Solana's DEX Outdoes Uniswap as DeFi Tokens Turn Bullish, Crypto Recoveries Increase
Summary:
This week's decentralized finance (DeFi) news reveals Solana's decentralized exchange (DEX) Jupiter outperforming Uniswap with daily trades of $480 million due to memecoin airdrops. A notable recovery of $674 million was made from the $2.61 billion stolen from the crypto industry in 2023. Polygon Labs proposes a framework to categorize DeFi as "critical infrastructure." The total asset value in DeFi protocols exceeded $60 billion, and top DeFi tokens reported a bullish week. In Hong Kong, the Securities and Futures Commission alerts about risky investment products linked to the Floki ecosystem.
Presenting Finance Redefined - the indispensable weekly decentralized finance (DeFi) briefing, carefully curated to bring you the major breakthroughs of the previous week. This week in the cryptosphere witnessed Solana's decentralized exchange (DEX) Jupiter surpassing top DEX platform Uniswap, posting $480 million in daily trading volumes as a fresh memecoin airdrop created a stir. A recent study reveals of the $2.61 billion pilfered from the crypto industry in 2023, $674 million was retrieved from 600 big hacks. Additionally, Polygon Labs is suggesting a framework to categorize DeFi as "critical infrastructure."
The top 100 DeFi tokens experienced a bullish week, capped by a mid-week market hike, and the total asset value (TVL) in DeFi protocols surged past $60 billion. A successful recovery of $674 million in stolen crypto occurred in 2023. Blockchain security corporation PeckShield shed light on the losses incurred due to scams and hacks in 2023. The data reveals a loss of $2.61 billion, not factoring in multichain losses.
PeckShield's January 29th report disclosed a 27.78% decrease in the losses compared to 2022 when total worldwide cyber thefts amounted to around $3.6 billion. The security firm also pointed out that more than $674 million was retrieved from over 600 large-scale hacks they monitored, accounting for 25% of the stolen crypto.
Solana DEX Jupiter outpaces Uniswap amidst the rush for a new memecoin airdrop and increased stablecoin swaps. Jupiter's trading volumes hit a high of $480 million within 24 hours. This activity has propelled Jupiter past the volumes on Uniswap's Ethereum-based v2 and v3 protocols by $10 million. CoinGecko data reveals the combined trading volumes of these protocols amounted to $470 million in the last 24 hours.
Polygon Labs has proposed a framework suggesting DeFi ought to be classified as "critical infrastructure" monitored by the U.S. federal cybersecurity agencies. Rebecca Rettig, Katja Gilman from Polygon Labs, and emergent tech law firm proponent Michael Mosier presented "A Conceptual Framework for Combating Illicit Finance Activity in Decentralized Finance" on January 29th.
The Hong Kong Securities and Futures Commission (SFC) has warned the public about the potential risks of investment products called "Floki Staking Program" and "TokenFi Staking Program", both connected with the Floki ecosystem. These products reportedly offer staking services with promised annualized returns of 30% to beyond 100%. However, the regulator stressed that neither product has been authorized for public sale in Hong Kong.
Data presented by Cointelegraph Markets Pro and TradingView revealed a bullish week for the top 100 DeFi tokens by market capitalization. Thank you for keeping up with our synopsis of this week’s pertinent DeFi evolutions. Join us again next Friday for more stories, insights, and lessons from this exhilaratingly progressive sphere.
Published At
2/3/2024 10:25:00 AM
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