TVL has grown, and Synthetix has rolled out the third version of the protocol


The decentralized finance (DeFi) sector continues to attract increased attention from cryptocurrency investors. CryptoNewsHerald has collected the most important events and news of recent weeks in a digest.

The main indicators of the DeFi segment

The volume of funds blocked (TVL) in DeFi protocols increased to $48.68 billion. The leader was Lido with $8.77 billion, while MakerDAO ($7.1 billion) and Curve ($4.89 billion) hold the second and third lines of the rating, respectively. .

Data: DeFi Llama.

TVL in Ethereum applications rose to $28.42 billion. Over the past 30 days, the indicator has increased by 2% (on January 25, the value was $27.77 billion).

Data: DeFi Llama.

Decentralized Exchange (DEX) trading volume for the last 30 days made up $54.7 billion

Uniswap continues to dominate the non-custodial exchange market, accounting for 74.9% of total turnover. The second DEX in terms of trading volume is DODO (6.4%), the third is Curve (6.2%).

DeFi project Synthetix deployed the third version of the protocol

The Synthetix team has launched the third version of the protocol on the Ethereum mainnet and Optimism layer 2 network.

The v3 protocol was audited by Open Zeppelin, Iosiro and Macro.

Synthetix is ​​a DeFi platform that allows you to raise liquidity and create derivatives markets based on ERC-20 tokens.

The third iteration of the protocol has a more efficient architecture that empowers dapp developers. It is assumed that Synthetix v3 will become the basis for further expansion of the functionality of the platform.

The developers have already prepared integration with Chainlink’s cross-chain solution for cross-chain transactions with stablecoins and have successfully completed several transfers via testnets. In the future, this will create a liquidity level covering an arbitrary number of networks.

DeFi Protocol Platypus on Avalanche Loses $8.5M in Hack

The DeFi stablecoin Platypus Finance (USP) has lost its peg to the dollar after an attack in which an unknown person withdrew $8.5 million worth of assets from the Avalanche-based protocol.

The team reported that the hacker took advantage of an “instant loan” and a logical error in the solvency check mechanism in the collateral contract.

After losing $8.5 million, the funds in the main pool cover approximately 35% of user deposits.

The developers of the protocol approached several companies, including Binance, Tether and Circle, to freeze the stolen assets. They offered the hacker himself to negotiate a refund for the bounty.

Lido token rises 16% after voting on the distribution of grants for 22 million LDO

The community of the DeFi project Lido Finance has supported a new system for allocating grants to ecosystem projects. The Lido DAO (LDO) token rose by 16% in a day after that.

According to the proposal approved by almost 100% of the votes, 22 million LDOs will be distributed within four years. Payments will be made through multisig wallets.

Improvements adopted include:

  • creation of a universal structure for accounting for grants;
  • increasing the number of independent participants for decision-making;
  • disclaimer for former participants in the initiative who failed to fulfill their obligations.

The objectives of the management proposal were stated to be:

  • harmonization and simplification of agreements;
  • strengthening decentralization;
  • independence of grants from time, resources or project effectiveness;
  • implementation of the principle of optional participation for donors in the program.

The developers noted that during the discussion, the majority of the program participants confirmed their readiness to continue its implementation and allocate resources.

Also on CryptoNewsHerald:

  • Composable Finance CTO left DeFi project due to suspicious activity.

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