Crypto Exploits Hit Hard in September
September has emerged as a particularly treacherous month for the crypto realm, registering losses exceeding $300 million in DeFi exploits. According to blockchain security firm CertiK, the Mixin Network attack on September 23 stands out, causing a jaw-dropping loss of $200 million due to breaches in its cloud service. It seems that as the leaves begin to fall, so do the crypto wallets!
Yield Protocol Bids Farewell
The Yield Protocol has decided it’s time to call it quits, announcing plans to permanently wind down operations by the end of December 2023. Thanks to a lull in business demand coupled with mounting regulatory pressures, this lending service will conclude its affairs after its series concludes on December 29. Spoiler alert: there won’t be a rebound!
Changes at Polygon
Jayant Kanani, co-founder of Polygon, is stepping back from daily operations after a solid six-year run. He declared his intent for a more laid-back approach, focusing on new adventures while keeping an eye on the Polygon project. Maybe he’s off to write a bestselling novel or start a garden? Only time will tell.
DAOs: A Boon for Scientific Research
According to a recent editorial in the esteemed Nature journal, decentralized autonomous organizations (DAOs) are being hailed as a new frontier for scientific funding and community building. By leveraging DAOs, researchers in underfunded domains can gather the resources and support they need through decentralized governance. Who knew governance could be so user-friendly?
Innovations with Wirex and ZK-Proofs
In the world of crypto innovation, Wirex has embarked on an exciting venture by launching a noncustodial crypto debit card service named W-Pay. Built on Polygon’s Chain Development Kit and utilizing zero-knowledge proof technology, this new card promises enhanced scalability and security—perfect for those who prefer their financial transactions to remain incognito!
DeFi Market Snapshot
Despite the ups and downs of September, the DeFi market remains resilient. The top 100 DeFi tokens saw a modest pullback this week, yet many managed to stay in the green on weekly charts. However, the total value locked in DeFi protocols is slipping slightly, currently sitting at a cool $45.07 billion. The roller coaster continues!
Thanks for tuning into this week’s DeFi updates! Stay tuned for next Friday’s newsletter, where we’ll bring you the freshest developments and insights from the perpetual rollercoaster that is decentralized finance.
