DeFi Weekly Recap: Nova Drainer Officially Registers, Aave Migrates to BNB Chain, and Market Boom Exceeds $80 billion
Summary:
This week's Finance Redefined insights reveal that "Nova Drainer," a phishing tool, has registered as an official UK business. Pyth Network now offers DeFi developers Bitcoin ETF price feeds, delivering up-to-date market data and facilitating the blend of traditional and decentralized finance. DeFi platform Aave has launched its money market protocol on the BNB Chain, expanding the platform's DeFi systems. Meanwhile, DeFi protocol Blueberry urgently asked users to withdraw funds due to an unidentified exploit. Lastly, the top 100 DeFi tokens saw continued growth, with the total value locked (TVL) surpassing $80 billion.
Welcome to this week's edition of Finance Redefined, where we focus on the most significant evolutions in the world of decentralized finance (DeFi) from the past seven days. In an unusual move, the creators of a phishing device known as "Nova Drainer" have become a fully registered company in the United Kingdom. Pyth Network is providing DeFi creators with Bitcoin (BTC) exchange-traded fund (ETF) price feeds, offering them access to up-to-the-minute market data, and bridging traditional and decentralized finance. Meanwhile, there was a prompt call for users by Blueberry, the DeFi lending and leverage protocol, to withdraw funds immediately due to an unidentified exploit. The top 100 DeFi tokens, in terms of market cap, sustained their upbeat trend, with the total value locked (TVL) surpassing $80 billion.
In a significant development, real-time data provider for blockchain applications, Pyth Network, launched price feeds for 13 Bitcoin ETFs as of Feb. 20. DeFi developers are now being provided with precise Bitcoin ETF price data. The green light for Bitcoin ETFs in the USA in January 2024 proved to be a defining moment for the cryptocurrency sector, providing regulated Bitcoin exposure to mainstream investors hesitant to join the cause through outright ownership.
In other news, DeFi service provider Aave deployed its monetary market protocol on the BNB Chain as the platform expands its DeFi systems. As reported by BNB Chain, Aave has become part of an increasing number of DeFi protocols on its network. The lending platform has joined the ranks of Uniswap and PancakeSwap to bolster the blockchain network's DeFi ecosystem.
An unusual development has emerged with a phishing software producer in the United Kingdom. The team behind the scarily titled "Nova Drainer," a scam-oriented wallet drainer, has registered as a formal business in the country. The blockchain security enterprise CertiK reports that the phishing software developer known as Crypto Grab, creators of the "Nova Drainer" application, is officially listed on the UK Government's Companies House website which oversees all business registrations.
In crisis management news, Blueberry, a DeFi protocol, was able to halt its platform following the detection of a mystery exploit. On Feb. 23, the Blueberry Protocol Foundation publicised an "ongoing exploit" and strongly advised users to remove their funds from Blueberry lending markets while efforts were made to quickly suspend the protocol.
To conclude with a market analysis, according to data from Cointelegraph Markets Pro and TradingView, the previous week was favorable for DeFi's top 100 tokens by market capitalization, with the majority showing positive results on the weekly charts. The TVL in DeFi protocols rose past $80 billion, a level not seen in over a year. Thank you for following this week's key DeFi updates, see you next Friday for more stories and insights into this ever-evolving space.
Published At
2/23/2024 10:25:00 PM
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