The decentralized finance (DeFi) sector experienced a drop in economic activity during the month of August, according to a recent analysis by investment management fund VanEck. The analysis revealed that exchange volume in the DeFi sector declined by 15.5% to $52.8 billion in August compared to July. This decline in activity could be attributed to the market downturn following the United States Federal Reserve's decision to pause interest rates.
Blockchain Capital Announces $580 Million Crypto-Focused Funds
Venture capital group Blockchain Capital has revealed two new funds totaling $580 million for investment in various crypto-focused areas, including DeFi, infrastructure, gaming, and consumer technologies. These funds will serve as an early-stage fund and an opportunity fund, providing funding opportunities for companies that have already secured significant funding elsewhere.
Chainlink and Arbitrum Collaborate on Cross-Chain DApp Development
Blockchain oracle network Chainlink has partnered with Ethereum layer-2 scaling protocol Arbitrum to enable cross-chain decentralized application (DApp) development. The collaboration has resulted in the launch of the Chainlink Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One, providing developers with access to Chainlink's solution and Arbitrum's scalable infrastructure.
Balancer Protocol Blames DNS Service Provider for Recent Exploit
The team behind Balancer, an Ethereum-based automated market maker, has attributed a recent exploit to a social engineering attack on its DNS service provider. The attack resulted in the compromise of Balancer's website front end and the theft of approximately $238,000 worth of crypto. The decentralized autonomous organization behind Balancer has been actively working to address the attack and recover the compromised UI.
None Trading Shuts Down Due to Infrastructure Exploit
Trading tool None Trading, built on Discord for cryptocurrencies and nonfungible tokens, has announced its closure due to a "critical exploit" within its infrastructure. The exploit resulted in the loss of significant funding and crucial team tokens needed to sustain operations. The company cited financial and infrastructural challenges as the reasons for its inability to continue running effectively.
DeFi's Top 100 Tokens Face Bearish Week
The top 100 DeFi tokens experienced a bearish week with most tokens trading in the red, according to data from Cointelegraph Markets Pro and TradingView. This decline in performance could be attributed to the overall market downturn. However, the total value locked into DeFi protocols remained at $44 billion.
Stay tuned for more updates on the rapidly evolving world of DeFi next week.
Did you miss our previous article...
https://trendinginthenews.com/crypto-currency/base-surges-ahead-of-solana-as-total-value-locked-approaches-400m
