Welcome to Finance Redefined, your weekly source of essential insights into decentralized finance (DeFi) – a newsletter designed to bring you the most significant developments of the past week.
The recent craze for memecoins has propelled Solana-based decentralized exchanges (DEXs) to the top of the charts, surpassing their Ethereum counterparts in trading volume. Within hours of their launch, some tokens even outperformed popular Ethereum-based memecoins in terms of trading volume on DEXs.
In the world of memecoins, the Milady nonfungible token (NFT) collection has also joined the frenzy by releasing its own token, which garnered a whopping $18.6 million within just two hours of its presale announcement.
ParaSwap narrowly avoided a potential hack by halting its Augustus v6 contract application programming interface (API) upon discovering a vulnerability. The protocol took swift action to safeguard the funds of potential victims through a white hat intervention.
In other news, the price of Ether (ETH) has dropped by 18% in the past week after reaching a new all-time high above $4,000. If the price continues to fall and reaches $3,100, approximately $212 million worth of positions are at risk of being liquidated.
Solana’s Network Activity Overtakes Ethereum Amid Memecoin Craze, Despite Failed Transactions
Solana’s network activity has surpassed Ethereum’s over the weekend, amidst a frenzy for Solana-based memecoins. However, the network has struggled to keep up with the high demand.
On March 16, Solana’s total trading volume soared to $3.52 billion, surpassing Ethereum’s daily volume by over $1.1 billion, according to DefiLlama.
The Crypto Market Sees a Decline as the US Government Introduces New Regulations
The rise of NFTs has caused a surge in interest for crypto, leading to an increase in demand for reliable crypto feed APIs.
As the US government tightens its grip on the crypto industry, the need for decentralized finance (DeFi) solutions becomes even more crucial.
Crypto enthusiasts eagerly anticipate presales and closely monitor live feeds for updates on the market.
Accessing accurate and timely data is essential, which is why many turn to free crypto APIs and aggregator APIs for their information needs.
Milady NFT memecoin exceeds $18.6 million presale target in under two hours
The NFT project Milady’s groundbreaking Solana memecoin has attracted a staggering 91,486 SOL ($18.6 million) in just two hours since its presale announcement.
On March 18, Milady unveiled their Solana-based memecoin, Milady Wif Hat, inspired by the popular Solana memecoin Dogwifhat (WIF). The minimum investment for this project is 1 SOL, with a maximum cap of 88,888 SOL.
The presale was quickly oversubscribed, with the team announcing, “Milady Wif Hat presale has reached its limit of 88,888 SOL and is now closed. Any additional Solana raised will be fully refunded.” This success comes amidst recent news of crypto market instability and US government regulations on crypto.
As the crypto world continues to evolve, Milady’s NFT project and its integration with the popular Solana blockchain showcases the potential for innovative projects like this to thrive in the rapidly changing market. Stay updated with our live feed API and free aggregator API for all your crypto needs.
Continue reading to stay informed on the latest crypto news and developments.
ParaSwap Thwarts Hack Targeting Augustus v6 Contract Vulnerability
Cryptocurrency aggregator ParaSwap has uncovered a security flaw in its newly launched Augustus v6 contract, preventing a potential loss of funds through swift white hat intervention.
On March 18, the ParaSwap team released the Augustus v6 contract, which aimed to enhance swapping efficiency and reduce gas fees. However, the contract contained a critical vulnerability that could have allowed hackers to drain funds with approval.
Read on for more details on the incident and how ParaSwap managed to prevent a major crypto disaster.
The Decline of Ether Could Result in $212 Million in Liquidated Leveraged Long Positions
If the value of Ether drops below $3,100, it could lead to the liquidation of over $212 million in leveraged long positions in the cryptocurrency market.
In the past 24 hours, Ether has fallen by 9.3% to $3,254 as of 10:40 am UTC on March 19. This represents an 18% decrease over the course of the week, and if it continues to drop to $3,100, it would result in the loss of over $212 million in long leverage, according to data from Coinglass.
Read on to learn more about the potential impact of this decline.
DeFi market update
According to data from Cointelegraph Markets Pro and TradingView, the top 100 DeFi tokens experienced a bearish week, with most trading in the red on weekly charts. The total value locked in DeFi protocols fell below $100 billion.
Our summary of this week’s most significant DeFi developments covers topics such as the falling crypto market, US government regulations, and the rising popularity of NFTs. Join us next Friday for more insights, news, and education on this rapidly evolving space.
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