The decentralized finance (DeFi) sector continues to attract increased attention from cryptocurrency investors. ForkLog has collected the most important events and news of recent weeks in a digest.
The main indicators of the DeFi segment
The amount of funds blocked (TVL) in DeFi protocols fell to $42.73 billion. Lido became the leader with $12.7 billion, while MakerDAO ($5.71 billion) and AAVE ($5.14 billion) hold the second and third lines of the rating, respectively. .
TVL in Ethereum applications fell to $25.13 billion. Decentralized exchange (DEX) trading volume over the past 30 days was $58.3 billion.
Uniswap continues to dominate the non-custodial exchange market, accounting for 53.5% of total turnover. The second DEX in terms of trading volume is Curve (15.6%), the third is PancakeSwap (15.4%).
Coinbase in SEC letter: DEX cannot be regulated as centralized exchanges
Coinbase representatives sent a letter to the US Securities and Exchange Commission (SEC) stating that DEXs cannot be regulated as centralized exchanges.
The company’s general counsel, Paul Grewal, said the agency’s powers “do not include the power to prohibit [децентрализованные платформы] unless expressly authorized by Congress.”
Last year, the SEC attempted to implement the DEX definition “without notice to the public,” he said.
“Truly decentralized systems do exist, and there is no single organization capable of being held accountable for compliance. The proposed rule for DEX would be an impossible requirement,” wrote Grewal.
According to the lawyer, the Commission “didn’t do a real economic analysis” of the industry and instead “promotes its own political preferences”.
Sturdy Finance lost about $770,000 in the attack
DeFi landing protocol Sturdy Finance was the victim of an attack that resulted in the loss of ~442 ETH. The team confirmed the incident.
According to BlockSec, an unknown person took advantage of a re-entry error on Balancer and manipulation of the price oracle to change the price of B-stETH-STABLE.
In an on-chain message, Sturdy Finance offered a $100,000 reward to the attacker who hacked the platform for the return of stolen funds.
If the response is positive, the project team will not charge the hacker. Project founder Sam Foreman confirmed the proposed reward on Twitter.
The Graph project will switch to Arbitrum
The decentralized data indexing protocol The Graph announced the transition to the last stage of the deployment of the Arbitrum second-level network. The move aims to increase scalability and reduce transaction costs.
Members of the project community voted for the implementation of the initiative. It is in line with the desire to expand networking opportunities and reduce participation costs.
The process kicked off in 2022 with initial rollout as the first phase. On the second stage, they turned on rewards according to the protocol on L2. As part of the launched third stage, they will make a full transition to Arbitrum.
The Graph users will be able to switch to Arbitrum across all products. Protocol rewards will gradually migrate from Ethereum and will be fully operational in the L2 solution. Graph core developers are actively improving tools to facilitate this transition.
According to the team, the transition will allow the delegator to delegate the utility token more efficiently due to lower transaction fees. Indexers will be able to claim rewards in GRT, while post-transition gas fees will be reduced by up to 300 times.
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