FTX Contagion Continues to Shake the Scene
The FTX saga that began in November appears to be a cursed ghost, haunting various crypto protocols throughout the DeFi landscape. The most recent casualty? The Serum decentralized exchange (DEX) on Solana, once buoyed by the dark forces of Alameda and FTX. Also taking a hit, Auros Global has stumbled by failing to repay a hefty loan of 2,400 Wrapped Ether (wETH).
Serum Exchange’s Unfortunate Collapse
In an official note to its community, the Serum team announced its demise, declaring it “defunct” following the fallout from its backers. They acknowledged the dire situation but hinted at a silver lining: community members are rallying together to potentially fork the project. This response has led to the birth of OpenBook, a community-led fork which is currently exhibiting over $1 million in daily trading volume.
Auros Global’s Troubling Times
Reading between the lines, it seems Auros Global’s dance with the FTX disaster is not a pretty one. They missed a principal payment of around $3 million, bringing their financial woes front and center in the DeFi world. Institutional credit underwriter M11 Credit took to Twitter to explain this development, shedding light on the chilling impact of the contagion.
Ankr’s $5 Million Exploit
In a twist no one saw coming, Ankr has confirmed a nasty exploit resulting in losses approaching $5 million. Prompted by on-chain security analyst PeckShield, the protocol acted swiftly to halt trading of the compromised aBNB token. Think of it as an emergency brake being pulled at a very inconvenient time.
Uniswap Accepts NFTs with Open Arms
In somewhat brighter news, renowned DEX Uniswap has partnered with the NFT universe by launching its very own marketplace aggregator. Rolled out on November 30, this development allows traders to dabble in NFTs alongside conventional tokens without all the exorbitant gas fees—a feature that can save users up to 15%, which is worth celebrating in these gas-hiking times!
Rising Demand for Ethereum Staking
Blockchain data from Nansen indicates that the demand for liquid Ethereum staking has hit dizzying heights following Ethereum’s shift to proof-of-stake. If you thought this shift would be a mere drop in the pond, think again. The Merge has opened the floodgates for massive staking opportunities across the ecosystem.
Market Snapshot: DeFi’s Resilience
Despite the tumultuous events, DeFi is showing signs of life. The total value locked in the DeFi sphere has climbed above $40 billion, and amidst the fears surrounding the FTX fallout, many top DeFi tokens finally experienced a much-needed retreat from their bearish descent. For instance, Fantom (FTM) led the charge with a 36.8% increase, while Chainlink (LINK) didn’t shy away with a healthy 12.47% upswing.
In the overall chaos and joy, our beloved DeFi space continues to thrive against the odds. Stay tuned for next week as we delve into more tales of resilience and innovation in this fascinating financial frontier!
