Welcome to Finance Redefined, your weekly dose of important decentralized finance (DeFi) insights — a publication crafted to deliver you vital developments over the past week.
This previous week, cross-bridge protocols grew to become the middle of DeFi discussions as a brand new report confirmed RenBridge was used to launder $540 million in stolen funds. Curve Finance, however, resolved its website exploit and directed customers to revoke any current contracts.
Interlay, a London-based blockchain agency, launched a Bitcoin (BTC)-based cross-chain bridge on Polkadot named interBTC (iBTC), DeFi platform Oasis.app says that sanctioned addresses will now not be capable of entry the appliance.
The vast majority of the top-100 DeFi tokens noticed a brand new surge in bullish momentum together with the remainder of the market, with a number of of the tokens registering a double-digit achieve on the weekly charts.
Curve Finance resolves website exploits, directs customers to revoke any current contracts
On Aug. 9, automated market maker Curve Finance took to Twitter to warn customers of an exploit on its website. The group behind the protocol famous that the problem, which gave the impression to be an assault from a malicious actor, was affecting the service’s nameserver and frontend.
Curve said through Twitter that its change — which is a separate product — gave the impression to be unaffected by the assault, because it makes use of a unique area title system (DNS) supplier.
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Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic
Cross-chain bridges have been the goal of quite a lot of hacks this yr, however new knowledge from blockchain analytics supplier Elliptic alleges one has been used to launder over half a billion {dollars} in ill-gotten crypto belongings.
Based on a brand new report, crypto bridge RenBridge facilitated the laundering of at the least $540 million in proceeds of crime since 2020 via a course of generally known as chain hopping — changing one type of cryptocurrency into one other and transferring it throughout a number of blockchains.
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Interlay launches trustless BTC stablecoin bridge on Polkadot
Interlay, a London-based blockchain agency, launched a BTC-based cross-chain bridge on Polkadot. Named interBTC (iBTC), the bridge permits using Bitcoin on non-native blockchains for DeFi, cross-chain transfers and nonfungible tokens (NFTs), amongst others.
interBTC operates as a BTC-backed stablecoin, secured by a decentralized community of overcollateralized vaults, which in response to Interlay, resembles MakerDAO’s Dai (DAI) token, a stablecoin on the Ethereum blockchain.
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DeFi platform Oasis to dam pockets addresses deemed at-risk
Based on a brand new neighborhood Discord submit on Aug. 11, the DeFi platform Oasis.app says that sanctioned addresses will now not be capable of entry the appliance.
Because of the change to the phrases of service, wallets flagged as excessive danger are prohibited from utilizing Oasis.app to handle positions or withdraw funds. As an alternative, such a class of customers should work together instantly with the related underlying protocol the place funds are saved or discover one other service.
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DeFi market overview
Analytical knowledge reveals that DeFi’s complete worth locked registered an increase of 5 billion {dollars} from the previous week, posting a worth of $68.94 billion. Information from Cointelegraph Markets Professional and TradingView reveals that DeFi’s prime 100 tokens by market capitalization had a bullish week, with a number of tokens registering double-digit good points.
Ankr (ANKR) was the largest gainer among the many prime 100, registering a 48% surge over the previous week, adopted by Avalanche (AVAX) with a 20% surge. Oasis Community (ROSE) noticed an 18% value rise, and Chainlink (LINK) registered a 16% rise on the weekly chart.
Thanks for studying our abstract of this week’s most impactful DeFi developments. Be part of us subsequent Friday for extra tales, insights, and schooling on this dynamically advancing house.
