Web3 community unites for Turkish–Syrian earthquake victims: Finance Redefined

Welcome to Finance Redefined, your weekly dose of important information about decentralized finance (DeFi) – a newsletter created to inform you about significant developments over the past week.

Following the deadly 7.8 magnitude earthquake in southeastern Turkey, the Web3 community came together to raise awareness and help the victims of the disaster.

According to Aave founder Stani Kulekhov, stablecoins could prove to be a decisive factor in the wider adoption of DeFi. Creating a “payment layer” that includes stablecoins has the potential to draw regular people into the space, eventually introducing them to DeFi, according to an Aave executive. On the other hand, S&P Global Ratings believes that DeFi protocols can attract institutional interest if they do the right securitization.

Venture capital firm Andreessen Horowitz (a16z) used 15 million Uniswap tokens (UNI) to vote against the deployment of Uniswap v3 on the BNB chain using the Wormhole bridge. Web3 developer ConsenSys gave UNI 7.03 million votes in favor of its deployment on the BNB chain.

The DeFi market broke its four-week bull run after news that Kraken settled with the US Securities and Exchange Commission and ended its cryptocurrency staking services. The settlement means US exchanges must shut down their staking services, which comes at a critical time for Ethereum as the upcoming Shanghai update will allow Ether (ETH) stakers to withdraw their ETH.

Web3 Community Responds to Turkey-Syria Earthquake Tragedy

A massive earthquake struck southeast Turkey along the border with Syria on February 6, killing more than 18,000 people. An earthquake measuring 7.8 on the Richter scale, which is internationally classified as “strong”, occurred 100 kilometers from the fault line.

The infrastructure in the area suffered significant damage, resulting in a deadly cross-border humanitarian disaster. However, the world was not slow to respond. On the Internet and on various social media platforms, people are raising funds for local and international relief organizations to help those in the affected areas.

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Aave Founder Says Stablecoin Adoption Could Drive DeFi Growth

Stani Kulekhov, founder of the Aave DeFi protocol, highlighted several issues in the DeFi space at StarkWare Sessions 2023 held at The Cameri Theater in Tel Aviv, Israel.

In a fireside chat titled “DeFi: Resilience in the Face of Global Uncertainty,” Kulekhov and Cryptooshala Managing Editor Alex Cohen discussed various topics, including the risks of DeFi versus traditional finance and how stablecoins could lead to wider adoption of DeFi.

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DeFi Securitization of Real Assets Creates Credit Risk and Opportunity: S&P

The use case for DeFi in traditional finance could grow in the coming years as new protocols attempt to support the securitization of real assets, according to a new research report from credit ratings agency S&P Global Ratings.

Real asset financing is likely to be a key direction for the development of DeFi protocols, according to an S&P report titled “DeFi Protocols for Securitization: A Look at Credit Risk.” While the industry is still in its infancy, S&P has highlighted several benefits that DeFi can bring to securitizations, including lower transaction costs, greater transparency in asset pools, reduced counterparty risk, and faster settlement of payments for investors.

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a16z votes against proposal to deploy Uniswap v3 on BNB network

Venture firm a16z has voted against the final proposal to deploy Uniswap v3 on the BNB chain using the Wormhole bridge, as revealed by the Uniswap DAO forum.

The governance proposal to deploy the latest version of Uniswap on the BNB chain was submitted on February 2 by 0xPlasma Labs on behalf of the Uniswap community after it passed the temperature test with 20 million (80.28%) votes in favor and 4.9 million (19.72% ). %) vote against. On Feb. 5, the venture capital firm used 15 million of its UNI assets to vote against the move.

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ConsenSys Adds 7.03M Votes to Uniswap’s BNB Chain Migration Proposal Amid VC Battle

According to Tally, Web3 infrastructure developer ConsenSys, creator of the popular digital wallet MetaMask, cast 7.03 million votes for a proposal that would deploy the Uniswap v3 decentralized exchange protocol on the BNB chain.

Venture capital firm Andreessen Horowitz voted against the proposal, Cryptooshala reports. A16z, which reportedly owns 55 million UNI tokens, voted 15 million UNI against the move due to its reliance on the Wormhole bridge. Instead, the venture capital firm backed the use of LayerZero as the interoperability protocol. LayerZero Labs is part of the a16z portfolio and raised $135 million in a March 2022 funding round at a $1 billion valuation.

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DeFi Market Overview

Analyst data shows that the total market value of DeFi dropped to $40 billion last week, down from about $40.1 billion at the time of writing. Data from Cryptooshala Markets Pro and TradingView shows that the top 100 DeFi tokens by market capitalization had a bearish week, with most tokens bleeding last week, registering double-digit losses on weekly charts.

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.

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