Welcome to Finance Redefined, your weekly dose of important decentralized finance (DeFi) insights — a publication crafted to carry you vital developments over the past week.
After the Mango Markets exploit final week, Compound protocol paused the availability of 4 tokens as lending collateral to defend it in opposition to any price manipulation.
Crypto staking protocol Freeway mentioned one in every of its buying and selling methods “appears to have failed,” forcing the agency to halt companies earlier this week. October continues to be dominated by DeFi hacks as one other DeFi lockup protocol, Team Finance, misplaced $14.5 million throughout contract migration, regardless of an audit clearance.
MakerDAO group voted to approve the custody of $1.6 billion USD Coin (USDC) with the institutional brokerage platform Coinbase Prime.
The prime 100 DeFi tokens confirmed bullish momentum after practically three weeks of price efficiency dominated by the bears. Majority of the tokens traded within the inexperienced on the weekly charts, with a number of of them seeing double-digit features.
After Mango Markets exploit, Compound pauses 4 tokens to defend in opposition to price manipulation
Decentralized lending protocol Compound has paused the availability of 4 tokens as lending collateral on its platform, aiming to defend customers in opposition to potential assaults involving price manipulation, related to the current $117 million exploit of Mango Markets, in accordance to a proposal on Compound’s governance discussion board that was not too long ago handed.
With the pause, customers won’t be able to deposit Yearn.finance’s YFI (YFI), 0x’s ZRX, Basic Attention Token (BAT) and Maker’s MKR (MKR) as collateral to take loans.
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Freeway’s withdrawal halt blamed on ‘failed’ buying and selling technique
Crypto staking platform Freeway pointed on the failure of one in every of its cryptocurrency buying and selling methods, together with market circumstances, because the main motive for halting consumer withdrawals earlier this week.
The crypto yield platform on Oct. 23 introduced it was halting numerous transactions relating to its high-yield Supercharger product, citing “unprecedented volatility” on the time, with out giving any extra particulars on the time, which noticed its token price plummet.
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Team Finance exploited for $14.5M throughout protocol migration regardless of contract audit
DeFi lockup protocol Team Finance mentioned that over $14.5 million price of tokens have been exploited by means of the Uniswap v2 to v3 migration operate on its platform. As informed by blockchain safety agency PeckShield, the hacker transferred liquidity from Uniswap v2 property on Team Finance to an attacker-controlled v3 pair with skewed pricing. By locking tokens to the contract, the attacker bypassed current validation mechanisms and pocketed the large leftovers as a refund for revenue.
Uniswap v3 was designed with higher effectivity for liquidity suppliers (LP) than v2 on its decentralized change. However, v2 sensible contracts are nonetheless operational, and customers should work together with a migration sensible contract to migrate their LP property from v2 to v3. PeckShield estimated that the preliminary assault vector required for this interplay prices simply 1.76 Ether (ETH).
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MakerDAO group votes to approve custody of $1.6B in USDC with Coinbase
Coinbase Prime, an institutional prime brokerage platform for crypto property, introduced on Oct. 24 that it has entered right into a partnership with MakerDAO to turn into a custodian of $1.6 billion price of the stablecoin USDC, of which MakerDAO is the biggest single holder.
The MakerDAO group voted to approve the custodianship, which is able to permit its group to earn a 1.5% reward on its USDC whereas holding funds with a number one institutional custodian.
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DeFi market overview
Analytical knowledge reveals that DeFi’s complete worth registered a surge towards the top of October, with the entire worth locked (TVL) rising above $50 billion on the time of writing. Data from Cointelegraph Markets Pro and TradingView present that DeFi’s prime 100 tokens by market capitalization had a bullish week, with the vast majority of the tokens buying and selling within the inexperienced on the 7-day chart, barring a number of.
Theta Network (THETA) was the most important gainer over the previous week, registering a weekly surge of 14.68%, adopted by Avalance (AVAX) with a 12.85% surge on the 7-day chart. Many different DeFi tokens registered single-digit weekly features, barring a number of that traded within the pink.
Thanks for studying our abstract of this week’s most impactful DeFi developments. Join us subsequent Friday for extra tales, insights and training on this dynamically advancing area.
