has confirmed the launch of the mainnet that works to scale blockchain.
The team behind Scroll announced the launch in a post on October 17 and added that applications and developer tools on Ethereum can now be migrated to the new scaling solution. “Everything works out of the box,” said the scrolling team.
Continue reading
Platypus Finance has recovered 90% of assets lost due to exploitation
DeFi Protocol Platypus Finance said it recovered 90% of assets stolen in last week's security breach.
According to the October 17 announcement, the protocol's net loss was determined at 18,000 Avalanche (AVAX), which was worth $167,400 at the time. When the hacker voluntarily returned the money, Platypus Finance said it “guarantees no legal action will be taken”. He also hinted that withdrawal information regarding users' property will be posted soon.
Continue reading
Uniswap charges 0.15% exchange fees from October 17th
Decentralized exchange Uniswap started charging a 0.15% exchange fee on certain tokens on its web app and wallet on October 17.
According to a post by Uniswap founder Hayden Adams, the affected tokens are ETH, USD Coin (USDC), Bundle Ether (wETH), Tether (USDT), Dai (DAI), Bundle Bitcoin (WBTC), Angular Protocol Aggregate, Gemini Dollar. (GUSD), Liquidity USD (LUSD), Euro Coin (EUROC) and StraitsX Singapore Dollar (XSGD). Shortly after publication, a Uniswap spokesperson contacted Cointelegraph and stated that “both the input and output tokens for the payment must be on the list.”
Continue reading
The KYC hook for Uniswap v4 has sparked community controversy
A new hook available on the open source directory for Uniswap v4 hooks is causing controversy in the crypto community. The hook allows users to be checked for KYC before trading in token pools.
Criticizing the hook, user X (formerly Twitter) said the hook opens up the possibility of decentralized financial protocols being registered by regulators.
Continue reading
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 the green on weekly charts. However, the total value locked in DeFi protocols dropped to $43.81 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.
