European Regulators Assess DeFi Risks, Uniswap Launches Android Wallet: 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.
In this week's newsletter, European securities regulators released a report on the DeFi ecosystem that outlines the potential risks to the EU's financial system – but also highlights the benefits of DeFi.
Uniswap Android Wallet has launched on Google Play, the application is gaining popularity among desktop and Apple iOS users. DeFi platform Star Arena got 90% of stolen Avalanche (AVAX) tokens after offering a $250,000 bounty, and Platypus Finance fell victim to another flash loan attack.
The top 100 DeFi tokens had a mixed week in terms of price action, with most tokens trading in the same range or slightly higher than last week. The total value locked in DeFi protocols has reached $45.67 billion.
European regulator: DeFi comes with big risks and benefits
The European Securities and Markets Authority (ESMA) – the European Union's financial markets regulator – released an article on October 11 about DeFi and the risks it poses to the EU market.
In a 22-page report, ESMA acknowledges DeFi's promised benefits of financial inclusion, the development of innovative financial products and the speed, security and costs of financial transactions.
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Uniswap Android Wallet has launched beta for Google Play.
Decentralized crypto exchange Uniswap launched a closed beta Android version of its mobile app on October 12, according to a blog post by the app's development team. Uniswap was previously only available on PC and iOS mobile devices.
The new Android beta app allows users to choose coins on different chains without switching networks. A Coin will automatically detect which network it is on and switch to that network without the user asking. It can currently be used on Polygon, Arbitrum, Optimism, Base and BNB Chain, with additional chain compatibility in the future.
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Stars Arena returned 90 percent of the stolen money after offering a $257,000 reward.
Web3's social media platform Stars Arena claims to have recovered almost all of the stolen crypto from the October 7 exploit, minus a 10% reward for whoever was responsible.
In an October 11 X (ex-Twitter) post, Stars Arena said that 90% of the 266,000 AVAX exploits, worth nearly $3 million at the time, were returned after the 27,610 AVAX bounty was agreed to reward the exploiter with nearly $257,000. . The reward also included restitution for 1,000 AVAX worth more than $9,000, which the exploiter apparently lost on the bridge.
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Platypus Daffy lost $2.2 million in another flash loan scam.
DeFi protocol Platypus has lost more than $2 million in assets after another flash lending exploit occurred on its platform. The protocol blocked all its pools in response to the attack.
According to blockchain security platform CertiK, Diffie's platform experienced three attacks, with $2.23 million in exploits taken. On October 12, the first attack took 1.2 million dollars from the platform. A second attack occurred hours later, stealing $575,000 worth of property from the platform. A minute later, a third attack occurred, with $450,000 worth of property lost.
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Lido Finance shows 20 incidents of downtime due to authentication configuration issues
Ethereum staking protocol Lido Finance has announced that the protocol has seen 20 transaction events due to its continuous infrastructure and validators powered by Launchnodes.
The incident occurred on October 11 at 3:30 pm UTC, Launchnodes said. In X's October 11th post, Lido stated that the Lanchnodes validator nodes are now offline and the hack has stopped while the cause is investigated.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, DeFi's top 100 tokens by market capitalization had a mixed week, with most tokens trading in the green on weekly charts. The total value locked in DeFi protocols dropped to $45.67 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.
