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The decentralized finance (DeFi) sector continues to attract increased attention of cryptocurrency investors. The most important events and news of recent weeks ForkLog collected in the digest.
Key indicators of the DeFi segment
The volume of blocked funds (TVL) in DeFi-protocols fell to $ 77.26 billion The leader was MakerDAO with an indicator of $ 7.84 billion, and the second and third lines of the rating are held by AAVE ($ 5.65 billion) and Lido ($ 5.35 billion), respectively.
Data: DeFi Llama.
TVL in Ethereum applications fell to $ 48.12 billion Over the past 30 days, the figure has decreased by 5% (on June 16, the value was $ 50.52 billion).
Data: DeFi Llama.
The trading volume on decentralized exchanges (DEX) over the past 30 days amounted to $ 56.7 billion.
Uniswap continues to dominate the non-castodial exchange market, accounting for 67.8% of total turnover. The second DEX in terms of trading volume is Curve (14.6%), the third is Balancer.
Aave proposed to launch a decentralized stablecoin GHO
The developers of Aave offered the community to launch a native multi-security stablecoin GHO for the DeFi protocol ecosystem, tied to the US dollar.
“As a decentralized stablecoin on the Ethereum network, GHO will be created by users. As with all borrowings in the Aave protocol, collateral must be provided (in a certain ratio) to be able to mint the GHO,” the team explained.
As collateral for GHO, a “diversified set of crypto assets” supported by the protocol will be used. Users will continue to receive interest on tokens pledged.
All decisions regarding GHO, including interest rates, collateral level and so on, will be made by the TAO, the team noted.
“If approved, the implementation of GHO will make borrowing in stablecoins in the Aave protocol more competitive, provide more opportunities for users and give additional revenue to the Aave DAO by directing 100% of interest payments on GHO loans to the DAO treasury,” the statement said.
The developers also offered to provide a discount on the release of a stablecoin to holders of the AAVE token in staking. In their opinion, this stimulates the growth of stkAAVE volumes, which will increase the security of the protocol.
It is assumed that the release and combustion of GHO will be controlled by community-approved “facilitators” (Facilitator) with a set emission limit.
MakerDAO to distribute DAI 500 million reserve bonds
The Community of the DeFi platform MakerDAO voted to invest 500 million DAI in “bonds with minimal risk” in the Treasury.
The initiative aims to mitigate the effects of the bear market. On the balance sheet of MakerDAO accumulated $ 4 billion in DAI. Additionally, $500 million in the DAI/USDC pool can be used for these purposes.
57.67% of voters supported the idea of distributing assets in the proportion of 80:20 between government and corporate bonds of the investment category.
IOSCO will develop recommendations on cryptocurrencies and DeFi
The International Organization of Securities Commissions has pledged to develop regulatory standards for digital assets by the end of 2023. The plans are contained in the organization’s roadmap.
The task is entrusted to the task force on fintech created in March. It is chaired by a representative of the Monetary Authority of Singapore.
Within the group, two separate committees will be formed, which will be headed by the US Securities and Exchange Commission and the UK Financial Conduct Authority. They will present reports with recommendations on DeFi and cryptocurrencies.
Participants will focus on market integrity and investor protection and suggest ways to adapt the existing regulatory framework for securities to digital assets.
Investing in DeFi
Positioning itself as a CeDeFi exchange Unizen on the basis of BNB Chain agreed to attract $ 200 million from Global Emerging Markets (GEM) for the development of the ecosystem.
GEM will provide funds in the form of “capital liabilities”: Part of the financing Unizen will receive immediately, part – after reaching undisclosed criteria.
The platform focuses on attracting both retail and institutional investors by searching and aggregating orders at the best prices on centralized and decentralized exchanges.
Unizen will use the funds to expand the team and product line, as well as to accelerate the implementation of the agregir system.Trade.
Supported by TV star Kevin O’Leary DeFi platform WonderFi Technologies acquired the Canadian cryptocurrency exchange Coinberry.
According to CoinDesk, the transaction amount was $ 30 million.
Hacks and scams
Attackers sent malicious tokens under the guise of airdrop from Uniswap to more than 70,000 addresses. Interested users were redirected to a fraudulent site where hackers stole funds.
Initially, the head of the Binance bitcoin exchange, Changpeng Zhao, reported a potential vulnerability in the third version of Uniswap, with the help of which the attacker allegedly withdrew from the 4295 ETH protocol. Later, he denied the information and confirmed that the project is safe.
PeckShield said there was an attack on the liquidity provider.
Uniswap creator Hayden Adams confirmed that this is a phishing campaign. He advised not to click on links that may be malicious.
July 3 Decentralized Liquidity Protocol Team Crema Finance suspended the application due to a hacker attack using instant loans on the Solend landing platform.
On July 7, the attacker returned some of the stolen funds after negotiations with the Crema Finance team. He kept 45,455 SOL (about $1.6 million) as a reward.
The protocol team confirmed the receipt from the hacker of 6064 ETH ($ 7 million) and 23,967 SOL ($ 879,000) in four transactions.
DeFi protocol developers Yam Finance prevented a cyber attack aimed at transferring control over the reserves of the project to an unknown third party.
According to the team, the attack that began on July 7 was discovered two days later. The delay is due to the fact that the hacker submitted a proposal to manage the protocol through internal transactions.
The malicious proposal contained an unverified smart contract designed to transfer control of Yam Finance’s reserves to the address of the wallet associated with the attacker. If the attacker had time to gather a quorum to accept the offer by the majority of the community, he would have gained access to the assets of Yam Finance in the amount of $ 3.1 million.
Also on ForkLog:
- MakerDAO will provide a loan of $ 100 million to a bank from the United States.
- In the UK, the taxation of crypto-landing operations and staking in DeFi will be studied.
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