Welcome to Finance Redefined, your weekly dose of the essentials decentralized finance (DeFi) Insights โ A newsletter curated to bring you the most important developments from the past week.
Cointelegraph interviewed the CEO of Velvet Capital about the challenges DeFi faces and the key barriers it must overcome to become mainstream. Cosmos-based Umee and Osmosis are merging to create โDeFi Hub,โ where Umeeโs UX Chain code will be re-deployed to the Osmosis chain, combining features from the two networks.
Hacker Platypus has managed to evade responsibility for the $8.5 million protocol exploit after claiming to be an ethical hacker. The court allowed the exploiter to be released.
Despite a small market drop, the top 100 DeFi tokens had another bullish week, and the total value locked in DeFi tokens surpassed $60 billion.
Cosmos-based networks Umee and Osmosis will merge, creating a โDeFi Hubโ
Cosmos-based networks Umee and Osmosis will merge via a software update, according to a Dec. 4 announcement. Umee's UX Chain code will be re-implemented on the Osmosis chain, combining features from the two networks and creating what the development teams call a "DeFi Hub" for the Cosmos ecosystem.
Umee is a decentralized lending protocol on a dedicated Cosmos chain called โUX Chainโ. On the other hand, Osmosis is one of the largest decentralized exchanges in the Cosmos ecosystem and also runs on its own dedicated network. is over $23 billion in cumulative volume and is the fourth largest Cosmos chain in terms of total value locked, according to DefiLlama.
Platypus exploiters go free after claiming to be โethical hackersโ
A French court has allowed two brothers responsible for stealing $8.5 million from DeFi protocol Platypus to go free without repercussions.
On February 16, hackers managed to drain and move $8.5 million from Platypus via a flash loan attack, forcing the protocol to suspend trading services until a resolution was found. Initial investigations identified the culprit as Mohammed M., who took advantage of a code error and withdrew all assets through an unsecured loan.
Addressing Barriers to DeFi Adoption: Interview with Velvet Capital
The union of DeFi and asset management is marking a big change in the financial world.
DeFi's decentralized and transparent architecture offers a compelling alternative to traditional financial systems. It could improve the way assets are managed, offer investors better returns and make investment opportunities more available to institutional players and individuals.
KyberSwap announces treasury grants for hacking victims
KyberSwap intends to provide financial assistance to users affected by a major exploit on November 22, which resulted in a loss of $48.8 million for the DeFi protocol. To address this, KyberSwap is establishing a grant initiative from its treasury to compensate those negatively affected by the event.
The grant is designed to alleviate the financial burden of affected individuals and will be equal to the US dollar equivalent of the assets lost in the security breach. This move highlights KyberSwap's dedication to its user community and the security of its platform. While specific details and criteria for the grant are being finalized, KyberSwap has committed to providing additional information within two weeks.
DeFi Market Overview
Data of Markets Cointelegraph Pro and TradingView shows that the top 100 DeFi tokens by market cap had a bullish week, with most tokens trading in green on the weekly charts. The total value locked in DeFi protocols remained above $60 billion.
Thanks for reading our roundup of this week's most impactful DeFi developments. Join us next Friday for more stories, insights, and education about this dynamically advancing space.
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