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September 2023 establishes a new record for exploits, while DAOs have the potential to democratize scientific research: Finance Redefined
Welcome to Finance Redefined, your weekly source of vital decentralized finance (DeFi) insights — a newsletter designed to deliver the most important updates from the previous week.
This week’s newsletter highlights that September has emerged as the most significant month for crypto exploits in DeFi, resulting in losses exceeding $300 million, while the well-known DeFi lending protocol Yield has declared its permanent shutdown by December.
Jaynti Kanani, co-founder of Polygon, has resigned from his daily responsibilities at the company, indicating he will now observe from a distance. Additionally, a respected science journal has noted that decentralized autonomous organizations (DAOs) can assist scientists in securing funding and building community.
The DeFi market experienced a varied week regarding price movements, with the majority of the top 100 tokens trading within the same price range as the previous week.
September marks the largest month for crypto exploits in 2023: CertiK
September has officially been recorded as the most detrimental month in 2023 (to date) for crypto-related exploits — with an astonishing $329.8 million in cryptocurrency stolen.
On Oct. 2, blockchain security firm CertiK reported that the primary contributor to the month’s figures stemmed from the Mixin Network attack on Sept. 23, during which the Hong Kong-based decentralized cross-chain transfer protocol suffered a loss of $200 million due to a breach of its cloud service provider.
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Yield Protocol to permanently “wind down” operations by December 2023
Yield Protocol has revealed its intention to cease operations by the year’s end due to insufficient business demand and global regulatory challenges.
Yield Protocol will no longer operate following the conclusion of its December 2023 series, which is set to mature on Dec. 29. The announcement regarding the “wind down” operation confirmed that the launch of the fixed rate series scheduled for March 2024 has been canceled.
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Polygon co-founder steps down, will contribute “from the sidelines”
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Jayant Kanani has announced that he has stepped back “from the day-to-day grind” of the project for the first time in six years.
In an Oct. 4 X (formerly Twitter) thread, Kanani expressed his intention to focus “on new adventures” while contributing to Polygon “from the sidelines.” Alongside software engineers such as Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic, Kanani was instrumental in founding the Matic network in 2017, which was subsequently rebranded to Polygon.
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DAOs can help scientists find funding and community, says Nature science journal
The Nature science journal recently featured an editorial in its Nature biotechnology section praising DAOs as an innovative approach for researchers in underfunded scientific fields to build communities around their work and secure funding that may otherwise be inaccessible.
In a DAO-based research framework, a project’s organization, fundraising, feedback, and progression from discovery to product/industry can all be managed by the same decentralized governing body.
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Wirex taps ZK-proofs for noncustodial crypto debit card issuance
Crypto payment service provider Wirex announced the introduction of a zero-knowledge proof (ZK-proof)-based noncustodial crypto debit card service named W-Pay on Oct. 3.
Wirex’s new decentralized offering employs zero-knowledge technology and is constructed on Polygon’s Chain Development Kit, promising enhanced scalability and security. Polygon’s CDK has been developed with ZK-proofs in mind, allowing companies and users to create their own ZK-powered layer-2 infrastructure.
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DeFi market overview
Data from Cointelegraph Markets Pro and TradingView indicates that DeFi’s top 100 tokens by market capitalization experienced a slight pullback from the previous week, with most tokens showing positive performance on weekly charts. The total value locked in DeFi protocols decreased to $45.07 billion.
Thank you for reading our summary of this week’s most significant DeFi developments. Join us next Friday for more stories, insights, and education regarding this rapidly evolving space.
