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- All of this and more in this week’s Finance Redefined. Hackers go wild, but DeFi keeps marching on
- Millions of dollars were stolen from the wallets of Cream Finance as fast as the summer faded from our calendars
- A post-mortem report on the Amp token attack was provided by Cream Finance
All of this and more in this week’s Finance Redefined. Hackers go wild, but DeFi keeps marching on. Hello and welcome to the most recent edition of the decentralized finance newsletter. Millions of dollars were stolen from Cream Finance’s wallets as swiftly as summer faded from our calendars. In the DeFi world, it’s been another action-packed week. In what will be my first appearance as a newsletter writer for Finance Redefined, here are some of my top picks for the most important articles.
The best of the bunch
The announcement that lending protocol Cream Finance has joined the expanding list of DeFi hacker victims was this week’s cream-of-the-crop story (pun intended). The hacker took advantage of a reentrancy hole introduced by the Amp token, resulting in a total acquisition of 5,758 Ether (ETH), equal to $19 million, according to blockchain security specialist PeckSheild.
Cream Finance released a post-mortem report on the Amp token attack a few days later, pledging to reimburse customers for their stolen Ether and Amp tokens by reducing 20 percent of future protocol fees until they are fully repaid.
DeFi’s $100 million inclusion initiative
It was announced this week that the Celo blockchain will be used to launch the DeFi protocol to over 6 billion mobile phone users. The endeavor, which will be based on the Celo blockchain, is expected to cost $100 million.
As part of the plan, Chainlink and The Graph, among others, will fund educational initiatives, incentives, and grants to promote fair access to finance for the world’s unbanked, a departure from the dogmas of traditional markets, which can be exclusive.
Internet-sized growth is possible for crypto, according to Gary Gensler
Also making headlines this week was Gary Gensler, the chairman of the United States Securities and Exchange Commission, who appeared virtually before a European Parliament committee to give policy proposals for the regulation of crypto assets.
To maintain a consistent tone, Gensler did not stray from his pro-regulation stance but did acknowledge the huge potential of the crypto sector in brief statements. He believes that the revolution they are currently experiencing could be as significant as the internet was in the 1990s.
Movements of the Tokens
Analysis shows that DeFi’s total value locked (TVL) has reached a record high of $131.32 billion. Some of DeFi’s biggest tokens performed well over the course of the week, according to statistics from Cointelegraph Markets and TradingView SushiSwap’s SUSHI gained 14 percent, while AAVE grew 9 percent within the same period. Yearn. finance’s YFI increased 5.77 percent, while Synthetix Network Token (SNX) gained 8 percent.
The DeFi community is starting to talk about a possible DeFi Summer 2.0 after gaining momentum over the past few months.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
