Welcome to Finance Redefined, a weekly newsletter that brings you the most significant developments in decentralized finance (DeFi). In this edition, we'll cover the challenges facing DeFi, a major merger between two Cosmos-based networks, the release of hackers claiming to be ethical, and the latest market trends. Let's dive in.
Cosmos-based Networks Umee and Osmosis Merge, Creating "DeFi Hub"
In an exciting announcement, Cosmos-based networks Umee and Osmosis have decided to merge through a software upgrade. This merger will combine the features of the two networks, creating what the development teams call a "DeFi Hub" for the Cosmos ecosystem. Umee's UX Chain code will be reimplemented on the Osmosis chain, offering users a powerful and comprehensive DeFi experience. With over $23 billion in cumulative volume, Osmosis is one of the largest decentralized exchanges in the Cosmos ecosystem. This merger is set to unlock new possibilities for DeFi enthusiasts.
Platypus Exploiters Walk Free After Claiming to Be "Ethical Hackers"
In a surprising turn of events, a French court has allowed the two brothers responsible for stealing $8.5 million from DeFi protocol Platypus to walk free without facing any consequences. The hackers, who claimed to be ethical hackers, exploited a code error and withdrew all assets through an uncollateralized loan. This incident highlights the need for stronger security measures within the DeFi space.
Addressing the Barriers to DeFi Adoption — Interview with Velvet Capital
In an exclusive interview, Velvet Capital's CEO shares insights on the challenges facing DeFi and the key barriers it must overcome to achieve mainstream adoption. The integration of DeFi and asset management is revolutionizing the financial world, providing a decentralized and transparent alternative to traditional financial systems. By improving asset management practices and offering better returns, DeFi has the potential to attract institutional players and individuals alike. This interview sheds light on the exciting future of DeFi.
KyberSwap Announces Treasury Grants for Hack Victims
Following a significant exploit that led to a $48.8 million loss for the DeFi protocol, KyberSwap is taking steps to compensate affected users. The platform is establishing a grant initiative from its treasury to ease the financial burden on those impacted by the security breach. KyberSwap's commitment to its user community and platform security is evident in this proactive approach. More details about the grant will be provided within two weeks.
DeFi Market Overview
The top 100 DeFi tokens had a bullish week, with most tokens trading in the green on the weekly charts. The total value locked into DeFi protocols has surged past $60 billion, indicating the continued growth and popularity of the DeFi space. Keep an eye on these market trends as they shape the future of finance.
That's all for this week's essential DeFi insights. Join us next Friday for more stories, insights, and education on this rapidly advancing sector.
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https://trendinginthenews.com/crypto-currency/el-salvadors-crypto-adoption-remains-limited-coingecko-report-shows
