ETH Recovery Drives DeFi TVL To $100B, Solana Releases Patch For Network Congestion: 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.
More than $100 million in total value locked (TVL) in Diffie protocols in the first quarter of 2024 helped by Ethereum liquidity. Protocols like Lido and EigenLayer are behind the DeFi TVL resurgence.
On April 15, Solana developers released a solution to the extended network congestion on the blockchain. They have promised more repairs in the near future to ensure the network is back to normal.
Ethereum Liquidity Retention Raises DeFi TVL to $100 Billion in First Quarter
Decentralized finance TVL nearly doubled in the first three months of this year compared to the previous quarter, driven in part by Ethereum's liquidity restoration initiative, according to a recent study.
Defy TVL rose to $97 billion in the first quarter of 2024 from a low of $36 billion in Q4 2023. It has increased by 81% since the beginning of the year, reaching a two-year high of $98 billion last week.
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Avalanche home loan tokenization protocol raises $10 million in Series A funding
Homium, a home equity line of credit (HELOC) token protocol built on top of Avalanche, has raised $10 million in Series A funding led by Sorensen Impact Group and Blizzard.
“Through Mutual Appreciation Home Equity Loans, Homium introduces a way for homeowners to borrow against their home equity without increasing their monthly debt burden,” Avalanche wrote in an April 15 announcement.
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Solana mainnet beta update v1.17.31 to resolve congestion issues.
Solana developers have released Wannet beta update v1.17.31 to deal with network congestion on the Solana blockchain. The update was released on April 12, and now, after three days of testing, it's being recommended for general use by Mainnet beta testers.
This patch contains improvements to help with some ongoing network congestion and will be followed by more improvements in v1.18. The current version helps improve network congestion and open demand hopping.
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Crypto sleuth warns of fraudsters behind the DeFi protocol
Anonymous blockchain researcher ZachXBT has warned of a group of fraudsters using millions of stolen funds to lure more victims into new scams.
In a thread on X, ZachXBT disclosed the findings of investigations into Leaper Finance, a Blast-based lending protocol. According to the analysis, the group is behind a number of rogue exploits, including Magnet ($6.5 million), Kokomo ($4 million), Soulfire ($4.8 million) and Landora users.
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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 heavy week by market capitalization, with most trading in the red on the weekly charts. The total value locked in DeFi protocols has dropped below $90 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.
