Welcome to Finance Redefined, your weekly dose of important decentralized finance insights — a e-newsletter crafted to deliver you probably the most important developments from the previous week.
The crypto market staged a major restoration this week after the most important crypto sell-offs in over a 12 months wiped over $510 billion from the worldwide crypto market cap, briefly tanking Bitcoin’s (BTC) worth to a five-month low of $49,000.
Past the correction, there have been important optimistic developments within the wider decentralized finance (DeFi) house after presidential candidate and former President Donald Trump’s eldest son revealed plans to launch a DeFi platform to rival the banking trade.
Whereas Trump Jr. has but to disclose extra particulars in regards to the platform, the crypto trade may largely profit from the mainstream consideration.
Donald Trump Jr. is launching a crypto platform to “tackle” the banks
Donald Trump Jr. has introduced plans to launch a brand new DeFi cryptocurrency platform to deal with inequality in banking entry. Nevertheless, the platform remains to be within the early levels and can take a while to develop into a actuality.
Throughout a Q&A session on subscription-based platform Locals on Aug. 8, Donald Trump Jr, the eldest son of presidential candidate and former president Donald Trump, mentioned he wasn’t launching a memecoin however engaged on a crypto platform to tackle the banks.
“What we’re speaking about is a bigger sort of platform,” that’s very totally different and never a memecoin, he mentioned. Nevertheless, he added that it might be a “very long time earlier than we will do something,” not giving something away on a timeframe.
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$510 billion crypto sell-off wipes 2024 positive aspects from prime 50 cash
Over half of the 50 largest cryptocurrencies by market capitalization are within the crimson following the largest crypto sell-off in over a 12 months.
All the crypto market noticed a $510 billion drop in whole market capitalization.
Following the sell-off, over 60% of the highest 50 cryptocurrencies misplaced all of the positive aspects made throughout 2024, in accordance with CryptoQuant creator Binhdangg, who wrote in an Aug. 6 X submit:
“After Black Monday, 60% of cash within the prime 50 have eliminated all revenue because the starting of 2024 and even get losses.”
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Solana’s first gaming SVM surpasses a million month-to-month energetic customers
Sonic’s testnet has surpassed a million month-to-month energetic customers as a testomony to the rising adoption of Web3 video games.
Sonic, the primary gaming-focused Solana Digital Machine (SVM) layer 2, generated over 600 million transactions from over a million customers throughout its testnet.
The consumer surge was largely because of the Odyssey testnet marketing campaign, which provided customers rewards for taking part in and transacting on the testnet, in accordance with Chris Zhu, CEO of Sonic SVM.
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Nomad Bridge hacker strikes $35.2 million in ETH to Twister Money
A Nomad Bridge exploiter-labeled tackle has transferred 14,500 Ether (ETH), value roughly $35.2 million, to Twister Money, a well-liked cryptocurrency mixing service.
In keeping with an X submit by PeckShieldAlert, funds linked to the August 2022 Nomad Bridge hack have been transferred on Aug. 8.
Nevertheless, the switch of 14,500 Ether follows one other transaction on Aug. 5, when 16,892 ETH was purchased utilizing stolen funds linked to Nomad Bridge.
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Ronin “white hat” attacker returns $10 million in ETH after obvious unintentional front-run
The utmost extractable worth bot that drained almost 3,996 Ether from the Ronin Community bridge on Aug. 6 has returned almost all the funds, in accordance with information from block explorer Etherscan. This means that the bot might have by chance front-run the assault. On the time the ETH was returned, it was value greater than $10 million.
The bot returned the funds at 3:04 pm UTC on Aug. 6. A complete of three,991 ETH was transferred to the Ronin group, whereas the remaining 5 ETH has not been returned. The Ronin group introduced the return on social media platform X and acknowledged that the bot’s proprietor was being rewarded $500,000 for locating the exploit.
The group mentioned it might solely reopen the bridge after the vulnerability is patched and an audit is carried out.
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DeFi Market overview
Nearly all of the 100 largest cryptocurrencies by market cap have ended the week within the crimson, nonetheless recovering from the aggressive crypto market sell-off, in accordance with information from Cointelegraph Markets Professional and TradingView.
Of the highest 100, the Lido Dao (LDO) token noticed the largest loss, falling over 26% on the weekly chart, adopted by the Synthetic Superintelligence Alliance (FET) token, which plunged over 23% in the course of the previous week.
Thanks for studying our abstract of this week’s most impactful DeFi developments. Be part of us subsequent Friday for extra tales, insights and schooling concerning this dynamically advancing house.