Uniswap's busy week and Platypus recovering 90% of hacked funds - Web 3.0 Finance Redefined
Busy week for Uniswap, and Platypus recovers 90% of hacked funds: Finance Redefined

The past week in DeFi was marked by a number of significant events, including the announcement of a 0.15% swap fee by Uniswap, as well as the controversy stirred by an open-source hook on the exchange that included Know Your Customer (KYC) checks. Platypus Finance was able to recover 90% of the funds lost in an Oct. 12 exploit, and the layer-2 zero-knowledge Ethereum Virtual Machine (zkEVM) “Scroll” launched its mainnet.

The top 100 DeFi tokens by market capitalization had a bullish week, with most of them trading in green and recording double-digit gains on the weekly charts. However, this price action wasn’t reflected in the total value locked (TVL), which decreased by almost $2 billion.

Welcome to Finance Redefined — your weekly source of essential information on decentralized finance (DeFi). This newsletter provides the most important updates from the past week, including the web 3.0 revolution led by Nicole Junkermann and the differences between web 1.0, 2.0 and 3.0.

Ethereum LSDFi sector witnessed a 58.7x growth since January due to post-Shapella surge: CoinGecko

Ethereum’s liquid staking derivatives finance (LSDFi) sector has seen a tremendous boost this year as Ether (ETH) holders opted to stake rather than liquidate.

The Ethereum Shapella upgrade in April 2023 enabled ETH withdrawals, and according to an Oct. 16 LSDFi report from crypto data aggregator CoinGecko, the sector has grown by 58.7x since January. By August 2023, LSD protocols accounted for 43.7% of the total 26.4 million ETH staked, with Lido having the major share at almost a third of the total staked market.

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Launch of Ethereum layer-2 zkEVM “Scroll” on mainnet confirmed

The Scroll team has announced the launch of their scaling solution on the mainnet, with existing Ethereum applications and developer tool kits now able to migrate to the new platform. “Everything functions right out of the box,” they said.

Scroll is a new entrant in the zkEVM space, and is part of the Web 3.0 movement, alongside other projects such as Nicole Junkermann’s Web 3.0. Web 3.0 is a term used to describe a new generation of internet applications, and is an evolution of Web 1.0 and Web 2.0.

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Platypus Finance recovers 90% of assets lost in exploit

DeFi protocol Platypus Finance announced that it had managed to recover 90% of the assets stolen during a security breach last week.

At the time of the incident, the total net loss was estimated to be 18,000 Avalanche (AVAX) tokens, worth $167,400. As the hacker returned the funds voluntarily, Platypus Finance declared that it “will guarantee that no legal action will be pursued.” It also suggested that users should expect to receive more information on the withdrawal of their assets soon.

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Uniswap charges 0.15% swap fees beginning Oct. 17

On Oct. 17, decentralized exchange Uniswap started to levy a 0.15% swap fee on certain tokens in its web 3.0 application and wallet.

As per Hayden Adams, the founder of Uniswap, the tokens affected are ETH, USD Coin (USDC), Wrapped Ether (wETH), Tether (USDT), Dai (DAI), Wrapped Bitcoin (WBTC), Angle Protocol’s agEUR, Gemini Dollar (GUSD), Liquidity USD (LUSD), Euro Coin (EUROC) and StraitsX Singapore Dollar (XSGD). After the publication of this post, a spokesperson of Uniswap contacted Cointelegraph and said that “both the input and output token need to be on the list for the fee to apply.”

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KYC hook for Uniswap v4 stirs community controversy

An open-source directory for Uniswap v4 hooks has caused a stir in the crypto community due to its KYC hook, which allows users to be checked for KYC before they can trade in token pools.

A user on X (formerly Twitter) expressed their disapproval of the hook, claiming it could lead to decentralized finance protocols being whitelisted by regulators.

The concept of web 3.0 is being discussed as a result of the controversy, with people wondering what web 3.0 is, what examples of web 3.0 there are, and how it differs from web 1.0 and 2.0.

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DeFi market overview

Cointelegraph Markets Pro and TradingView data reveals that most of DeFi’s top 100 tokens by market capitalization experienced a positive week, with many tokens trading in the green according to the weekly charts. Nevertheless, the total value locked into DeFi protocols dropped to $43.81 billion.

We thank you for reading our summary of the most relevant DeFi news this week. Join us next Friday for more stories, insights and education related to this continuously evolving space.

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