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Welcome to the latest issue of Cointelegraph’s decentralized financial newsletter.
Although the market may fall and the technical indicators built on AWS fail, don’t be afraid of the degradation of youth, fundamental news and the spirit of Wagmi are as abundant as ever. So keep reading and discover all the information you need to know about the most important events of the week.
What you are about to read is a shorter, more concise version of the newsletter. For a comprehensive summary of the development of DeFi last week, please subscribe to the following content.
The AWS outage highlights the need for truly decentralized exchanges.
The disruption of Amazon Web services this week had a major knock-on effect on the global supply chain and delivery industry, and Decentralized exchange dYdX has been interrupted for several hours And the leading centralized exchanges Binance.US and Coinbase.
AWS is the world’s largest cloud service infrastructure, providing a range of services, including web servers, storage capacity, remote computing, and mobile development.
according to data According to a report released by Synergy Research Group this year, the technology giant occupies 33% of the cloud infrastructure market, followed by Microsoft and Google with 20% and 10% respectively.
The details of the incident are largely undisclosed. However, the company’s service health page pointed out that the “multiple AWS APIs in the US-EAST-1 region” in Northern Virginia encountered connection problems.
In the Twitter statements shared in the early hours of December 7th and December 8th, dYdX talked about the increased latency of the entire network and the failure of website loading before disclosing its excessive reliance on centralized servers (one of which is AWS).
Unfortunately, some parts of the exchange still rely on centralized services (in this case AWS). We are firmly committed to complete decentralization, and as we continue to iterate the protocol, this remains one of our top priorities. We apologize for this interruption.
— DYdX (@dydxprotocol) December 8, 2021
DappRadar’s analysis data shows that dYdX is the 13th largest decentralized financial application built on the Ethereum network, with a daily transaction volume of approximately US$1.5 billion. In September of this year, dYdX has achieved a historic trading milestone in surpassing Coinbase’s trading volume In the course of a day, 4.3 billion USD and 3.7 billion USD.
Many early adopters of encryption believe that decentralization is a core component of the industry architecture. In addition to security and scalability, the former constitutes the so-called blockchain trilemma. This is a concept created by Ethereum co-founder Vitalik Buterin, which expresses the need to sacrifice one party of the Trinity to experience the other two aspects. benefit.
In the world of cryptocurrency exchanges, many people choose to prioritize security and scalability in pursuit of mass adoption, but therefore to a large extent use a centralized, Web 2.0-like structure for operation.
related: Decentralization and Centralization: Where is the future?Expert answers
Joseph Delong appointed as CTO of SushiSwap
Joseph, Chief Technology Officer, SushiSwap Delong announced to leave the decentralized exchange immediately This week, promised to gloriously pass the well-known slats along with the necessary accounting and information data to the next leader.
DeLong explained the reasons behind his decision on a candid Twitter String, Citing internal conflicts and lack of a unified vision for the project, stating:
“I hope everything goes well for sushi, but I feel sad that sushi is so dangerous both inside and outside. The chaos that is happening now is unlikely to lead to a solution that makes the DAO more like a shadow than it did when there was no complete structural transformation.”
As a blockchain engineer and developer, Delong has experience working in the Web 3.0 field. Delong worked as a senior software engineer at ConsenSys and then as CTO at SushiSwap in early 2021 Chef Nomi’s notorious departure In the first few months.
In the past year, Delong led SushiSwap to rank 12th with a nominal total value lock-in value (TVL) of US$2.85 billion, but it also encountered obstacles Strict whitelist acceptance of the second layer protocol Optimism, And ASA Exploitation of a $3 million supply chain vulnerability on the launchpad MISO And, recently, Rumored that its smart contract has a loophole worth 1 billion U.S. dollars.
related: SushiSwap denies multi-billion dollar vulnerability report
Coinbase opens up cryptography library to promote innovation
Coinbase, one of the leading cryptocurrency exchanges, announced this week Launched a platform with the theme of open source libraries, Titled Cryptography, Designed to provide developers with a “safe, audited and easy-to-use application programming interface (API)”.
In an official blog post, Coinbase outlined its intentions for the library to promote the continued development of this long-term technology:
“Although achieving further innovation is our main goal, our goal is for Kryptology to raise the standard for what is considered a powerful and usable encryption library.”
related: Coinbase announces support for hardware wallets, starting from Ledger
Token show
Analysis data shows that the total value of DeFi locked down by 11.3% within a week to 143.95 billion U.S. dollars.
Data from Cointelegraph Markets Pro TradingView shows that the top 100 tokens in DeFi market capitalization are more than bearish The last 7 days.
Terra (LUNA) is the only winner in the top 100 this week, up only 1.81%. This is not the most memorable technology week for DeFi, let’s put it this way, but considering the broader context of the entire cryptocurrency market pullback, this is not surprising.
Interviews, close-ups and other cool stuff
Thank you for reading our summary of the most influential DeFi development this week. Join us again next Friday to gain more stories, insights and education in this dynamic development space.
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