Multichain inner workings? And SOL increases by 80% in one month: 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.
A trader was able to exploit the brief opening of a multichain cross-chain bridge that had been frozen since its July 2023 exploit, allowing the trader to convert $280,000 worth of Phantom (FTM) tokens into $1.9 million in various assets.
In other news, the Solana (SOL) token is up 80% in a month, and Avalanche, a blockchain browser powered by Etherscan, is about to shut down amid a payment dispute. A new bridge token from LayerZero has drawn criticism from nine protocols across the Ethereum ecosystem, restricting the freedom of token issuers.
The top 100 DeFi tokens continue their momentum from last week, with most tokens posting positive results on the weekly charts.
The merchant uses Multichain unlocking to turn $280,000 into $1.9 million. The inner workings of community suspects
Within hours of opening the long-frozen multichain bridge, a wallet worth 1.9 million FTM turned $280,000 into $1.9 million, leading to insider speculation among the crypto community.
The Multichain Bridge, which has been frozen since its exploitation in July 2023, was briefly reopened on November 1 and then closed again. The businessman took advantage of the opportunity to make millions of dollars in profits.
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When Firedancer went live on testnet, Solana gained 80% in a month
SOL posted 30-day gains of nearly 81% and increased by 30% last week.
SOL hit above $41 on Nov. 2, a high it hasn't seen since August 2022, Cointelegraph Markets Pro data shows. Long touted as the “Ethereum killer,” SOL has outperformed its rival, Ether (ETH), which has posted gains of less than 11 percent in the past month.
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Avalanche blockchain browser shuts down when Etherscan payments create controversy.
SnowTrace, the popular blockchain explorer for Avalanche, will shut down its website — powered by the Etherscan Explorer-as-a-service (EaaS) Toolkit — on November 30. The Snowtrace team explained that only the browser powered by Etherscan will be blocked. Down.
According to the October 30 announcement, Snowtrack users are required to save their backup information such as personal name tags and contact verification details by November 30. He pointed to Eterscan's Service Fees for EaaS Toolkit. Trading Strategy founder Mikko Otayama says an annual subscription to EAS can cost between $1 million and $2 million a year.
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Nine protocols criticized LaborZero's wstETH token for being “proprietary”.
A new bridge token from cross-chain protocol LayerZero is drawing criticism from nine protocols across the Ethereum ecosystem. An October 27 joint statement from Connext, Chainsafe, Sygma, LiFi, Socket, Hashi, Across, Celer and Router called the token status a “vendor-locked ownership status” that limits the freedom of token issuers.
In their joint statement, the protocols said that LayerZero's new token is a “proprietary representation of wstETH to Avalanche, BNB Chain and Scroll with Lido DAO support.” [decentralized autonomous organization]Created by “provider-based systems”. […] It is essentially owned by the bridges that implement them” and as a result, “creates systemic risks for projects that are difficult to measure,” he said. The protocols support the use of the xERC-20 token standard to connect stETH instead of using LayerZero's new token.
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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 very busy week, with most tokens trading in the green on the weekly charts. The total value locked in DeFi protocols jumped to $49.46 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.
