DeFi Weekly Review: Uniswap's funding bid, Chainlink's changes, and more
Summary:
This week in DeFi: Uniswap Foundation aims to gather $62 million in fresh funds, Chainlink tackles concerns over multisignature wallet changes, and Mixin Network offers a $20 million bounty for return of stolen funds after a $200 million hack. Curve Finance founder, Michael Egorov, clears his Aave loan, and crypto exchange Upbit resumes transactions for Aptos tokens after managing a scam token influx. The total value in DeFi protocols rises to $45.7 billion.
Your essential guide to decentralized finance, Finance Redefined, presents this week's key DeFi updates. Our mission is to keep you informed with the pivotal events of the past seven days. The narrative of the past week primarily centered around the original DeFi platforms. Uniswap Foundation revealed its ambition to acquire $62 million in fresh funds, while Chainlink, a decentralized oracle network, dismissed concerns over its adjustments to multisignature wallets. Mixin Network, attacked on September 23rd for approximately $200 million in cryptocurrency, is now proposing a $20 million incentive for the return of the residual stolen assets, asserting that a substantial portion of the purloined assets belonged to users. Regarding other significant updates, Michael Egorov, the founder of Curve Finance, managed to reduce his debts to $42 million and cleared his entire Aave loan on September 28th. Upbit, a cryptocurrency trading platform, successfully controlled an influx of fake Aptos tokens, resuming deposits and withdrawal services for the token.
Chainlink encountered criticism on X (known formerly as Twitter) due to concerns of its unannounced decrease in required signatures for its multisig wallet from 4-out-of-9 to 4-out-of-8, which was promptly addressed and diminished by the network. Uniswap Foundation, in pursuit of a $74 million funding for development, has proposed an on-chain vote for the approval of the second phase of its funding, valued at an estimated $62 million, which will take place on October 4th. If it receives the green light, the funds will be utilized for operational costs and research grants, further fostering the platform's progress and stakeholder alignment. DeFi protocol Curve's founder, Michael Egorov, liquidated his loan on the Aave lending platform, lowering his residual liabilities to $42.7 million. This was accomplished by depositing 68 million CRV tokens (roughly $35.5 million) into Silo, and subsequently taking out 10.77 million in crvUSD stablecoin. This amount was exchanged into Tether (USDT) to clear his debt on Aave.
Mixin Network responded to the $200 million hack by offering the hackers a $20 million reward to return the remaining resources, acknowledging that a large chunk of the stolen funds were composed of user assets. Finally, Upbit patched an issue where a fraudulent APT token was mistakenly authenticated as genuine, which resulted in the resumption of Aptos APT (APT) deposits and withdrawals. The South Korean crypto exchange was forced to suspend its Aptos token services on September 24th due to a dubious deposit attempt. The source of the problem was traced back to a counterfeit APT token called "ClaimAPTGift.com".
Recent data indicates that the DeFi market showed bullish tendencies over the past week, with a majority of the top 100 tokens recording profits. The total value locked in DeFi protocols peaked at $45.7 billion. Visit us again next Friday for your latest update on the evolving landscape of DeFi.
Published At
9/29/2023 7:00:00 PM
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