Introduction
In the world of decentralized finance, or “Defi” for short, it’s more important than ever to be aware of the risks involved in investing. Hacks and scams have become all too common in the space, and it’s essential to be able to protect yourself from them.
That’s why platforms like Qubit Finance are so important. Based on the Binance Smart Chain, it allows users to make loans secured by digital assets. This provides a much-needed layer of security in an industry that is still young and vulnerable.
The decentralized finance (Defi) sector attracts increased attention from cryptocurrency investors. ForkLog has collected the most important events and news of recent weeks in a digest.
Key indicators of the Defi segment
Against the background of the market correction, the volume of blocked funds (TVL) in Defi -protocols fell to $191.65 billion. The Curve Finance protocol still holds leadership – its figure fell to $17.07 billion. MakerDAO ($15.74 billion) took second place in the rating, AAVE ($11.69 billion) – third.
Defi Llama includes a group of tokenized bitcoins in the final value. WBTC ranked fifth with $10.37 billion. hBTC is in 20th place with $1.52 billion. The total value of “bitcoins on ether” was $13.02 billion.
TVL in Ethereum applications fell to $113.74 billion. Over the past 30 days, the indicator fell by 26% (on December 29, the value was $153.38 billion).
Trading volume on decentralized exchanges (DEX) for the last 30 days amounted to $98.9 billion.
Uniswap dominates the non-custodial exchange market with over 72% of total turnover. The second DEX in terms of trading volume is Curve (10%), the third is SushiSwap (6.6%).
Aave DeFi project started developing a mobile wallet
The creator of Defi landing project Aave Stani Kulechov announced that his team is developing a mobile wallet.
Commentator 0xLuke suggested that integrating the new application with smartphones, similar to Apple Pay and Google Pay, will contribute to a parabolic increase in the project’s efficiency.
In response, Kulechov recalled that Aave has a license for an electronic money institution in the UK .
Balancer and Aave launch next-generation DeFi pools
Balancer Labs developers have launched “advanced” pools to maximize the return on capital employed by DeFi investors.
A new product, Boosted Pools, allows you to place unused funds in landing protocols to generate additional income.
According to the developers, most users will no longer have to spend assets wrapping and deploying tokens like DAI and aDAI. Instead, the corresponding costs will be borne by arbitrageurs who are “sufficiently interested in this.”
Users of the new product will channel the initially unused liquidity to Aave pools. However, the developers promise to integrate other protocols over time – Compound, Yearn, Badger, Fuse, etc.
1inch introduced the second version of the protocol for limit orders
DEX aggregator 1inch introduced the second version of the protocol for operations with limit orders — 1inch Limit Order Protocol v2. Users have access to “gasless” swaps of permit-supporting tokens.
The new version of the protocol allows for a “gasless” exchange of tokens for ETH. Thanks to this, users who do not hold Ethereum on their balance can interact with the aggregator.
Pay Transactions Using ERC-20
The service is available for tokens that support permissions. This feature, proposed in EIP-2612, allows you to pay transaction fees using ERC-20 assets using the tokens themselves and not ETH.
On the Ethereum network, permissions support 112 assets. A similar feature is available on the Binance Smart Chain and Polygon networks. In the first, 33 projects are compatible with it, in the second – & nbsp; 15. We are talking about tokens like Aave (AAVE), Uniswap (UNI), and Balancer (BAL).
The developers have also optimized the RFQ trading mode. For example, market makers can assign a specific taker to execute an order.
Aave DeFi project will add support for Fantom
Fantom smart contract platform community voted to integrate landing DeFi -project Aave. The proposal received a 99.98% vote.
Fantom Foundation will provide a team of engineers to address issues during protocol deployment.
Presumably, after the launch on the network, Aave will become a member of the Fantom Incentive program. Under it, projects can receive monthly rewards of up to 6 million FTM tokens (~$14.3 million).
The proposal to deploy Aave was initiated by Fantom Foundation CEO Michael Kong, who called himself a longtime fan of the Defi project.
He noted that he does not foresee any technical difficulties since the platform supports all the tools Aave needs.
Investing in DeFi
The Graph, a startup developing a protocol of the same name for querying and receiving data from blockchains, raised $50 million in an investment round.
Tiger Global led it with FinTech Collective, Fenbushi Capital, Reciprocal Ventures, and Blockwall Digital Assets Fund.
The Graph supports 26 networks, including Ethereum, NEAR, Arbitrium, Optimism, Polygon, Avalanche, Celo, Fantom, Moonbeam, and IPFS.
The startup’s APIs are used by Uniswap, Synthetix, KnownOrigin, Gnosis, Balancer, Livepeer, DAOstack, Audius, and Decentraland.
DeBank closes $25M funding round at $200M valuation. Supported Dragonfly, Hash Global, Youbi, and other business angels. Strategic investments were provided by Coinbase Venture, Crypto.com, Circle, and Ledger.
DeBank was founded in 2019 and supported hundreds of Defi protocols on Ethereum, Binance Smart Chain, Polygon, and more.
Decentralized trading platform Slingshot Finance(formerly DEX.AG) has raised $15M in a Series A funding round.
It is led by Ribbit Capital and includes K5 Global, Shrug Capital, The Chainsmokers, singer Jason Derulo, founder of startup Checkout.com Guillaume Pousa and Morning Brew CEO Austin Reef.
Slingshot’s existing investors Framework Ventures and Electric Capital, also joined the round.
Big Plans After Fund Raising
The funds raised will be used to double the headcount from the current 18 people, launch a mobile application, and support more blockchains.
Slingshot supports Ethereum-based solutions of the second level of Polygon and Arbitron. According to platform CEO Clinton Bembry, Optimism will be the next network, but the team also considers the Solana, Avalanche, and Binance Smart Chain blockchains.
Hacks and scams
Landing Page platform Qubit Finance based on Binance Smart Chain (BSC) has been hacked. According to PeckShield, the attackers withdrew digital assets worth about $80 million from the project pool.
Analysts noted that the hackers exploited the QBridge cross-chain service, which allowed them to issue a “huge” amount of xETH tokens. The latter was used to secure an illegitimate loan on the platform.
The Qubit Finance Defi platform allows you to make loans secured by digital assets. The bridge solution provides the ability to use cryptocurrencies outside of the BSC to secure loans. However, they do not need to be moved from one blockchain to another.
CertiK explained that the exploit allowed attackers to issue xETH without making a deposit. Then they converted the assets into BNB.
The project team confirmed the information about the hack. The developers contacted the hackers and offered them a reward to “minimize” the negative impact on the community.
The project team monitors attackers’ actions and “controls the affected assets.” In addition, developers are collaborating with security partners, including Binance representatives.
Decentralized finance platform team Grim Finance reported a hacker attack that stole $30 million.
Hackers gained access to the Grim Finance wallet using a malicious token in a contract using a reentry exploit.
The developers have suspended deposits and urged users to immediately withdraw funds from the platform.
The Grim Finance team also contacted Circle, DAI and AnySwap with the attacker’s address to block further illegal fund transfers.
DeFi Chronicles 2021: what are the prospects for “financial LEGO”
Also on ForkLog:
- Survey: Investor interest in DeFi surged in 2021
- CertiK estimates $1.3B in stolen funds from the DeFi ecosystem in 2021 .
- Chainalysis: rug pull schemes accounted for 37% of fraudsters’ revenue in 2021.
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