Starknet Weather Trouble, ETH Gas Charges Hit 8-Month High: Finances Redeemed
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.
Last week saw starknet airdrop frustrations in DeFi, with many users reporting that they received little to no airdrops as expected. Meanwhile, the founder of Uniswap has warned of scams from the new Ethereum Name Service (ENS) domain.
Ethereum Gas payouts hit an 8-month high amid the ERC-404 craze, with EigenLayer becoming the fourth largest reprocessing protocol with $7 billion in total value locked (TVL).
The top 100 DeFi tokens had another bright week, with the majority of tokens bought on greenbacks and TVL rising to a new annual high of over $72 billion.
Before the start of the starknet simulation, it was filled with airdrop hunters – report
Airdrop farmers can manage the much-anticipated airdrop with Ethereum's layer-2 scale solution, Starknet.
According to a February 15 report by Yearn.finance developer Banteg, 1,854 individuals have changed or deleted their accounts since a blockchain snapshot for Starknet Weather was taken on February 19. The Starknet Foundation will allocate 700 million STRK tokens. Between 1.8 billion and 1.3 million eligible wallet addresses on February 20, 50% of tokens will go to protocol users.
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EigenLayer will be the fourth largest reset protocol with a TVL of nearly $7 billion.
Ethereum refinancing protocol EigenLayer has become the fourth largest protocol by TVL, surpassing crypto lending protocol JustLend.
EigenLayer's TVL rose 5.73% to $6.99 billion on Feb. 15. Reprotocol's TVL is up 47.95% over the past seven days and 307% over the past month, according to data from Defillama.
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The founder of Uniswap warned the community about the ENS wallet impersonation scam
Hayden Adams, founder of decentralized exchange Uniswap, has warned the crypto community about a scam using wallet addresses as Ethereum name service domains.
On February 14, Adams shared a warning on X about scammers impersonating his Ether (ETH) wallet. The executive explained that the fraudsters used their wallet addresses as ENS wallets with .eth. Additionally, Uniswap's founder said that posting the wallet address on some user interfaces would show an ENS match unrelated to the address as a top search result.
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Ethereum Gas fees hit an eight-month high amid the ERC-404 frenzy
Ethereum network gas payments hit eight-month high amid surge in demand for new, unofficial experimental token standard ERC-404.
Ethereum network gas prices averaged 70 gwei ($60 for a regular transaction) on February 9, with peak gas costs reaching 377 gwei – a level not seen since May 12, 2023.
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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. TVL in DeFi protocols has breached $70 billion for the first time in over a year.
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.
