Decentralized Finance Weekly Review: Major Moves, Market Peaks, and a Pending Fraud Trial
Summary:
This weekly review from Finance Redefined includes updates on the fraud trial related to Mango Markets' $116 million theft, now set to begin in April 2023. Aave Protocol's markets was paused due to a reported feature issue. Coinflux multichain protocol, ShuttleFlow, is set to discontinue its services after two years, with its technology stack shifting to Web3's Zero Gravity. Proof of Stake Alliance released updated staking requirements. The top 100 DeFi tokens experienced new multi-month highs with total value locked in DeFi protocols reaching $56 billion.
Here's your weekly round-up of the most noteworthy happenings in the decentralized finance (DeFi) sector from Finance Redefined. The next significant event is the upcoming fraud trial slated for April 2023, connected with Mango Markets' $116 million assets theft. Previous to this, Aave protocol halted several markets following the discovery of a bug related to a feature. Then, the Coinflux protocol, ShuttleFlow, announced it would cease operations after two years underwater. Moreover, the Proof of Stake Alliance released an updated staking requirements list this week.
In more news, over the past week the top 100 DeFi tokens saw a majority hitting new multi-month highs; concurrently, the total value locked in DeFi protocols skyrocketed to $56 billion, a milestone not seen in many months.
ShuttleFlow, a multichain protocol in the ecosystem, managed and overseen by the Conflux Foundation (also known under the Shanghai Tree-Graph Blockchain Research Institute), is closing shop after two years. It's confirmed that the technology stack of ShuttleFlow will be moved to Web3 studio Zero Gravity, where the continual development of the protocol will take place under a new name. Any funds of users will remain secure, with any necessary migrations taken care of from ShuttleFlow to Zero Gravity.
Furthermore, due to a reported feature issue, the decentralized finance (DeFi) framework, Aave, found it necessary to pause several of its markets on November 4th. The pause impacted several networks, amongst which were Aave v2 Ethereum Market as well as specific assets on Aave v2 on Avalanche. Additionally, select assets on Polygon, Arbitrum, and Optimism were frozen.
Next on the roster is the postponed fraud trial, now rescheduled for April 8, 2023, for the alleged $116 million theft from Mango Markets. Avraham Eisenberg was facing his fraud trial on December 4th. However, his legal team presented several issues impacting the trial preparations, swaying District Court Judge Arun Subramanian to accept the plea for continuance back on November 2nd.
Next, the nonprofit Proof of Stake Alliance (POSA), representing companies involved with the crypto staking industry, issued an updated edition of their staking standards on November 9. POSA currently serves 15 firms in the staking business, including Alluvial, Ava Labs, Blockdaemon, Coinbase, Credibly Neutral, among others.
Lastly, a quick glance at the DeFi market matrix this week. Data from Cointelegraph Markets Pro and TradingView demonstrates a buoyant week for the top 100 tokens by market capitalization in DeFi, majority of them indicating green on the weekly charts. DeFi protocols experienced a substantial influx, with total value reaching an impressive $56.06 billion.
As always, thank you for keeping up with the thrilling narrative unfolding in DeFi. Don't forget to check in next Friday for more updates, narratives, and academic insights in this rapidly progressing field.
Published At
11/10/2023 7:25:00 PM
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