Chainlink Quietly Changes Multi-Sig Rules, Gives Mixin $20M Bonus: Finance Redefined
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 in DeFi was dominated by changes in some of the OG DeFi protocols, Uniswap Foundation's plans to raise $62 million in new funding, and decentralized Oracle service provider Chainlink's concerns about its changes to multi-signature wallets.
Mixin Network, which was hacked on September 23 with nearly $200 million worth of crypto assets, has now offered a $20 million bounty to the exploiters, claiming that most of the stolen funds belong to users.
Michael Egorov, founder of Curve Financial, cut his debt to $42 million and paid off the entire Aave loan on September 28. And crypto exchange Upbit stopped the flood of fake Aptos tokens from its platform and continued to fund and cash out the proposed token.
Chainlink reduces stress after users experience a quiet transition to MultiSig
Decentralized word network Chainlink has downplayed a recent change to the number of signatories required on its multi-sig wallet – a move that drew backlash from vocal critics on social media.
Crypto researcher Chris Blake was one of several users on X (formerly Twitter) who asked Chainlink to quietly reduce the number of signatures required on multi-signature wallets from 4-of-9 to 4-of-8.
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The Uniswap Foundation has set a target of $62 million for additional funding
Decentralized exchange (DEX) Uniswap is seeking an on-chain vote to approve the second tranche of $74 million in funding from developer Uniswap Foundation.
According to the September 27 announcement, the second tranche of support, with a 10% buffer for price volatility, will be valued at approximately $62 million and will be determined by an on-chain vote on October 4. If approved, the funds will be used for operations and research grants. The Uniswap Foundation is responsible for advancing core protocol parameters, building an innovation pipeline, and aligning incentives for popular DEX stakeholders.
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The founder of Curve Finance cut his debt to $42.7 million and refinanced Aave's entire loan.
Michael Egorov, the founder of the DeFi protocol Curve, recently restructured his loan on the Aveo loan platform, reducing his debt with other protocols to $42.7 million.
According to on-chain analytics platform Lookonchain, Curve's founder has deposited 68 million CRV tokens worth $35.5 million into the Silo lending protocol and borrowed 10.77 million in crvUSD stablecoin. Following this, Igorov converted crvUSD to Tether (USDT) and paid off his entire debt on Ave.
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Mixin Network offers $20 million reward to hackers for $200 million hack
The Mixin Network decentralized cross-chain protocol offered a $20 million bug bounty to the hacker behind a $200 million exploit on September 23 to return the remaining funds.
Mixin Network encrypts the message with the exploit transaction and asks the exploiter to return the money since most of the stolen funds are the property of the users.
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Crypto exchange Upbit fake APT token flood trunk, resumes service.
South Korean cryptocurrency Upbit has resumed Aptos APT (APT) deposits and withdrawals after fixing a problem where a fraudulent APT token was mistakenly recognized as legitimate.
On September 24, AppBit triggered an audit of its wallet system after it suddenly saw an “unusual deposit attempt.” The problem appears to stem from a newly created fake APT token called “ClaimAPTGift.com” that made its way into 400,000 Aptos wallets after its creation on September 21st.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, DeFi's 100 major tokens had a strong week by market capitalization, with most tokens trading in the green on weekly charts. The total value locked in DeFi protocols has reached $45.7 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.
