Finance Redefined: Uniswap founder burns $650 billion in HayCoin, largest DeFi protocol on Solana exits U.K. market

85% of crypto rug pulls in Q3 didn't report audits: Hacken

A new report by blockchain security auditor Hacken has revealed that 85% of rug-pulled DeFi projects in Q3 did not report an audit. This report aims to identify trends in crypto hacks and assess how affected projects approached security. Rug pulls, which are cryptocurrency scams, often have distinct and visible features that investors can spot. Continue reading

Largest DeFi protocol on Solana reportedly quits U.K. market, citing FCA rule

Marinade Finance, the biggest DeFi protocol on the Solana blockchain, has reportedly blocked users from the United Kingdom. Customers in the U.K. discovered this issue while trying to access Marinade's website from local IP addresses. At the time of writing, Marinade Finance has around 75,000 users and over $265 million in total value locked, accounting for 70% of all funds locked on the Solana blockchain. Continue reading

Uniswap founder burns $650 billion in HayCoin against speculation

Hayden Adams, the founder of Uniswap, has burned 99% of the HayCoin supply. This action was taken to address concerns about price speculation. The majority of the tokens have been removed from circulation. Adams initially deployed the HAY token for testing five years ago, before the launch of Uniswap. He kept over 99.9% of HAY tokens in his wallet. Just recently, the token was trading like a memecoin in the six-figure range. Continue reading

Polygon launches POL token contract on Ethereum to eventually replace MATIC

Polygon Labs has launched the Ethereum contract for its new token, POL. This token is intended to replace Polygon's existing token, MATIC. However, users are not required to exchange their MATIC for POL at this time. The Polygon team claims that POL will power a vast ecosystem of zero knowledge-based Layer 2 chains through a re-staking protocol. This protocol allows tokenholders to stake POL on multiple chains, enabling multiple functions. Continue reading

DeFi market overview

The top 100 DeFi tokens had a bullish week, with most tokens trading in the green on weekly charts. The total value locked into DeFi protocols increased by nearly $6 billion to reach $49.16 billion. Continue reading

Thanks for reading our summary of this week's most impactful DeFi developments. Join us next Friday for more stories, insights, and education about this rapidly advancing space.