Grayscale Aave Fund Launches Amid DeFi Rise: 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.
This week, Greyscale Investments launched its new Aave investment fund for qualified investors AAVE, the management token service of the Aave platform.
In other news, users of the Polymarket prediction market app have raised the alarm over a secret wallet attack to log into their Google account, with several victims reporting that their wallets were hacked after using their Google accounts.
Grayscale launches Aave investment fund
Asset manager Greyscale Investments has launched its new Aave (AAVE) investment fund for the protocol's management token, according to an October 3 news release.
The new Greyscale Aave Trust will allow investors to “gain exposure to AAVE, the governance token for the Aave platform,” he said.
“The trust is now open for daily registration by qualified individual and institutional accredited investors,” he said.
Source: Grayscale
The asset management firm recently established a US-based XRP trust, increasing its investors' exposure to DFi through the XRP Ledger.
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Polymarket users complain about mysterious Google wallet attacks
Users of Polymarket's prediction market app have raised concerns that their wallets have started leaking after logging in with their Google accounts.
Cointelegraph spoke to two of the victims of the attack. One of them, HHeego, said a $1,085 deposit from Binance to Polymarket never touched their account in the Polymarket app.
Before HHeego joined Polymarket's discord server and found out others were suffering from the same problem, they assumed the error was on their account.
After checking their account history using Polygoncan's block browser, it turned out they were being phished. Their balance was sent to an account named “fake_scam399064”.
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Solana DApps volume increased by 46% in one week – $180 is SOL the next stop?
Solana Native Token (SOL) saw a 9% drop in the two days to September 29, reflecting the broader altcoin market capitalization that reached nearly $800 billion at the end of September.
This fell to $739 billion on October 1, but despite the downward trend, network usage has increased, leading traders to speculate that the asset may outperform its competitors.
The Solana network defines itself with low latency and transaction fees, especially compared to Ethereum and BNB Chain.
According to GasFeesNow, the average fee traders were expected to pay for transactions was a paltry $0.02, a quarter of the difference from Ethereum's $2.50 and BNB Chain's $0.08.
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DeFi resurgence driven by Fed cuts, China, key protocols
On October 1, Apollo Crypto, an investment management company, released a report describing the second wave of growth in the DeFi industry.
Despite the market volatility that followed the peak of the ‘DeFi Summer' of the 2020s, the Apollo report called for a “DeFi Resurgence” and highlighted industry majors such as Maker, Uniswap and Awe.
Macroeconomic factors such as the U.S. Federal Reserve's interest rate cut and China's credit expansion have contributed to definit's revival, the report said.
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Fraudsters use Slack “driver” to cheat crypto teacher
Duo Nine, the creator of the Crypto Community (YCC) platform, has almost collapsed due to a fake scam.
The creator of YCC was approached by scammers claiming to be the head of Parafi Capital Company. The scammers tried to convince Nine to download a “patch” to enable their copy of Slack to work.
The reality is that the impersonators were probably trying to steal the private key with a malware “driver”, so they could extract the creator's asset crypto wallet.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies closed the week flat after recovering from significant market losses in early October.
Out of 100, the FTX Token (FTT) token rose more than 72% and was the biggest gainer of the week, followed by Aptos (APT) which rose by 9.27%.
Total value is locked in DeFi. Source: Defillama
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.
