The Decentralized Finance (DeFi) sector continues to attract increased attention from cryptocurrency investors and traders. Hodlmonks collected the most important events and news of the last weeks in a digest.
Main indicators of the DeFi segment
The total value of cryptoassets (TVL) blocked in Ethereum applications has reached $ 43.73 billion. Over the past 30 days, the indicator has grown by 9%.
In the segment, landing services are invariably leading – Maker with TVL indicator of $ 6.93 billion, Compound ($ 6.55 billion) and Aave ($ 5.08 billion).
The leading non-custodian exchange Uniswap in terms of trading volume was ousted in the context of TVL by the projects SushiSwap and Curve Finance. Uniswap is now on the 6th line of the DeFi Pulse rating, and its competitors are at 4 and 5, respectively.
The segment of tokenized bitcoins continued to grow steadily. The total market value of WBTC, HBTC, renBTC and other bitcoins on Ethereum reached $ 10.81 billion, a month ago, the figure was $ 8.17 billion .
Trading volume on decentralized exchanges (DEX) over the past 30 days amounted to $ 64.8 billion .
54.4% of the total turnover of non-custodial exchanges comes from Uniswap. The second DEX in terms of trading volume is SushiSwap (15.4%), the third is Curve (13.3%).
TVL projects on Binance Smart Chain (BSC) are growing steadily. The cumulative figure reached $ 12.77 billion, its growth over the past 30 days was 183%.
For applications on Huobi ECO Chain, the corresponding figure reached $ 6.27 billion (a month ago it was about $ 2 billion ).
Uniswap’s UNI token entered the top 10 by market capitalization
Over the past 30 days, the UNI token of the Uniswap decentralized exchange has risen in price by 58.2%, taking 8th place in the cryptoasset capitalization rating from CoinGecko .
At the time of writing, UNI has a market cap of $ 16.9 billion. The coin is trading at around $ 32.50.
The asset ranks first in terms of market capitalization in the DeFi segment .
PancakeSwap outperforms Uniswap on TVL
At the beginning of the month, the Binance Smart Chain (BSC) -based PancakeSwap platform surpassed the Uniswap Ethereum exchange in terms of blocked funds.
On March 4, TVL PancakeSwap surpassed $ 4 billion . Then at the Uniswap exchange the corresponding figure was $ 3.73 billion.
At the time of writing, the TVL of the PancakeSwap platform is $ 4.08 billion, the Ethereum competitor has $ 4.24 billion.
1inch project integrated with Binance Smart Chain
The liquidity aggregator from 1inch decentralized exchanges has integrated with the BSC ecosystem .
Users have the opportunity to switch between Ethereum and BSC blockchains, 1inch Liquidity Protocol, 1inch Aggregation Protocol and staking functions became available.
The 1inch team also launched a liquidity mining program on February 26 at 00:01 (UTC) in the BNB-1INCH pool.
Investing in DeFi
Oxygen startup has closed a $ 40 million funding round led by Alameda Research. The round was also attended by Multicoin Capital, Genesis Capital and CMS.
The Oxygen protocol will be launched on the Serum decentralized ecosystem built on the Solana blockchain.
Oxygen helps users access liquidity, leverage, yield generation, and short-term borrowing.
Platform synthetic assets Synthetix raised $ 12 million of funding through the direct sale of native tokens SNX. Coins from synthetixDAO reserves were bought by venture companies Paradigm, Coinbase Ventures and IOSG.
Firms will support the project by providing liquidity in the form of SNX whenever possible and will participate in the protocol management system.
Blockchain Platform Centrifuge Raises $ 4.3 Million In Model Round Of FundingSAFT…
The funding round was spearheaded by investment firm Galaxy Digital and research fund IOSG Ventures. It also featured Rockaway, Fintech Collective, Moonwhale, Fenbushi, TRGC and HashCIB.
Startup Centrifuge aims to bring decentralized and traditional finance closer together by creating new pools, improving user experience, and through solutions based on Polkadot.
DeFi-based mutual insurance project Nexus Mutual raised $ 2.7 million to further develop the protocol by selling native NXM tokens.
Collider Ventures, a venture capital firm, made a strategic contribution. Blockchain Capital, Version One, Dialectic and other major investors also participated in the round.
Nexus Mutual plans to reach users of existing cryptocurrency exchanges and custodians, including Coinbase, Binance, Kraken and Gemini.
Hacks and scams
Hackers withdrew 13.96 million BUSD and 73,635 BNB from the Meerkat Finance protocol based on Binance Smart Chain.
According to a blockchain observer , the assets are spread across multiple wallets. The alleged attackers modified the project’s smart contract using the developer’s account. Thus, hackers could get the keys of the founders, or this is an exit scam.
The attacker has compromised proxy DEFI-project Furucombo . As a result of the attack, the damage amounted to about $ 14 million in Ethereum and ERC-20 tokens.
Furucombo provides users with a tool that allows them to visually combine transaction chains with different DeFi protocols.
According to The Block researcher Igor Igamberdiev, the hacker used a fake contract, which made Furucombo decide that Aave v2 has a new implementation. This made it possible, when interacting with the DeFi protocol, to transfer approved tokens to an arbitrary wallet.
The expert gave a list of the stolen assets.
What was stolen ($ 14M +):
– 3.9k stETH
– 2.4M USDC
– 649k USDT
– 257k DAI
– 26 aWBTC
– 270 aWETH
– 296 aETH
– 2.3k aAAVE
– 4 WBTC
– 90k CRV
– 43k LINK
– 7.3k cETH
– 17.2M cUSDC
– 69 cWBTC
– 142.2 M BAO
– 38.6k PERP
– 30.4k COMBO
– 75k PAID
– 225k UNIDX
– 342 GRO
– 19k NDX
– Igor Igamberdiev (@FrankResearcher) February 27, 2021
The DODO exchange, powered by Binance Smart Chain, lost $ 3.8 million as a result of the attack .
“The attack targeted several DODO version 2 crowdpools, namely WSZO, WCRES, ETHA and FUSI. Funds in other pools, including all version 1 pools, are safe. The total losses as a result of the attack amounted to approximately $ 3.8 million, of which $ 1.88 million is expected to be returned, ”the platform representatives wrote.
The project team is investigating the incident together with a white hacker under the nickname samczsun, analysts from PeckShield, SlowMist, 1inch exchange and Binance Smart Chain developers.
The Ethereum PAID Network project was attacked – thanks to an exploit in a smart contract, the attacker managed to release native PAID tokens worth $ 160 million .
The hacker received 59.7 million PAID tokens, which he exchanged using the Uniswap exchange for more than 2,000 ETH worth over $ 3 million.