FTX contagion still haunts DeFi ecosystem: Finance Redefined

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The top-100 DeFi tokens saw a bullish trend with the beginning of the new month. However, many DEX platforms remain plagued by FTX contagion. Newsletter Own this piece in crypto history. Subscribe to Finance Redefined to receive this weekly dose of essential decentralized finance (DeFi), insights. The latest victim of the contagion is the Solana-based Decentralized Exchange (DEX) Serum. Alameda, FTX and other backers were involved in its creation. Auros Global, a DeFi crypto trading company, failed to pay its principal repayment of a 2,400 Wrapped Ethereum (wETH) DeFi loan. Alameda and FTX were backers. The decentralized-finance protocol said it is working with exchanges to immediately halt trading of its BNB staking rewards token, aBNBc.The demand for liquid Ethereum staking has hit new records, seeing the biggest surge post Merge.The top 100 DeFi tokens saw some relief rally after nearly three weeks of bearish dominance. Most DeFi tokens traded in green with double-digit gains. The collapse of Alameda’s and FTXSolana’s DEX Project Serum, which is based in Alameda, has made it “defunct.” The project team shared that there is “hope” despite its ongoing challenges due to the possibility to “fork” Serum. According to the announcement, there is a community-wide effort in place to fork Serum. According to the announcement, “A community-wide effort to fork Serum is going strong.” PeckShield, an on-chain security researcher, discovered the attack at 12:35 UTC on Dec. 2. Ankr, an on-chain security analyst, confirmed that the aBNB token was exploited within an hour. They also stated that they are working with exchanges to stop trading of the compromised token. Continue readingDex Uniswap announces that users can now trade NFTs using its native protocol. Uniswap stated that the function will initially offer NFT collections for sale on platforms such as OpenSea and X2Y2. They also announced that they have launched a NFT marketplace aggregator. Integrating with Permit2, users will be able to swap multiple tokens or NFTs in one swap, while also saving gas fees. Continue readingDeFi market overviewAnalytical information shows that DeFi’s total locked value rose to over $40 billion. Cointelegraph Markets Pro data and TradingView data show that DeFi’s top 100 tokens in terms of market capitalization experienced a bullish week. Chainlink (LINK) saw a 12.47% increase. Uniswap (UNI), also saw weekly gains, of 11%. We will be back next Friday with more stories, insights, and education about this rapidly changing space.