Crypto Protocols Recover $674 Million, Jupiter DEX Memecoin Frustration: 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 crypto, Solana's decentralized exchange (DEX) Jupiter overthrew its leading DEX platform, Uniswap, with $480 million in daily trading volume in a new frenzy of the memecoin climate.
According to a new report, $674 million of the $2.61 billion stolen from the crypto market in 2023 came from 600 large-scale hacks. Meanwhile, Polygon Labs has proposed a framework for classifying Defy as “critical infrastructure.”
The top 100 DeFi tokens had a mid-week market surge and the total value (TVL) in DeFi protocols increased to over $60 billion.
674 million dollars worth of stolen crypto was successfully returned in 2023
A blockchain security company has published data summarizing the losses due to hacking and fraud in 2023. According to the company, $2.61 billion was lost during the year, excluding multi-chain losses.
According to PeckShield in its report on January 29, the amount showed a decrease of 27.78% compared to 2022, with the total global cyber theft totaling 3.6 billion dollars. The security firm also tracked more than $674 million in more than 600 large-scale hacks, which equates to 25% of the stolen crypto.
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Solana DEX replaces Jupiter Uniswap among stablecoins, while the windfall is high
Trading volumes on Solana-based DEX Jupiter hit $480 million in a 24-hour period amid a flurry of new memecoin airdrops and higher stablecoin swaps.
Even the trading activity saw Jupiter beat Ethereum-based volumes on Uniswap by $10 million in v2 and v3 protocols, while the combined trading volume of those protocols was $470 million in the last 24 hours, according to CoinGecko data.
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Polygon Labs has proposed a framework for classifying DeFi as “critical infrastructure”.
According to a new proposed regulatory framework from the legal team behind Polygon Labs, independent, DeFi protocols should be designated as “critical infrastructure” and monitored by federal cybersecurity agencies in the United States.
On January 29, Rebecca Rettig and Katja Gilman of Polygon Labs and Michael Mosier, co-founders of the emerging tech law firm Arcturos, published “A Conceptual Framework for Decentralized Finance to Combat Illicit Financial Activity.”
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SFC pointed out that Floki staking programs are not authorized
The Hong Kong Securities and Futures Commission (SFC) has warned the public about risky investment products called “Floki Staking Program” and “TokenFi Staking Program”. Both products are integrated into the Floki ecosystem.
According to the SFC, these products are highly serviceable and they claim to offer annual returns ranging from 30% to 100%. However, the watchdog emphasized that none of the products have been licensed for public sale in Hong Kong.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, DeFi's top 100 tokens had the biggest week by market capitalization, mostly in the green trading on the weekly charts.
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.
