Welcome to Finance Redefined, your weekly dose of the essentials decentralized finance (DeFi) Insights - A newsletter designed to bring you the most significant developments of the past week.
This past week in DeFi was filled with AI-focused developments at Etherscan, the latest Polygon security update, and the ongoing on-chain detective ZachXBT lawsuit backed by multiple crypto personalities.
Etherscan released an AI-powered code reader to retrieve and interpret the source code of specific contracts, while the Polygon co-founder proposed a zero-knowledge Ethereum Virtual Machine (zkEVM) upgrade to improve the security of the protocol.
Binance CEO chang peng zhao joined ZachXBT and donated to their lawsuit fund, which has now grown to over $1 million. The community-funded effort is to help the blockchain researcher fight a defamation case brought against him by Jeffrey Huang, better known on Twitter as MachiBigBrother.
The top 100 DeFi tokens broke out of a three-week bearish phase with the help of significant Bitcoin (BTC) price surge over the past week, with most DeFi tokens trading in the green, barring a few.
Etherscan launches AI-powered Code Reader
On June 19, Ethereum's block explorer and analytics platform Etherscan released a new tool called "Code Reader" that uses artificial intelligence (AI) to retrieve and interpret the source code of a specific contract address. After a user enters a message, Code Reader generates a response via the OpenAI large language model, providing information about the contract's source code files.
Code Reader use cases include getting deeper insights into the contracts code through AI-generated explanations, getting comprehensive lists of Ethereum data-related smart contract functions, and understanding how the underlying contract interacts with applications. decentralized. โOnce the contract files are retrieved, you can choose a specific source code file to read. Also, you can modify the source code directly within the user interface before sharing it with the AI.โ
CZ, Powell and more team up to fund network detective ZachXBT's legal fees, topping $1 million
Blockchain researcher ZachXBT has received over $1 million in donations from the crypto community in just over 24 hours to pay his legal fees in a defamation lawsuit.
ZachXBT, known for his investigative work in the blockchain and cryptocurrency industry, has been embroiled in a legal dispute with Jeffrey Huang, better known on Twitter as MachiBigBrother. On June 16, Huang tweeted that he had filed a defamation suit against ZachXBT, accusing him of damaging your reputation through false accusations.
Polygon co-founder proposes zkEVM 'validium' update to improve security
Polygon co-founder Mihailo Bjelic has proposed upgrading Polygon's proof-of-stakenet to a "zkEVM validium" version, according to a June 20 forum post. If the update is rolled out, the new version will be based on zero-knowledge testing to increase security.
Polygon is an Ethereum scaling solution with over $900 million in total value locked in its contracts and over two million daily transactions. It was first launched in 2019. In March, the Polygon team found a second network, Polygon zkEVM, which uses zero-knowledge backlogs to scale Ethereum.
Stablecoin Reserve Protocol Invests $20 Million in Convex, Curve and Stake DAO
The Stablecoin Reserve protocol is investing $20 million in the governance tokens of yield farming apps Curve, Convex, and Stake DAO, according to a June 20 announcement. The investment is aimed at increasing the liquidity of the Reserve's stablecoins, called RTokens. It will also increase Reserve's voting power within the governance systems of these apps.
Reserve is a stablecoin protocol that allows users to create their coins backed by any asset they want. Electronic USD (eUSD), High-Yield USD (hyUSD), Reserve (RSV), Reserve Dollar (RSD), and ETH+ are some examples of stablecoins that have been created through Reserve.
DeFi Market Overview
The total DeFi market value saw a bullish rise after three weeks. Data of Cointelegraph Pro Markets and TradingView shows that the top 100 DeFi tokens by market cap had a bullish week, with most tokens trading in the green. The total value locked in DeFi protocols remained below the $50 billion mark despite an increase of more than $5 billion last week.
Thanks for reading our roundup of this week's most impactful DeFi developments. Join us next Friday for more stories, ideas, and education on this dynamically-advancing space.
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