Welcome to Finance Redefined, your weekly newsletter that brings you the latest and most important updates in the world of decentralized finance (DeFi). This newsletter is designed to keep you informed about the significant developments from the past week.
In the crypto world, the past week witnessed an interesting turn of events. Solana’s decentralized exchange (DEX), Jupiter, surpassed the leading DEX platform Uniswap with a daily trading volume of $480 million. This achievement coincided with the rise of a new memecoin airdrop frenzy.
According to a recent report, the crypto market lost a total of $2.61 billion in 2023 due to hacks and scams. However, there is some positive news as well. Out of this lost amount, $674 million was successfully recovered from 600 large-scale hacks. This recovery amounts to 25% of the stolen crypto. It’s worth noting that these figures exclude multichain losses.
In another development, Polygon Labs has proposed a framework to classify DeFi as “critical infrastructure.” They believe that DeFi protocols should be considered as such and should be overseen by federal cybersecurity agencies in the United States. This proposal aims to combat illicit financial activities in the DeFi space.
Meanwhile, the top 100 DeFi tokens had a bullish week, experiencing a surge in the mid-week market. Additionally, the total value locked (TVL) in DeFi protocols surpassed $60 billion.
In other news, the Hong Kong Securities and Futures Commission (SFC) has cautioned the public about the “Floki Staking Program” and the “TokenFi Staking Program.” These investment products, associated with the Floki ecosystem, offer staking services with promised returns ranging from 30% to over 100%. However, the SFC emphasizes that these products have not been authorized for public sale in Hong Kong.
To wrap up, the DeFi market has seen some notable developments this week. The top 100 DeFi tokens have performed well, and Solana’s Jupiter DEX has made headlines by surpassing Uniswap in trading volume. Additionally, there have been discussions around classifying DeFi as critical infrastructure, and cautionary measures have been taken against unauthorized investment products. Stay tuned for more updates on the exciting world of DeFi.