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.
The second quarter of 2023 noticed over $208 million exploited and hacked from DeFi protocols, and with simply $4.5 million of funds recovered, whole losses to exploits had been over $204 million.
The DeFi ecosystem is an ever-growing trade with billions of {dollars} in every day buying and selling quantity. Nonetheless, it stays area of interest to a small inhabitants within the crypto trade and out of attain for some. For an intensive overview of DeFi, try the brand new report from Cointelegraph Analysis titled: “Investing in DeFi: A Comprehensive Guide.”
The DeFi lending protocol Maple Finance has determined to supply direct loans to some debtors as a substitute of relying solely on pool delegates to supply capital to fill the void left by bankrupt main lending protocols like BlockFi.
The recognition of Bitcoin’s BRC-20 token commonplace has led many main pockets service suppliers so as to add help for the brand new token commonplace, and Optimism community transactions surged 67% following the Bedrock improve.
The highest 100 DeFi tokens continued their bullish momentum into the final week of June, with most tokens buying and selling in inexperienced.
Over $204 million was misplaced in Q2 DeFi hacks and scams: Report
Over $204 million was misplaced in DeFi hacks and scams within the second quarter of 2023, in response to a June 27 report from Web3 portfolio app De.Fi.
The report, titled “Q2 De.Fi Rekt Report,” was partially primarily based on information from De.Fi’s Rekt Database. Over $208.5 million was exploited through the quarter, however $4.5 million was recovered via prosecutions, offers with hackers and different restoration strategies. In response to the report, the variety of DeFi hacks in Q2 rose by “virtually 7 occasions” year-over-year, with 117 incidents in contrast with solely 17 in the identical quarter of 2022. In whole, over $665 million was misplaced through the first half of 2023.
Maple Finance publicizes direct lending to fill the void left by BlockFi, Celsius
Web3 lending platform Maple Finance has introduced the launch of a direct lending program, in response to a June 28 reality sheet from the platform’s improvement group. This system is meant to interchange companies beforehand offered by Celsius, BlockFi and different now-bankrupt lenders.
Up to now, Maple relied on credit score professionals, referred to as “pool delegates,” to supply capital for these loans. For instance, Celsius used Maple to create a Wrapped Ether (WETH) lending pool in February 2022.
Optimism community transactions surged 67% following Bedrock improve — Nansen
Transactions on the Optimism community surged 67% following its June 7 “Bedrock” improve, in response to a June 26 Twitter thread from blockchain analytics agency Nansen. The community had seen lower than 300,000 transactions per day earlier than the improve, however this determine elevated to over 550,000 by the center of June.
Optimism noticed a pointy enhance in transactions instantly following the onerous fork, rising to over 400,000 from roughly June 5 to 9. Quantity rose slower after the preliminary spike, reaching a peak of over 550,000 on or round June 15. It then began to fall slowly, reaching 500,000 transactions per day by the top of the time information was collected round June 23, in response to a chart posted in Nansen’s Twitter thread.
Pockets suppliers introduce BRC-20 token help regardless of market drawdown
On June 21, self-custody pockets supplier BitKeep introduced help for BRC-20 tokens issued on the Bitcoin community. With the function, customers can view, rank and switch BRC-20 tokens and nonfungible tokens. Builders additionally said BRC-20 in-wallet swaps are coming “in [the] future.”
Final month, cryptocurrency trade OKX additionally introduced help for BRC-20 belongings by way of the OKX Pockets app. Many centralized and decentralized exchanges have additionally rolled out BRC-20 help.
DeFi market overview
DeFi’s whole market worth noticed a bullish surge after three bearish weeks. Information 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 within the inexperienced. The overall worth locked in DeFi protocols remained beneath $50 billion.
Thanks for studying our abstract of this week’s most impactful DeFi developments. Be part of us subsequent Friday for extra tales, insights and training concerning this dynamically advancing area.
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