The top 100 DeFi tokens had a mixed price action over the past week,
with many seeing a downturn after some bullish action last week.
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.
This
past week, the DeFi ecosystem saw two exploits, one after another,
resulting in the loss of millions of dollars. First, cross-bridge token
platform Nomad became a victim of what many deemed a decentralized
robbery, which saw almost $190 million drained out of their wallets.
Solana
ecosystem became the victim of a widespread unknown attack that saw
thousands of wallets getting drained out of all the funds. Apart from a
series of exploits, Nansen admitted their negligence toward the DeFi
market during the NFT boom.
The top-100 DeFi tokens had a mixed
price action over the past week, with many seeing a downturn after some
bullish action last week.
Nomad token bridge drained of $190M in funds in security exploit
The
Nomad token bridge appears to have experienced a security exploit that
has allowed hackers to systematically drain a significant portion of the
bridge’s funds over a long series of transactions.
Nearly the
entire $190.7 million in crypto has been removed from the bridge, with
only $651.54 left remaining in the wallet, according to the DeFi
tracking platform DefiLlama. However, Nomad later suggested to
Cointelegraph that some of the funds were withdrawn by “white hat
friends” who took the funds out with the intention of safeguarding them.
Slope wallets blamed for Solana-based wallet attack
As the dust settles from yesterday’s Solana (SOL)
ecosystem mayhem, data is surfacing that wallet provider Slope is
largely responsible for the security exploit that stole crypto from thousands of Solana users.
Slope
is a Web3 wallet provider for the Solana layer-1 blockchain. Through
the Solana Status Twitter account on Wednesday, the Solana Foundation
pointed the finger at Slope, stating that “it appears affected addresses
were at one point created, imported, or used in Slope mobile wallet
applications.”
Nansen admits neglecting DeFi plans during the NFT craze
CEO
and co-founder Alex Svanevik recently spoke about Nansen’s growth,
highlighting that the company has registered over 130 million addresses
and has grown 30% despite the crypto downturn. Svanevik credited much of
his success to the value of blockchain platforms, notably those based
on Ethereum.
Cointelegraph reached out to Nansen’s Andrew Thurman
for more insight into the company’s success. Thurman, a Simian
psychometric enhancement technician, explained that after the nonfungible token (NFT) craze, they neglected their DeFi plans a bit.
Uniswap Foundation proposal gets mixed reaction over $74M price tag
The
Uniswap Labs community has already begun mulling over a new proposal
that would form a Uniswap Foundation based in the United States, but
first, it’s going to cost $74 million.
The proposal has garnered
mixed feedback from the community so far, with many praising the
foundation’s plans to support and expand the Uniswap ecosystem, while
others have balked at its hefty price tag.
DeFi market overview
Analytical
data reveals that DeFi’s total value locked registered a rise of nearly
9 billion dollars from the past week, posting a value of $79.4 billion.
Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s
top-100 tokens by market capitalization had a mixed week, with several
tokens trading in red while a few others registered even double-digit
gains.
Yearn.finance (YFI)
was the biggest gainer among the top 100, registering a 20% surge over
the past week, followed by Lido DAO (LDO) with a 16% surge. Fantom (FTM) saw a 10% price rise and PancakeSwap (CAKE) registered an 8% rise on the weekly chart.
Thanks
for reading our summary of this week’s most impactful DeFi
developments. Join us next Friday for more stories, insights and
education in this dynamically advancing space.
source link : https://cointelegraph.com/news/finance-redefined-solana-and-nomad-bridge-fall-prey-to-exploits-losing-millions
