Welcome to Finance Redefined, your weekly dose of essentials decentralized finance (DeFi) Insights - A newsletter designed to bring you significant developments over the past week.
The ongoing downturn in the crypto market has not stopped European venture capital (VC) firms from investing in DeFi projects. A new report revealed that European DeFi startups saw a 120% increase in VC funding last year.
The Euler Finance saga continued to dominate headlines, with the exploiter returning a significant portion of the $190 million in stolen funds. The exploiter has returned more than 58,000 stolen Ether (ETH) in a fee, and another $37 million in ETH and Dai (ICD) In a second.
Traditional banking giant Citibank forecasts that tokenization will take over traditional finance and predicts that by 2030 trillions in assets could be tokenized.
MakerDAO approved a new constitution to create multiple offices tasked with fulfilling various jobs for the protocol, each with their own powers and responsibilities.
The top 100 DeFi tokens had a mixed week and did not see much change from the previous week, with most tokens trading in the green.
European DeFi startups saw a 120% increase in VC investment in 2022: data
2022 was a turbulent year for the crypto space, from a ongoing bear market and high-profile crashes from some of the biggest players in the industry, like Terra and FTX. Despite the setbacks, VC investors continued to support crypto startups.
According to a new study published by European investment firm RockawayX, VC investment in Europe-based crypto startups reached an all-time high in 2022, with an investment of $5.7 billion. European decentralized finance startups reached $1.2 billion in 2022, an increase of 120% over the previous year's investments of $534 million.
Euler Finance exploiter returns over 58,000 stolen Ether
The hacker behind the $196 million exploit in the Euler Finance lending protocol has returned most of the stolen assets, according to on-chain data.
In a transaction on March 25, the exploiter returned 51,000 ETH, worth around $88 million at the time of writing. On the same day, a second transfer of 7,737 ETH was made, worth more than $13 million. Previously, on March 18, the hacker sent 3,000 ETH to the protocol, worth almost $5.4 million at the time. The exploiter still controls some of the stolen assets. By April 27, the the attacker returned another 37.1 million dollars value of ETH and DAI.
'Killer Use Case': Citi Says Trillions In Assets Could Be Tokenized By 2030
Citibank is banking on blockchain-based tokenization of real-world assets to become the next โkiller use caseโ in crypto. The firm forecasts that the market will reach between $4 trillion and $5 trillion by 2030.
That would mark an 80-fold increase in the current value of real-world assets locked on blockchain, Citibank explained in its March โMoney, Tokens, and Gamesโ report.
MakerDAO approves a new 'constitution' to formalize the governance process
MakerDAO, the decentralized autonomous organization that governs the DAI stablecoin, has approved a proposed new โconstitutionโ intended to formalize governance processes and help prevent hostile actors from taking over the protocol, according to the official forum page for the proposal.
According to the text of the proposal, a constitution is needed because the Maker protocol "relies on the governance decisions of humans and institutions that hold MKR tokens," which can "expose weaknesses and vulnerabilities that may fail in the Maker protocol." or loss of user funds".
DeFi Market Overview
Analytical data reveals that the total DeFi market value surpassed $50 billion last week. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a bullish week, with most but a few tokens trading in the green.
Thanks for reading our roundup of this week's most impactful DeFi developments. Join us next Friday for more stories, ideas, and education in this dynamic forward space.
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