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Less than 1% of staked ETH projected to be liquidated following Shapella: Finance Redefined
Welcome to Finance Redefined, your weekly source of crucial decentralized finance (DeFi) insights — a newsletter designed to provide you with key developments from the past week.
The previous week in DeFi was marked by excitement in anticipation of the Shapella upgrade on the Ethereum mainnet. The hard fork was successfully executed on April 12, enabling validators to withdraw their staked Ether (ETH) after a three-year period. Nevertheless, only 253 validators have opted to completely exit their staked Ether positions, with analytics firm Glassnode estimating that less than 1% of the staked ETH will be withdrawn.
In the midst of the celebrations following the Shapella upgrade, an Ethereum researcher disclosed that staking Ether may pose a privacy issue, as he had “internally” found that staking Ether reveals a user’s IP address information.
A hacker managed to mint 1 quadrillion Yearn Tether (yUSDT) by exploiting an outdated Yearn.finance contract, subsequently swapping the yUSDT for other stablecoins, which enabled them to acquire $11.6 million worth of stablecoins.
DeFi-driven financial inclusion aims to enhance liquidity and earning prospects for African micro-entrepreneurs through Fonbnk’s collaboration with Tanda.
The top 100 DeFi tokens experienced another positive week, fueled by a late surge in the crypto market following Ethereum’s highly anticipated upgrade. Most DeFi tokens traded positively alongside the broader market.
Less than 1% of staked ETH estimated to be sold after Shanghai upgrade: Glassnode
Glassnode has projected that only 170,000 Ether of the 18.1 million ETH staked on the Beacon Chain will be unlocked within the first week following the execution of the Shanghai hard fork on Ethereum.
This amount includes 100,000 Ether ($190 million) in staking rewards and 70,000 ETH worth of staked Ether ($133 million), as predicted by the on-chain intelligence platform in its report dated April 11.
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Ethereum researcher says staking reveals IP address, sparking privacy concerns
A researcher at the Ethereum Foundation (EF) indicated that the IP addresses of ETH stakers are tracked as part of a broader set of metadata, prompting the cryptocurrency community to raise concerns regarding Ethereum’s privacy.
In an April 12 discussion on the crypto podcast Bankless, EF researcher Justin Drake disclosed that he learned this information “internally.” The metadata Drake mentioned encompasses a wide array of information.
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Web3 economy to gain more traction in Africa through DeFi-based financial inclusion
The Web3 movement in Africa originated with cryptocurrency, as blockchain technology has introduced significant changes in terms of transparency and individuals’ control over their finances. The Web3 economy in Africa continues to gain momentum through decentralized finance-based financial inclusion.
Fonbnk, the Web3 on-ramp that enables Africans to acquire cryptocurrency assets by trading their airtime credits, has partnered with Tanda, a merchant network platform in East Africa, to establish an airtime trading marketplace across Tanda’s network of agents.
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Hacker mints 1 quadrillion yUSDT after exploiting old Yearn.finance contract
Blockchain security firm PeckShield recently identified a hack that permitted the attacker to mint over 1 quadrillion yUSDT from an investment of $10,000 in the latest DeFi exploit.
According to the security firm, the hacker subsequently exchanged the yUSDT for other stablecoins, allowing them to seize $11.6 million worth of the tokens. This includes 61,000 Pax Dollar (USDP), 1.5 million TrueUSD (TUSD), 1.79 million Binance USD (BUSD), 1.2 million Tether (USDT), 2.58 million USD Coin (USDC), and 3 million Dai (DAI).
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DeFi market overview
Analytical data indicates that DeFi’s total market capitalization surpassed $54 billion this past week. Information from Cointelegraph Markets Pro and TradingView reveals that the top 100 DeFi tokens by market capitalization had a positive week, with the majority of the tokens trading in the green, with a few exceptions.
Thank you for reading our summary of this week’s most significant DeFi developments. Join us next Friday for more stories, insights, and education in this rapidly evolving space.
