Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.
Crypto hack losses decreased by more than half in 2023. Nevertheless, the industry still experienced over $1.8 billion in losses from exploits, and dydx has identified the attacker behind a $9 million exploit and is contemplating taking legal action against the perpetrator. All this and more in our weekly DeFi newsletter!
The top 100 DeFi tokens had a turbulent week, with the price of the tokens recording a major swing from bearish to bullish. In spite of this, the total value locked dropped below $60 billion after nearly two months.
The blockchain-based Web 3.0 is revolutionizing the DeFi space with its Non-Fungible Tokens (NFTs), Decentralized Autonomous Organizations (DAOs) and other features. It is already being touted as the future of the industry and is expected to further decentralize the web.
Crypto hack losses declined 51% in 2023: Report
According to the “Hack3d: The Web3 Security Report 2023” from blockchain security firm CertiK, the amount of digital assets lost due to hacks and other security incidents in 2023 totaled $1.8 billion, which is a 51% decrease from the $3.7 billion lost in 2022.
The report highlighted the state of Web3 security in the past year, emphasizing the importance of decentralized technologies such as Defi, NFTs, DAOs, and Web 3.0.
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ENS token surges 70% as Vitalik Buterin lauds platform as “super important”
The governance token of the Ethereum Name Service (ENS) rose by 72% on Jan. 3 after the domain platform received recognition from Ethereum co-founder Vitalik Buterin.
In a Jan. 3 post on X (previously Twitter), Buterin praised the Ethereum Name Service as “super important” and highlighted that the platform should remain attainable and cost-effective for all users of the Ethereum network, especially those on layer-2 networks.
Buterin’s comments come as the Web 3.0 and DeFi movements gain traction, with many investors turning to tokens, NFTs, DAOs and Web 3.0 initiatives for potential returns.
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DYdX uncovers identity of attacker, contemplates legal action following $9 million loss
Decentralized exchange dYdX has identified the individual behind the attack on its v3 platform on November 17, 2023, which resulted in a loss of $9 million from its insurance fund. The organization is now looking into legal action against the perpetrator.
To prevent similar coordinated attacks in the future, dYdX has enhanced its v3 trading platform with improved open-interest monitoring and alerts, as part of its mission to bring blockchain and Web 3.0 to DeFi, NFTs, DAOs, and other tokens.
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Cross-chain Orbit Bridge reportedly suffers $82 million exploit
It has been reported that hackers were able to take advantage of a vulnerability in Orbit Bridge, the bridging service of the cross-chain protocol Orbit Chain, resulting in the loss of $82 million.
On Dec. 31, pseudonymous Twitter user Kgjr highlighted the potential exploit, highlighting a series of large outflows from the Orbit Chain Bridge protocol. This was further corroborated by blockchain security firm Cyvers and on-chain sleuth Officer CIA.
To learn more about the implications of this exploit on Web 3.0, tokens, ENS, and DeFi, continue reading.
DeFi market overview
Cointelegraph Markets Pro and TradingView data shows that the top 100 tokens by DeFi market capitalization had a positive week, with most of them trading in the green on the weekly charts. Despite the bullish price action, the total value locked in DeFi protocols dropped below $60 billion.
Thanks for reading our summary of the most influential DeFi events this week. Join us next Friday for more news, insights and learning about this rapidly changing space.
The blockchain-based Web 3.0 is revolutionizing the DeFi space, bringing in Non-Fungible Tokens (NFTs), Decentralized Autonomous Organizations (DAOs), and other innovative technologies. It is clear that Web 3.0 is the future of this industry, offering a fully decentralized and secure environment.
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