Welcome to Finance Redefined, your weekly dose of important decentralized finance (DeFi) insights — a publication crafted to deliver you essentially the most important developments from the previous week.
A dealer managed to use the temporary opening of the Multichain cross-chain bridge, which was frozen since its exploit in July 2023, permitting the dealer to show $280,000 price of Fantom’s (FTM) tokens into $1.9 million price of various property.
In different information, Solana’s (SOL) token has surged 80% in a month, and Avalanche is about to close down its Etherscan-powered blockchain explorer software amid a price controversy. A brand new bridged token from LayerZero has drawn criticism from 9 protocols all through the Ethereum ecosystem, claiming that it limits the liberty of token issuers.
The high 100 DeFi tokens proceed their bullish momentum from the final week, with many of the tokens posting constructive returns on the weekly charts.
Trader exploits Multichain opening to show $280,000 to $1.9 million; group suspects insider job
A pockets tackle turned almost 1.9 million FTM price $280,000 to $1.9 million inside hours of exploiting the long-frozen Multichain bridge opening momentarily, resulting in insider job speculations among the many crypto group.
The Multichain bridge, frozen since its exploit in July 2023, opened briefly and closed once more on Nov. 1. The dealer seized the chance to make thousands and thousands of {dollars} in earnings.
Solana good points 80% in a month as Firedancer goes stay on testnet
SOL has posted 30-day good points of almost 81% and has rallied over 30% in the previous week amid the testnet launch of the blockchain’s long-awaited scaling resolution, Firedancer.
SOL reached over $41 on Nov. 2, touching highs it hasn’t seen since August 2022, Cointelegraph Markets Pro data exhibits. Long touted as an “Ethereum killer,” SOL has vastly outperformed its rival, Ether (ETH), which posted below 11% good points in the previous month.
Avalanche blockchain explorer to close down as Etherscan charges draw controversy
SnowTrace, a common blockchain explorer software for Avalanche, will shut down its web site — powered by Etherscan’s explorer-as-a-service (EaaS) toolkit — on Nov. 30. The SnowTrace group clarified that solely its Etherscan-powered explorer can be shut down.
According to the Oct. 30 announcement, Snowtrace customers are required to avoid wasting their backup info, reminiscent of personal title tags and phone verification particulars, earlier than Nov. 30. While the group didn’t explicitly state the explanation for shutting down the explorer, some have pointed to Etherscan’s service charges for its EaaS toolkit. Mikko Ohtama, co-founder of Trading Strategy, claims that an annual subscription to EaaS can price between $1 million and $2 million per yr.
Nine protocols criticize LayerZero’s wstETH token, claiming it’s “proprietary”
A brand new bridged token from the cross-chain protocol LayerZero is drawing criticism from 9 protocols all through the Ethereum ecosystem. A joint assertion from Connext, Chainsafe, Sygma, LiFi, Socket, Hashi, Across, Celer and Router on Oct. 27 known as the token’s customary “a vendor-locked proprietary standard,” claiming that it limits the liberty of token issuers.
The protocols claimed in their joint assertion that LayerZero’s new token is “a proprietary representation of wstETH to Avalanche, BNB Chain, and Scroll without support from the Lido DAO [decentralized autonomous organization],” which is created by “provider-specific systems […] fundamentally owned by the bridges that implement them.” As a end result, it creates “systemic risks for projects that can be tough to quantify,” they acknowledged. The protocols advocated for the use of the xERC-20 token standard for bridging stETH as an alternative of utilizing LayerZero’s new token.
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 jumped to $49.46 billion.
Thanks for studying our abstract of this week’s most impactful DeFi developments. Join us subsequent Friday for extra tales, insights and training concerning this dynamically advancing area.
