Trump Jr. to launch DeFi platform, $510B sell-off 2024 crypto profit: Finance redefined
Welcome to Finance Redefined, your weekly dose of decentralized financial insights – a newsletter designed to bring you the most relevant developments from the past week.
The crypto market made a significant recovery this week after a massive crypto sell-off wiped out over $510 billion from the global crypto market cap.
Beyond the fix, there have been significant positive developments in the broader decentralized finance (DeFi) space after the presidential candidate and former President Donald Trump's eldest son plans to launch a DeFi platform to challenge the banking industry.
Although Trump Jr. has yet to reveal more details about the platform, the crypto industry could benefit greatly from the mainstream attention.
Donald Trump Jr. is launching a crypto platform to “capture” banks
Donald Trump Jr. has announced plans to launch a new DeFi cryptocurrency platform to address inequality in access to banking. However, the platform is still in its early stages and will take some time to materialize.
In the year During a subscription-based question-and-answer session on August 8, Donald Trump Jr., the eldest son of presidential candidate and former president Donald Trump, said he had not launched memecoin but was working on a crypto platform to take on banks. .
“We are talking about a big platform type” that is very different and not memecoin, he said. However, he added that not giving anything by the deadline “will take a long time to do something.”
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$510 billion in crypto sales by 2024 wipes out profits from top 50 coins
More than half of the 50 largest cryptocurrencies by market capitalization are in the red following the biggest crypto selloff in more than a year.
The entire crypto market saw a decline of $510 billion in total market capitalization.
Following the sale, more than 60% of the top 50 cryptocurrencies in 2018 fell. They lost all their gains in 2024, CryptoQuant author Binhdang wrote in an August 6 X post:
After Black Monday, 60 percent of the 50 coins have eliminated all gains since the beginning of 2024 and even suffered losses.
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Solana's first game SVM exceeded one million monthly active users
Sonic TestNet has surpassed one million monthly active users to ensure the growing adoption of Web3 games.
Sonic, the first gaming-focused Solana Virtual Machine (SVM) layer 2, generated over 600 million transactions with over a million users in the testnet.
Chris Zhu, CEO of SonicSVM, said the increase in users was largely due to the Odyssey testnet campaign, which gave users rewards for playing and trading on the testnet.
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Nomad Bridge Hacker took $35.2 million in ETH to Tornado Cash
An address named in the Nomad Bridge exploit transferred 14,500 Ether (ETH), worth about $35.2 million, to popular cryptocurrency mixing service Tornado Cash.
According to a PeckShieldAlertX post, funds related to the August 2022 Nomad Bridge hack were transferred on August 8.
However, the 14,500 Ether transfer followed another transaction on August 5, when 16,892 ETH was stolen in connection with Nomad Bridge.
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Ronin's “white hat” attacker is back after $10 million in ETH was accidentally discovered.
According to data from block explorer Etherscan, the highest withdrawable bot that poured 3,996 Ether from the Ronin Network bridge on August 6 has recovered almost all of its funds. This suggests that the bot may have accidentally spearheaded the attack. At the time of its return, the value of ETH was more than 10 million dollars.
The bot returned the money on August 6 at 3:04 pm UTC. A total of 3,991 ETH was transferred to the Ronin group, but the remaining 5 ETH was not returned. Ronin's team announced its return on social media platform X, and revealed that the owner of the site is being rewarded with $500,000 for finding the exploit.
The group said it will reopen the bridge only after the vulnerability is fixed and audited.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market cap ended the week in the red, still recovering from the tumultuous crypto market selloff.
Out of the top 100, the Lido Dao (LDO) token saw the biggest losses, falling more than 26% on the weekly chart, followed by the Artificial Superintelligence Alliance (FET) token, which fell more than 23% last week.
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.
