Welcome to Finance Redefined, your weekly dose of important information about decentralized finance (DeFi) – a newsletter created to inform you about significant events over the past week.
Last week, two exploits followed one after the other in the DeFi ecosystem, resulting in the loss of millions of dollars. First, cross-bridge token platform Nomad was the victim of what many thought was a decentralized heist that resulted in nearly $190 million being stolen from their wallets.
The Solana ecosystem has been the victim of a massive unknown attack that has wiped out thousands of wallets. In addition to a series of exploits, Nansen admitted his negligence towards the DeFi market during the NFT boom.
The top 100 DeFi tokens have seen mixed price action over the past week, with many of them seeing declines after some bullish moves last week.
Nomad Token Bridge Lost $190 Million Due to Security Breach
The Nomad Token Bridge appears to have suffered a security vulnerability that allowed hackers to systematically drain a large portion of the bridge’s funds over a long series of transactions.
According to DeFi tracking platform DefiLlama, almost all of the $190.7 million in crypto has been removed from the bridge, with only $651.54 remaining in the wallet. However, Nomad later suggested to Cryptooshala that some of the funds were withdrawn by “friends in the white hat” who withdrew the funds with the intention of protecting them.
Slope wallets blamed for Solana wallet attack
As the dust settles after yesterday’s chaos in the Solana ecosystem, evidence emerges that wallet provider Slope is largely responsible for a security exploit that stole cryptocurrencies from thousands of Solana users.
Slope is a Web3 wallet provider for the Solana Layer-1 blockchain. Through the Solana Status Twitter account on Wednesday, the Solana Foundation pointed the finger at Slope, stating that “it appears that the affected addresses were created, imported, or used in Slope’s mobile wallet applications at some point.”
Nansen admits he neglected DeFi plans during NFT craze
CEO and co-founder Alex Svanevik recently spoke about Nansen’s growth, highlighting that the company has registered more than 130 million addresses and is up 30% despite the cryptocurrency slump. Svanevik has attributed much of his success to the value of blockchain platforms, especially those based on Ethereum.
Cryptooshala reached out to Nansen’s Andrew Thurman to learn more about the company’s success. Thurman, a monkey psychometric enhancement specialist, explained that after the non-fungible token (NFT) craze, they neglected their DeFi plans a bit.
Uniswap Foundation proposal draws controversy over $74 million price tag
The Uniswap Labs community has already begun to consider a new proposal to set up a Uniswap Foundation in the US, but first, it will cost $74 million.
So far, the proposal has received mixed reactions from the community, with many praising the fund’s plans to support and expand the Uniswap ecosystem, while others have objected to its high price tag.
DeFi Market Overview
Analyst data shows that the total value of DeFi locked up has recorded an increase of almost $9 billion from last week to $79.4 billion. Data from Cryptooshala Markets Pro and TradingView shows that the top 100 DeFi tokens by market capitalization had a mixed week, with several tokens trading in the red and several others registering even double-digit gains.
Yearn.finance (YFI) led the top 100 with a 20% gain over the last week, followed by Lido DAO (LDO) with a 16% gain. Fantom (FTM) is up 10% and PancakeSwap (CAKE) is up 8% on the weekly chart.
Thank you for reading our roundup of the most important DeFi events this week. Join us next Friday for more stories, insights and knowledge in this dynamic space.
Credit : cointelegraph.com