September 2023 Sets Exploitation Record, and DAOs Can Democratize Science: 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, the newspaper reported that September became the month of crypto exploitation in DeFi, with more than $300 million in losses, and that the production of the popular DeFi lending protocol will be permanently closed until December.
Polygon founder Jainty Kanini has stepped down from his day-to-day role at the company, saying he will now oversee it from the sidelines, and that decentralized autonomous organizations (DAOs) can help scientists find funding and community, Popular Science reported. Magazine.
The DeFi market had a mixed week in terms of price action, with most of the top 100 tokens trading in the same price zone as last week.
September will be the biggest month for crypto exploits in 2023: CertiK
September has officially become the worst month for crypto-related exploits in 2023 (so far) – a whopping $329.8 million stolen in crypto.
In the year On October 2, blockchain security firm CertiK said that its top contributor for the month came from the September 23 attack on the Mixin Network, which breached the Hong Kong-based decentralized chain transfer protocol and lost $200 million. Cloud service provider.
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Provide a protocol to permanently “decommission” operations by December 2023
Production Protocol has announced its decision to close at the end of the year due to lack of commercial demand and international regulatory pressures.
The production protocol will cease to exist after the series ends in December 2023, which will occur on December 29. A production protocol announcement announcing the “wind down” action confirmed the cancellation of the March 2024 fixed rate series launch.
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Polygon's co-founder is down, contributing “from the side.”
For the first time in six years, Jayant Kannani has announced that he is stepping back from his “daily activities” on the project.
In an Oct. 4 X (formerly Twitter) thread, Kanani said he plans to focus on “new adventures” while contributing to Polygon “on the side.” Along with software engineers, including Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic, Kanani helped found Matic Networks in 2017, which later became Polygon.
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DAOs can help scientists find funding and society, says Nature Science Journal
The journal Nature recently published an editorial in the Biotechnology section of Nature describing DAOs as a revolutionary new way for researchers working in underfunded scientific fields to create communities around their work and raise funding that might otherwise not be available.
In a DAO-based research scheme, project organization, fundraising, feedback and the pipeline from discovery to production/industry can all be handled by a single decentralized governance body.
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Wirex Tap ZK-Proofs for unsecured crypto debit card withdrawals
Crypto payment service provider Wirex on October 3 announced the launch of a zero-knowledge proof (ZK-proof)-no-book crypto debit card service called WPay.
Wirex's new decentralized solution uses zero-knowledge technology and is built on the Polygon Chain development kit, providing increased scalability and security. Polygon's CDK is built with ZK-verifications in mind, allowing companies and users to build their own ZK-powered Layer-2 Rails.
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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 were slightly behind last week, with most tokens trading in the green on weekly charts. The total value locked in DeFi protocols dropped to $45.07 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.
