Uniswap Dominates DeFi Headlines
The past week in decentralized finance (DeFi) was marked by major developments on the popular exchange platform Uniswap. The platform announced a 0.15% swap fee starting on October 17, which generated controversy due to Know Your Customer (KYC) checks.
Platypus Finance Recovers Lost Funds
Platypus Finance, a DeFi protocol, successfully recovered 90% of the funds lost in an exploit on October 12. The protocol limited its net loss to 18,000 Avalanche (AVAX) worth $167,400 at the time. The hacker returned the funds voluntarily, and Platypus Finance stated that no legal action will be pursued.
Bullish Week for Top 100 DeFi Tokens
The top 100 DeFi tokens by market capitalization had a bullish week, with the majority of tokens trading in the green and recording double-digit gains on the weekly charts. However, the total value locked (TVL) in DeFi protocols fell by nearly $2 billion.
Surge in Ethereum Liquid Staking Derivatives Finance
The Ethereum liquid staking derivatives finance (LSDFi) ecosystem has seen significant growth this year as Ether (ETH) holders choose to stake their assets rather than liquidate. According to a report from CoinGecko, the sector has grown by 58.7x since January, with LSD protocols accounting for 43.7% of the total 26.4 million ETH staked.
New Scaling Solution Scroll Launches Mainnet
Scroll, a new contender in the zero-knowledge Ethereum Virtual Machine (zkEVM) space, has confirmed the launch of its mainnet. This scaling solution aims to scale the blockchain and allows existing applications and developer toolkits on Ethereum to migrate seamlessly.
Uniswap Implements Swap Fees and KYC Checks
Decentralized exchange Uniswap has started charging a 0.15% swap fee on certain tokens in its web application and wallet. The affected tokens include ETH, USDC, wETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC, and XSGD. Additionally, an open-source directory has introduced a controversial hook that enables KYC checks for users before they can trade in token pools.
DeFi Market Recap
The top 100 DeFi tokens had a bullish week, but the total value locked in DeFi protocols dropped to $43.81 billion. Stay tuned for more DeFi developments and insights.
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