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.
Key indicators of the DeFi segment
The volume of blocked funds (TVL) in DeFi protocols remained almost unchanged – $37.9 billion. The leader was Lido with $14.1 billion, while the second and third places in the ranking were held by MakerDAO ($5 billion) and AAVE ($4.5 billion), respectively. .
TVL in Ethereum applications fell to $21.4 billion. Trading volume on decentralized exchanges (DEX) over the past 30 days amounted to $41.3 billion.
Uniswap continues to dominate the non-custodial exchange market, accounting for 56.2% of total turnover. The second DEX in terms of trading volume is PancakeSwap (19.7%), the third is Curve (6.7%).
Binance CEO Allows DeFi to Outperform CeFi in the Next Bull Market
The head of Bitcoin exchange Binance, Changpeng Zhao, said that the DeFi sector has the potential to surpass centralized finance (CeFi) in the next cryptocurrency rally.
“DeFi is the future, their volume is about 5-10% of CeFi, which is not so small. […] The next bull market could very well make DeFi bigger than CeFi,” Zhao said.
He believes that the more decentralized the crypto industry becomes, the better. The Binance CEO also welcomed the court’s dismissal of a class action lawsuit against Uniswap. DEX was accused of selling unregistered securities.
“Developers write code, this code is freedom of speech. So the development is really good,” Zhao said.
According to the head of Binance, every country needs cryptocurrency, but some have a greater need than others. Those wishing to maintain leadership in financial innovation will have to embrace the digital asset industry, he added.
CFTC files lawsuits against three DeFi projects
The U.S. Commodity Futures Trading Commission (CFTC) has filed lawsuits against three DeFi companies – Opyn, ZeroEx and Deridex – for illegal derivatives trading and operating without a license.
According to the agency, all firms are charged with “using blockchain-based protocols and smart contracts to function as trading platforms.”
They are also accused of illegally offering retail commodity transactions and leveraged margin transactions in digital assets, the CFTC stressed.
Opyn, ZeroEx and Deridex will pay fines of $250,000, $200,000 and $100,000 respectively. The companies have agreed to these terms in order to settle the claims.
Damage from the Balancer hack was estimated at $900,000
A hacker took advantage of a vulnerability in the DeFi platform for programmable liquidity Balancer and withdrew about $900,000 from the protocol.
According to on-chain data, after the attack, the attacker’s address received two transactions for $636,812 and $257,527 in DAI stablecoins.
The project team reported an error in the second version of the protocol on August 22 and urged users to withdraw funds from liquidity pools. At risk were assets deployed on Ethereum, Polygon, Arbitrum, Optimism, Avalanche, Gnosis, Fantom and zkEVM.
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