September Sets 2023 Exploit Record, and DAOs Can Democratize Science: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights. This newsletter is designed to bring you the most significant developments from the past week in the world of DeFi. In this week’s edition, we’ll cover how September broke records for crypto exploits in DeFi and how decentralized autonomous organizations (DAOs) can revolutionize science. We’ll also provide an overview of the recent happenings in the DeFi market.
September Becomes the Biggest Month for Crypto Exploits in 2023: CertiK
September has officially become the most significant month for crypto-related exploits in 2023 thus far, with a staggering $329.8 million in stolen cryptocurrencies. According to the blockchain security firm CertiK, the largest contributor to this total was the Mixin Network attack on September 23. During this breach, the Hong Kong-based decentralized cross-chain transfer protocol lost $200 million due to a breach of its cloud service provider.
Yield Protocol Announces Permanent Closure by December 2023
Yield Protocol has made the decision to shut down its operations by the end of this year due to a lack of business demand and increasing regulatory pressures. The protocol will cease to exist once its December 2023 series ends, which is set to mature on December 29. The cancellation of the March 2024 fixed rate series launch has also been confirmed.
Polygon Co-founder Steps Down, Continuing to Contribute “From the Sidelines”
Jayant Kanani, co-founder of Polygon, has announced that he will be stepping back from his day-to-day involvement in the project for the first time in six years. In a recent Twitter thread, Kanani stated that he plans to focus on new adventures while contributing to Polygon “from the sidelines.” Kanani, along with other software engineers, played a crucial role in establishing the Matic network, which later rebranded as Polygon.
DAOs Can Facilitate Funding and Community for Scientists, According to Nature Science Journal
A recent editorial in the Nature science journal’s biotechnology section praises DAOs as a groundbreaking method for researchers in underfunded scientific fields. DAOs provide a way for these researchers to create communities around their work and raise funding that may not be available through traditional avenues. By utilizing a DAO-based research scheme, researchers can handle organization, fundraising, feedback, and the discovery-to-product pipeline through a decentralized governing body.
Wirex Launches ZK-Proof-based Noncustodial Crypto Debit Card Service
Crypto payment service provider Wirex has introduced W-Pay, a noncustodial crypto debit card service based on zero-knowledge proof (ZK-proof) technology. Built on Polygon’s Chain Development Kit, W-Pay offers enhanced scalability and security. With the focus on ZK-proofs, Polygon’s CDK empowers companies and users to develop their own ZK-powered layer-2 rail.
DeFi Market Overview
According to data from Cointelegraph Markets Pro and TradingView, the top 100 DeFi tokens by market capitalization experienced a minor pullback last week, with most tokens showing positive movement on weekly charts. The total value locked into DeFi protocols currently stands at $45.07 billion.
Thank you for reading this week’s summary of the most impactful developments in DeFi. Stay tuned for more stories, insights, and education in this rapidly advancing space next Friday.
Editor Notes: Promote Uber Crypto News
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