Ethereum staking services commit to limit to ensure decentralization
Five Ethereum liquid staking providers, including Rocket Pool and StakeWise, are working to impose a self-limit rule of 22% on the Ethereum staking market. This move aims to maintain the decentralization of the Ethereum network and prevent any single provider from owning a significant portion of the market.
DeFi experiences $16 million in collective exploits
In August, the DeFi sector suffered several costly exploits, resulting in a collective loss of $16 million. Balancer protocol alone lost nearly $900,000 due to a vulnerability that had been flagged months ago. However, this figure is significantly lower compared to the $320.5 million lost in July due to hacks, exploits, and fraud in the DeFi space.
Shibarium gains momentum with over 100,000 wallets
Shibarium, a layer-2 network for the Shiba Inu token, has seen impressive growth since its relaunch. The protocol now has more than 100,000 wallets on its platform, with 35,000 added within just 24 hours of the relaunch. This marks a significant milestone for Shibarium in its mission to provide a stable and efficient infrastructure for the Shiba Inu community.
USD Coin set to debut on Coinbase's layer-2 platform
USD Coin (USDC), Circle's United States dollar stablecoin, will soon be available on Coinbase's layer-2 platform. This move will replace the current USD Base Coin (USDbC) and provide users with a native version of USDC on the Base network. Previously, users had to bridge USDC from Ethereum to access it on Base.
DeFi tokens trade in the red as market faces decline
The DeFi market experienced a late-week decline as news of a delay in the approval decision for a spot Bitcoin exchange-traded fund (ETF) caused an overall market fall. As a result, most DeFi tokens traded in the red, contributing to a total value locked in DeFi protocols remaining below $50 billion.
That's it for this week's essential DeFi insights. Join us again next Friday for more updates and stories from the world of decentralized finance.
