Welcome to Finance Redefined, your weekly source for essential insights on decentralized finance (DeFi) – a newsletter designed to bring you the most important developments from the previous week.
Trader Uses Creative Tactics to Earn $7 Million on SatoshiVM Token Launch
In a remarkable feat, a crypto trader utilized the Banana Gun sniping tool to generate a profit of $6.77 million within just three hours of the SatoshiVM (SAVM) token launch. By acquiring the token before its official release, the trader was able to sell it at an inflated price, resulting in significant gains. However, the trading bot has faced controversy since its launch, with instances of funds disappearing mysteriously after sniping.
While a representative from Banana Gun assured Cointelegraph that the issue is not with the bot itself, there are token contracts that allow the contract deployer to move funds out of wallets. In one case, the tokens never reached the buyer’s wallets due to a malicious contract.
Solana’s Stablecoin Transfer Volume Reaches Record High of $300 Billion
The transfer volume of stablecoins on the Solana blockchain, a layer-1 solution, reached a new record in January, surpassing $300 billion. The stablecoin market share of Solana currently stands at almost 32%, a significant increase from its 1.2% share a year ago.
Stablecoin activity on Solana began gaining momentum in October 2023 and has consistently grown by 650%. Crypto data analytic platform Artemis attributes this growth to the transfer volumes of USD Coin (USDC) on the blockchain.
Dogecoin Surges to Seven-Day High Following Rapid Increase in Followers
Dogecoin (DOGE), arguably the most popular memecoin, reached a weekly high after the creation of the new “XPayments” account on the social media platform X, which quickly gained over 100,000 followers.
Although no official announcement regarding payment functions has been made, many crypto traders on X strongly believe that DOGE may become part of the offering due to its occasional endorsement by the site’s owner, Elon Musk. Musk previously allowed DOGE payments on Tesla’s merchandise store and changed Twitter’s logo to Dogecoin’s, causing a 22% spike in DOGE’s price.
Radiant Capital Initiates Debt Repayment Following Flash Loan Exploit
Radiant Capital, a cross-chain lending blockchain, has begun the process of repaying the $4.5 million “bad” debt resulting from a flash loan exploit in early January 2024. The repayment was carried out in accordance with the RFP-27 proposal, which was approved on January 8th. Approximately 73% of users voted to repay the bad debt using existing funds from the Radiant DAO treasury and operating expenditures. As a result of the exploit, Radiant lost 1.3% of its total value locked.
MailerLite Confirms Hack Leading to Crypto-Phishing Email Attacks
A coordinated hack and phishing campaign targeting the crypto industry was the direct result of hackers gaining access to MailerLite’s services. The hacker infiltrated the accounts of prominent Web3 companies to conduct phishing email scams, resulting in an estimated loss of $3.3 million for subscribers. MailerLite has confirmed that the hackers accessed 117 accounts but only exploited a small number of them for launching phishing campaigns.
The service provider has warned that the data of its clients and subscribers, including full names, email addresses, and personal information uploaded to MailerLite, has been compromised.
DeFi Market Overview
Data from Cointelegraph Markets Pro and TradingView indicates a bullish comeback for the top 100 DeFi tokens by market capitalization this week. The total value locked into DeFi protocols remains above $71.6 billion.
Thank you for reading our summary of the most significant DeFi developments this week. Join us next Friday for more stories, insights, and education on this rapidly advancing space.