DeFi TVL Breaks $100B, MakerDAO DAI ‘Endgame:’ 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.
The Defi ecosystem continues to see price action with its total locked-in value (TVL) breaching $100 billion for the first time in more than two years, MakerDAO is gearing up for a “end-game” scalability shift for stablecoins, and Etena is a high-income decentralized application. (DApp), and DeFi platform Unizen will reimburse its users after a multi-million dollar hack.
In other news, BNB Chain announced its new bundle-as-a-service solution for Layer-2 networks.
Maker's “Endgame” startup aims to take 100 billion DAI Tether.
Decentralized financial protocol MakerDAO is gearing up to launch a highly anticipated “endgame” transformation that will make the platform “more resilient and sustainable user growth,” according to co-founder Rune Christensen.
In the year On March 12 on social media platform X and the MakerDAO forum, Christensen announced a “launch phase” of a five-phase plan for the DeFi lending protocol, with Phase 1 scheduled for mid-2024 including hiring an external marketing firm to rebrand the entire project. To a less complicated and more enjoyable operation.
Endgame aims to grow the protocol's Dai (DAI) stotico from a $4.5 billion market capitalization to “$100 billion and beyond” to rival Tether (USDT).
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DeFi protocol to provide “immediate payment” after Unize $2.1 million hack
The DeFi protocol Unizin announced that it would pay its users who lost $750,000 or less “as soon as possible” after the platform crashed, which resulted in the loss of about $2.1 million in user funds.
On March 9, blockchain analytics firm PeckShield reported that more than $2 million had been spent on the DeFi platform as a “approved issue”.
The security firm urged users to cancel their approval from the aggregator to avoid further losses. Security company SlowMist estimated the loss of the exploit at $2.1 million and revealed that the attacker exchanged USDT for DAI.
Etena has become the highest-grossing DApp in crypto.
Etena has become the top-grossing DApp after breaking $6.8 million in daily gross revenue last week, according to Etena Labs head of development Seraphim Checker in a March 8 X post.
The only other blockchains with more revenue than Athena are Tron with $38.6 million and Ethereum with $182.5 million in daily total revenue over the past seven days.
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BNB chain to expand the layer-2 ecosystem with a new bundle of services
BNB Chain, an ecosystem powered by the BNB (BNB) token, has unveiled a bundled service solution for building a Layer-2 blockchain on the network.
On March 14, BNB Chain announced its wrapper-as-a-service or RaaS solution to help projects build layer-2 networks on BNB Chain. The service expands the ecosystem of the BNB chain and provides access to the technological infrastructure needed to deploy Layer-2 networks on the blockchain.
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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. TVL in DeFi protocols has surpassed $110 billion for the first time in over two years.
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.
