Welcome to Finance Redefined, your weekly source of critical decentralized finance (DeFi) insights. Our newsletter is designed to keep you informed about the most noteworthy developments from the previous week in the DeFi space.
In the crypto realm last week, a significant event unfolded as Solana’s decentralized exchange (DEX) known as Jupiter surpassed the leading DEX platform, Uniswap, with an astonishing $480 million in daily trading volume. This impressive achievement came amidst a fervor surrounding a new memecoin airdrop.
In a recently released report, it was revealed that out of the $2.61 billion stolen from the crypto market in 2023, an impressive $674 million was successfully recovered from 600 large-scale hacks.
This marked a significant improvement in cybersecurity, with a 27.78% reduction in losses compared to 2022, when global cyber thefts reached approximately $3.6 billion.
It’s noteworthy that the recovered amount accounted for a quarter of the stolen crypto.
Additionally, Polygon Labs has introduced a proposal that aims to classify DeFi as “critical infrastructure.” This move suggests that federal cybersecurity agencies in the United States should oversee DeFi protocols to ensure their security and stability.
READ MORE: Binance Denies Security Breach: Outdated Data on GitHub Posed Minimal Risk
The proposal, titled “A Conceptual Framework for Combating Illicit Finance Activity in Decentralized Finance,” was authored by Rebecca Rettig and Katja Gilman from Polygon Labs, along with Michael Mosier, co-founder of the Arktouros technology law firm.
The Hong Kong Securities and Futures Commission (SFC) issued a cautionary statement concerning potentially risky investment products linked to the Floki ecosystem.
These products, named “Floki Staking Program” and “TokenFi Staking Program,” offer staking services with promised annualized returns ranging from 30% to over 100%.
However, the SFC emphasized that neither of these products has obtained authorization for public sale in Hong Kong, alerting investors to exercise caution.
Meanwhile, the DeFi market saw a bullish week, with the top 100 DeFi tokens experiencing a mid-week surge in their market performance.
As a result, the total value locked (TVL) in DeFi protocols soared to over $60 billion.
Thank you for staying updated with our recap of the most significant DeFi happenings of the week. Join us next Friday for more stories, insights, and educational content as this dynamic DeFi space continues to evolve.
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