DeFi Weekly: Major Exploits, Product Launches, and More
Introduction
A lot happened in the world of DeFi this week, with total value locked (TVL) across all chains surging higher. The crypto market saw a rise in anticipation of the ETF decision, with zero-knowledge rollup (zk-rollup) outperformers like ZkSync and StarkNet seeing significant jumps. There were also several product launches and updates that rocked the DeFi world, and here’s a recap of the week’s biggest events.
Challenges in Crypto Investing
0xKun discussed the challenges of applying traditional investing frameworks in the crypto market. As crypto is still in its early stages, traditional value investing and growth investing mindsets don’t work as well. Successful crypto investing requires dealing with volatility, managing risk, and playing off the fear and greed of market participants.
Ethereum: Kyber Network Exploited
The multi-chain DEX aggregator, Kyber Network, was exploited for $47 million across several chains, including Ethereum, Arbitrum, and Polygon, via its concentrated liquidity solution, Kyber Elastic. This exploitation raised questions about the security of DeFi platforms.
New Product Launches and Updates
Several protocols unveiled new products this week. Superform introduced itself as a universal yield marketplace supporting eight different chains and two bridge aggregators. Timeless unveiled the Bunni V2 DEX, and Money market protocol, Sturdy, introduced Sturdy V2, enabling isolated lending without the need for isolated liquidity. Beta Finance deployed Beta Finance Omni, and Revest Finance dropped the whitepaper for the upcoming project, Resonate.
L2s: The Arbitrum Frontier
Options protocol, Dopex, partnered with Arbitrum, Galxe, and OKX to release the Arbitrum Frontier, a DeFi-powered quest campaign. LSDFi protocol, UnshETH, also released blETH, a liquid wrapper representing ETH deposits in Blast. Several other product launches and updates were announced, including zero-knowledge powered fiat on-ramp solution, ZKP2P, and the launch of M2, a Move-based L2 built on Celestia.
Solana: More Bridging Options Unlocked
Multi-chain bridging protocol, Synapse, now supports the Solana ecosystem, enabling seamless transfers between Ethereum mainnet and Solana. The Solana wallet, Phantom, released cross-chain swaps, and Binance Smart Chain decentralized exchange, PancakeSwap, announced plans for a revamped tokenomics for the CAKE token.
Another Week, Another Airdrop
Cosmos liquid staking protocol, Stride Zone, announced plans for a 250,000 STRD token airdrop to stakers of the DYDX token. NFT trading platform, Blur, wrapped up Blur Season 2 and began Blur Season 3.
Tweet of the Week
Binance CEO, CZ, stepped down from Binance after six years of leading the largest crypto exchange in the market, ushering in the era of his successor, Richard Teng.
Conclusion
The past week was filled with major developments in the world of DeFi, from major exploits to product launches and airdrops. Stay updated on your favorite projects and stay tuned for next week’s edition. The world of DeFi is ever-evolving, and it seems like there’s always something new on the horizon.
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin