DeFining news: April 14th, 2023
With the start of staked ETH withdrawals following Ethereum’s Shapella upgrade, fears of an ETH dump can be set aside — ETH broke $2k and seems to not be done yet.
Vitalik Buterin says that the next focus for Ethereum is on scalability and that the next upgrade can come as soon as early 2024.
There is a massive uptick in the trade volume of protocols like Voltz, which allows speculators to swap between fixed and variable rates in DeFi lending markets, making those markets more dynamic in the process.
One hacker exploited a Yearn.finance contract and minted 1 quadrillion of yUSDT. Though, to be fair, when trying to cash out, the hacker swapped his wealth to a “mere” $11.6M in other stablecoins.
In the meantime, developers blocked a potential exploit in the eight-figure range that could’ve happened using Ethermint in the Cosmos ecosystem.
Stats show that the Ethereum blockchain is losing users to other chains like Tron and the BNB chain despite the general fall in Ethereum gas prices.
The PureFi project released the SafeTransact tool to notify users of suspicious on-chain activity in a bid to make DeFi more secure.
Uniswap launched a mobile wallet to further strengthen its position against other DEXs.
Be careful with Coinbase’s liquid staked ETH token, cbETH, as there is a trader with $46M of cbETH collateralized on Aave right now. Should anything happen to that position…
Solana has announced a Web3 native smartphone with dApps pre-installed and easy DeFi actions like minting tokens, trading, and more.
Even without FDIC insurance, DeFi has mechanisms to recover stolen funds, namely the reputation of the project. Case in point: Sushi promised to fully reimburse every user who lost funds in the $3.4M hack.
zkSync’s Era offering passed $200M in TVL in big part thanks to the anticipated zkSync’s token drop.
Stay tuned!
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