Solana MEV bot bags $1.7M
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 Solana-based MEV bot made headlines last week for making $1.7 million in profit per trade. Meanwhile, the nearby foundation has laid off 40% of its staff despite strong financial performance, and the US Commodity Futures Trading Commission (CFTC) is looking to reduce DeFi risks with ecosystem stakeholders – all this and more in the weekly DeFi newsletter.
The top 100 DeFi tokens had a strong week, led by the approval of the first Bitcoin (BTC) exchange-traded fund (ETF) in the United States. The total value locked in DeFi protocols has breached $65 billion.
MEV bot made $1.7 million profit from one “ineffective” Dogwifhat trade
Solana-based MEV bot managed to get $1.7 million from a questionable trade “in the most inefficient way possible” when a trader bought $9 million worth of MemeCoin DogwhipHat (WFF).
MEV bot 703 Solana (SOL), operated by 2fast, traded 490,000 WIF and converted that amount of WIF to 19,035 SOL in the same trading package, earning itself a profit of $1.73 million, according to Solscan data.
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Although the financial issues that destroy nearly 40 percent of the human resources of the foundation
Near Foundation, developer of the eponymous Layer-1 protocol, has announced that it will lay off 40% of its staff to “focus the core Foundation team on a narrower, higher-impact set of activities.”
According to the Jan. 11 announcement, the decision to lay off 35 employees in marketing, business development and community groups came after feedback that the foundation was not always as efficient as it could be, sometimes moving too slowly and testing. To do many things at once”
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Web3 Apps See 124% Growth in 2023, Led by Near, Klaytn, Arbitrum — DappRadar
In the year According to a January 11 report from blockchain analytics platform DappRadar, the number of uniquely active wallets (UAWs) involved with Web3 applications will increase by 124 percent by 2023. Nearby, Clayton and Arbitrum led the year in growth, while Harmony, Solana and Hive saw users decline. How many wallets from the Web3 application, also known as a decentralized application, are UAW in a given period of time.
During the year, an average of 4.2 million UAWs interacted with these apps daily, more than double the number of users last year. Immortal token products led the way in growth with a 166 percent increase in 2022, with DeFi coming in second with a 112 percent increase. According to the report, social media apps posted a 29% gain, thanks to “Leading Protocols” Friend.tech, Lens Protocol and Galxe.
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CFTC lists ways to mitigate deflation risks among “promising opportunities”
The CFTC, which oversees US derivatives markets, has published a report detailing its recommendations to policymakers and industry players to mitigate the risks associated with deflation.
In its DeFi report, the CFTC's Digital Assets and Blockchain Technology Subcommittee wrote that the space offers “promising opportunities.” However, the CFTC cited complex and significant risks to the U.S. financial system, its consumers, and national security.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, DeFi's top 100 tokens had the biggest week by market capitalization, mostly in the green trading on the weekly charts. After weeks of intense price action, the total value locked up in DeFi protocols has surpassed $65 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.
