Highlights:
- A new DeFi report reveals that a significant amount of lost crypto was due to traditional Web2 flaws and security issues.
- Sushi is set to begin testing Bitcoin swaps on 30 blockchains using the interoperability platform ZetaChain.
- The founders of the Opyn DeFi protocol have stepped down following enforcement action by the CFTC.
- DeFi tokens had a bullish week, with most trading in green on the weekly charts.
Web2 Flaws Contribute to Lost Crypto
A recent report on decentralized finance (DeFi) highlights that a significant amount of lost crypto can be attributed to traditional Web2 flaws and security issues. The report emphasizes that centralization of information makes it easier to exploit. This sheds light on the importance of addressing these vulnerabilities to enhance the security of the DeFi ecosystem.
Sushi to Test Bitcoin Swaps on Multiple Blockchains
Sushi, a decentralized exchange (DEX) platform, is partnering with ZetaChain to explore native Bitcoin swaps for its users. This collaboration will enable trading of BTC across 30 different blockchain networks in a decentralized and permissionless manner. The testing phase is set to begin soon, marking an important milestone for Sushi and the broader DeFi space.
Opyn Founders Step Down Following CFTC Action
Two founders of the Opyn DeFi protocol have announced their departure from the project and their intention to leave the crypto industry. This decision comes in response to enforcement action taken against them by the United States Commodity Futures Trading Commission (CFTC). The incident highlights the regulatory challenges faced by DeFi projects and their founders.
Bullish Market Momentum for DeFi Tokens
In a positive sign for the DeFi ecosystem, most tokens experienced bullish market momentum during the week. Data shows that DeFi's top 100 tokens by market capitalization traded in the green on the weekly charts. This indicates continued investor interest and confidence in the DeFi space, with the total value locked into DeFi protocols remaining above $50 billion.
That's all for this week's Finance Redefined. Stay tuned for more updates on the exciting world of decentralized finance.
