DeFi sparks new investments despite turbulent market: Finance Redefined

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The crypto market was still volatile in the last week of November, as most DeFi tokens struggled to cope with market volatility. Newsletter Welcome to FinanceRedefined, your weekly dose decentralized finance (DeFi), insights and news. This newsletter was created to bring you the most important developments in the past week. Investors have been reluctant to support a new protocol that combines DeFi with the foreign exchange market. A new Cosmos blockchain-based DeFi protocol has caught the eyes of investors who have put $10 million behind the project.Cardano-based leading stablecoin ecosystem Ardana abruptly stopped its development after several launch delays. The project is still open-source and can be modified by others until it is relaunched. The Mango Markets attacker was later implicated in the short attack. One wallet used in the attack was also stolen by the exploiter. The project combines DeFi with the foreign exchange market to bring them on-chain. Ardana, a major DeFi and stablecoin ecosystem on Cardano, abruptly stopped development on Nov. 24, citing “funding uncertainty” and “project timeline uncertainty”. The project will remain open source for builders, while Ardana Labs will hold treasury balances as well as remaining funds “until another competent developer team in the community steps forward to continue our work.” The sudden announcement shocked many. It appears that the issues were known for some time. Since July 4, Ardana has been holding an ongoing initial stake pool offering (ISPO) to help fund its operations. Unlike traditional fundraising mechanisms that rely on users delegating the Cardano (ADA), developers are not eligible for the staking rewards. Continue readingAave proposes governance reforms after a failed $60M short attack. On Nov. 23, Mango Markets’ exploiter Avraham Eisberg attempted to exploit Aave’s decentralized finance protocol Aave using a series a sophisticated short sales, project contributors presented a series proposals to deal with the aftermath. According to protocol engineering platform Gauntlet and Llama, Llama stated that the user was liquidated at $1.6 million in bad credit, likely due slippage. The firm stated that the excess debt was not related to the CRV markets. The firm stated that while this amount is small relative to Aave’s total debt and is well within Aave’s Safety Module limits, it is best to recapitalize Aave to make whole the entire CRV market. Continue reading Crypto awakening: Sandra Leow, a researcher at Nansen, explains the exodus of ETH from exchanges. Sandra Leow, a researcher at Nansen, posted a thread on Twitter describing the current state and future prospects for ETH. The Ethereum 2.0 deposit contract holds over 15 million Ether, while the wETH deposit account contains approximately 4 million wrapped Ether. Continue readingDeFi market overviewAnalytical information shows that DeFi’s total locked value fell below $40 billion. Cointelegraph Markets Pro data and TradingView data show that DeFi’s top 100 tokens in terms of market capitalization experienced a volatile bearish week. Chainlink (LINK), with an 8% increase, was next. The top 100 tokens traded in red on the weekly charts. We are grateful for your summary of the most important DeFi developments. For more information, insight and education in this rapidly changing space, join us next Friday.