Welcome to Finance Redefined, your weekly dose of important decentralized finance insights — a e-newsletter crafted to carry you probably the most important developments from the previous week.
The crypto market staged a major restoration this week after the most important crypto sell-offs in over a yr wiped over $510 billion from the worldwide crypto market cap, briefly tanking Bitcoin’s (BTC) value to a five-month low of $49,000.
Past the correction, there have been important optimistic developments within the wider decentralized finance (DeFi) area after presidential candidate and former President Donald Trump’s eldest son revealed plans to launch a DeFi platform to rival the banking trade.
Whereas Trump Jr. has but to disclose extra particulars in regards to the platform, the crypto trade may largely profit from the mainstream consideration.
Donald Trump Jr. is launching a crypto platform to “tackle” the banks
Donald Trump Jr. has introduced plans to launch a brand new DeFi cryptocurrency platform to handle inequality in banking entry. Nevertheless, the platform remains to be within the early phases and can take a while to turn into a actuality.
Throughout a Q&A session on subscription-based platform Locals on Aug. 8, Donald Trump Jr, the eldest son of presidential candidate and former president Donald Trump, mentioned he wasn’t launching a memecoin however engaged on a crypto platform to tackle the banks.
“What we’re speaking about is a bigger kind of platform,” that’s very totally different and never a memecoin, he mentioned. Nevertheless, he added that it could be a “very long time earlier than we are able to do something,” not giving something away on a timeframe.
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$510 billion crypto sell-off wipes 2024 features from high 50 cash
Over half of the 50 largest cryptocurrencies by market capitalization are within the crimson following the most important crypto sell-off in over a yr.
Your complete crypto market noticed a $510 billion drop in whole market capitalization.
Following the sell-off, over 60% of the highest 50 cryptocurrencies misplaced all of the features made throughout 2024, in line with CryptoQuant creator Binhdangg, who wrote in an Aug. 6 X put up:
“After Black Monday, 60% of cash within the high 50 have eliminated all revenue for the reason that starting of 2024 and even get losses.”
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Solana’s first gaming SVM surpasses a million month-to-month energetic customers
Sonic’s testnet has surpassed a million month-to-month energetic customers as a testomony to the rising adoption of Web3 video games.
Sonic, the primary gaming-focused Solana Digital Machine (SVM) layer 2, generated over 600 million transactions from over a million customers throughout its testnet.
The consumer surge was largely because of the Odyssey testnet marketing campaign, which supplied customers rewards for enjoying and transacting on the testnet, in line with Chris Zhu, CEO of Sonic SVM.
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Nomad Bridge hacker strikes $35.2 million in ETH to Twister Money
A Nomad Bridge exploiter-labeled handle has transferred 14,500 Ether (ETH), price roughly $35.2 million, to Twister Money, a preferred cryptocurrency mixing service.
In response to an X put up by PeckShieldAlert, funds linked to the August 2022 Nomad Bridge hack had been transferred on Aug. 8.
Nevertheless, the switch of 14,500 Ether follows one other transaction on Aug. 5, when 16,892 ETH was purchased utilizing stolen funds linked to Nomad Bridge.
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Ronin “white hat” attacker returns $10 million in ETH after obvious unintended front-run
The utmost extractable worth bot that drained practically 3,996 Ether from the Ronin Community bridge on Aug. 6 has returned practically all the funds, in line with information from block explorer Etherscan. This means that the bot might have unintentionally front-run the assault. On the time the ETH was returned, it was price greater than $10 million.
The bot returned the funds at 3:04 pm UTC on Aug. 6. A complete of three,991 ETH was transferred to the Ronin staff, whereas the remaining 5 ETH has not been returned. The Ronin staff introduced the return on social media platform X and acknowledged that the bot’s proprietor was being rewarded $500,000 for locating the exploit.
The staff mentioned it could solely reopen the bridge after the vulnerability is patched and an audit is carried out.
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DeFi Market overview
The vast majority of the 100 largest cryptocurrencies by market cap have ended the week within the crimson, nonetheless recovering from the aggressive crypto market sell-off, in line with information from Cointelegraph Markets Professional and TradingView.
Of the highest 100, the Lido Dao (LDO) token noticed the most important loss, falling over 26% on the weekly chart, adopted by the Synthetic Superintelligence Alliance (FET) token, which plunged over 23% in the course of the previous week.
Thanks for studying our abstract of this week’s most impactful DeFi developments. Be part of us subsequent Friday for extra tales, insights and schooling relating to this dynamically advancing area.
