Memecoins Solana Helps Flip Ethereum, ETH Devaluation Raises Fears: 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.
Memecoin's frenzy has helped Solana-based decentralized exchanges (DEX) beat their Ethereum counterparts by increasing transaction volume. Ethereum-based memecoins eclipsed trading volume on DEXs just hours after some tokens went live.
In more memecoin news, the Milady nonfungible token (NFT) collection has joined the memecoin rush by launching its own token, which reached $18.6 million within two hours of the presale announcement.
After ParaSwap discovered the vulnerability, Augustus v6 evaded the hack by pausing its contract application programming interface or API. The protocol secured victims' funds through white-hat intervention.
In other news, the price of Ether (ETH) fell 18% last week, touching a new all-time high above $4,000. If the price drops to $3,100, $212 million worth of positions are at risk of being released.
Amid the memecoin frenzy, Solana's move flips Ethereum, even if txs fail.
Amid a scramble for Solana-based memecoins, activity on the Solana network surpassed Ethereum over the weekend – leaving the network scrambling to stay afloat.
On March 16, Solana's total trading volume exceeded that of Ethereum, reaching $3.52 billion, beating the daily volume on the Ethereum network by more than $1.1 billion, according to Defilama.
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Milady NFT memecoin reaches $18.6 million presale goal in less than two hours
NFT collection Milady's novel Solana memecoin attracted 91,486 SOL ($18.6 million) in two hours after its presale announcement.
On March 18, Milady unveiled the Milady Wife Hat, a Solana-based memecoin named after the popular Solana memecoin Dogwifhat (WIF). It will have a minimum investment of 1 SOL (SOL), with a cap of 88,888 SOL.
Hours later, the presale was oversubscribed. “The Milady Wife hat pre-sale has grown to 88,888 SOL and is now closed,” the group wrote, “Any additional Solana collected will be 100% refunded.”
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ParaSwap avoids hacking targeting Augustus v6 contract vulnerability
DeFi aggregator ParaSwap discovered a vulnerability in the newly launched August v6 contract and prevented significant financial losses due to timely white hat intervention.
On March 18, the ParaSwap Augustus v6 contract went live, aiming to improve exchange efficiency and reduce gas fees. However, the contract contains a critical vulnerability that could allow hackers to withdraw funds upon approval.
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At $3,100, Ether could liquidate $212 million in leveraged long positions
If the price of Ether falls below the $3,100 mark, the cryptocurrency market could see the outflow of leveraged long positions of over $212 million.
Ether fell 9.3% to $3,254 in the 24 hours to 10:40 am UTC on March 19. Ether is down more than 18% on the weekly chart, and a fall to $3,100 would wipe out more than $212 million worth of long gains, according to Coinbase. Data.
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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 $100 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.
