Sushi to test Bitcoin swaps and Opyn DeFi protocol founders cave to CFTC strain: Finance Redefined


Welcome to Finance Redefined, your weekly dose of important decentralized finance (DeFi) insights — a publication crafted to deliver you probably the most important developments from the previous week.

A brand new DeFi report has highlighted {that a} important quantity of crypto misplaced to exploits was due to conventional Web2 flaws and safety points, comparable to centralization of data, which makes it simpler to exploit.

Decentralized trade (DEX) platform Sushi is about to start testing for Bitcoin (BTC) swaps on 30 blockchains utilizing the interoperability platform ZetaChain.

The two founders of the Opyn DeFi protocol have stepped down from their respective positions within the firm and introduced their intention to depart crypto following enforcement motion in opposition to them by the United States Commodity Futures Trading Commission (CFTC).

The DeFi ecosystem continued to flourish thanks to ongoing bullish market momentum, with a lot of the tokens buying and selling in inexperienced on the weekly charts.

46% of crypto misplaced to exploits is due to conventional Web2 flaws — Immunefi

A brand new report from blockchain safety platform Immunefi suggests that just about half of all crypto misplaced from Web3 exploits is due to Web2 safety points comparable to leaked non-public keys. The report, launched on Nov. 15, regarded again on the historical past of crypto exploits in 2022, categorizing them into various kinds of vulnerabilities. It concluded that 46.48% of the crypto misplaced from exploits in 2022 was not from good contract flaws however somewhat from “infrastructure weaknesses” or points with the growing agency’s laptop programs.

When contemplating the variety of incidents as an alternative of the worth of crypto misplaced, Web2 vulnerabilities have been a smaller portion of the entire at 26.56%, though they have been nonetheless the second-largest class.

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Sushi faucets into ZetaChain to start testing native Bitcoin DeFi swaps

DeFi platform Sushi has partnered with interoperability platform ZetaChain to discover the opportunity of native Bitcoin swaps for its customers throughout 30 totally different blockchain networks.

Sushi’s deployment of its DEX on ZetaChain is touted to allow buying and selling of BTC with out wrapping throughout a number of blockchains in what the crew describes as a “native, decentralized and permissionless manner.”

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Opyn DeFi protocol founders are leaving crypto after CFTC crackdown

Zubin Koticha and Alexis Gauba, two founders of the Opyn DeFi protocol, are stepping down from the undertaking and “leaving crypto,” in accordance to an announcement from Koticha posted to social media on Nov. 14.

The assertion comes roughly two months after Opyn settled an enforcement motion in opposition to it from the U.S. CFTC.

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Layer-2 networks hit $13 billion TVL, however challenges stay

Ethereum layer-2 networks reached a brand new milestone on Nov. 10, reaching $13 billion of complete worth locked (TVL) inside their contracts, in accordance to knowledge from the blockchain analytics platform L2Beat. According to business specialists, this pattern of larger curiosity in layer 2s is probably going to proceed, though some challenges stay, particularly in person expertise and safety.

According to L2Beat, 32 totally different networks qualify as an Ethereum layer 2, together with Arbitrum One, Optimism, Base, Polygon zkEVM, Metis and others. Before June 15, all of those networks mixed had lower than $10 billion of cryptocurrency locked inside their contracts, and their mixed TVL had been declining since April’s excessive of $11.8 billion.

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DeFi market overview

Data from Cointelegraph Markets Pro and TradingView exhibits that DeFi’s high 100 tokens by market capitalization had a bullish week, with most tokens buying and selling in inexperienced on the weekly charts. The complete worth locked into DeFi protocols remained above $50 billion.

Thanks for studying our abstract of this week’s most impactful DeFi developments. Join us subsequent Friday for extra tales, insights and schooling concerning this dynamically advancing area.