European regulators evaluate DeFi dangers, Uniswap introduces Android wallet: Finance Reimagined

Welcome to Finance Redefined, your weekly source of crucial decentralized finance (DeFi) insights — a newsletter designed to keep you informed about the most important events from the previous week.

In this week’s edition, European securities regulators have released a report concerning the DeFi ecosystem, detailing the risks it presents to the European Union’s financial system — while also emphasizing the advantages of DeFi.

Uniswap has introduced a beta version of its Android wallet on Google Play, with the application gaining traction among desktop and Apple iOS users. The DeFi platform Star Arena successfully recovered 90% of the stolen Avalanche (AVAX) tokens after offering a bounty of $250,000, whereas Platypus Finance encountered yet another flash loan attack.

The leading 100 DeFi tokens experienced a varied week regarding price movement, with the majority of tokens trading within a similar range or slightly above last week’s figures. The total value locked in DeFi protocols reached $45.67 billion.

European regulator: DeFi entails significant risks alongside benefits

The European Securities and Markets Authority (ESMA) — the EU’s supervisory body for financial markets — published an article on DeFi and its associated risks to the EU market on Oct. 11.

In a report spanning 22 pages, the ESMA acknowledges the potential benefits of DeFi, including enhanced financial inclusion, the innovation of new financial products, and the improvement of the speed, security, and costs of financial transactions.

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Uniswap unveils Android wallet beta on Google Play

The decentralized crypto exchange Uniswap launched a closed beta Android version of its mobile application on Oct. 12, as per a blog update from the app’s development team. Previously, Uniswap was only accessible on PC and iOS mobile devices.

The new Android beta application enables users to select coins across different chains without the need to change networks. It automatically identifies the network associated with a coin and transitions to that network without user intervention. Currently, it supports Polygon, Arbitrum, Optimism, Base, and BNB Chain, with plans for additional chain compatibility in the future.

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Stars Arena recovers 90% of stolen assets after offering a $257,000 bounty

Web3 social media platform Stars Arena announced it has retrieved nearly all of the cryptocurrency taken during an exploit on Oct. 7, excluding a 10% bounty to the individual responsible.

In a post on X (formerly Twitter) on Oct. 11, Stars Arena stated that approximately 90% of the 266,000 AVAX exploited, which was valued at around $3 million at the time, was recovered after agreeing to provide a bounty of 27,610 AVAX worth nearly $257,000 to the exploiter. The bounty also included reimbursement for 1,000 AVAX valued at over $9,000, which the exploiter reportedly lost during a bridge transaction.

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Platypus DeFi suffers $2.2 million loss in another flash loan exploit

The DeFi protocol Platypus has experienced a loss exceeding $2 million in assets due to another flash loan exploit on its platform. In response to the attack, the protocol halted all of its pools.

As reported by the blockchain security platform CertiK, the DeFi platform faced three separate attacks, with $2.23 million taken during the exploits. The first attack occurred on Oct. 12, extracting $1.2 million from the platform. A second attack happened hours later, stealing assets worth $575,000. Just a minute after that, the third attack occurred, leading to a loss of $450,000 in assets.

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Lido Finance reveals 20 slashing incidents due to validator configuration issues

The Ethereum staking protocol Lido Finance has reported that its protocol encountered 20 slashing incidents due to a series of infrastructure and signer configuration problems from validators managed by Launchnodes.

The event took place on Oct. 11 at approximately 3:30 pm UTC, according to Launchnodes. In a post on X on Oct. 11, Lido announced that Launchnodes’ validator nodes are currently offline, and slashing has stopped while the underlying cause is being investigated.

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DeFi market overview

Data from Cointelegraph Markets Pro and TradingView indicates that the top 100 DeFi tokens by market capitalization had a varied week, with most tokens seeing positive movement on weekly charts. The total value locked in DeFi protocols has decreased to $45.67 billion.

Thank you for reading our summary of this week’s most significant DeFi developments. Join us next Friday for additional stories, insights, and education on this rapidly evolving space.