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Welcome to the latest issue of Cointelegraph’s decentralized financial newsletter.
As the cryptocurrency community filled its crypto socks during the holiday season, Grinch appeared in the fate of giving two DeFi platforms a grimace, stealing their holiday spirit and a large amount of money.
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Binance VC division leads USD 60 million investment in Multichain, a cross-chain protocol
Binance Labs is the venture capitalist of Binance, a global cryptocurrency exchange, and has raised $60 million in funding for Multichain, a cross-chain router protocol. Other notable players include Sequoia China, IDG Capital and Three Arrows Capital.
During the rebranding of AnySwap’s Multichain company last week, the analysis estimated that the agreement’s Total value exceeds 5 billion U.S. dollars, And report more than 300,000 users on the platform. The funds raised will be used in various fields, including research and development of encryption algorithms, auditing, security, and general ecosystem growth.
In addition to financial support, Binance also promised to develop a broader relationship with the protocol, announcing that Multichain will be officially recommended as a tool for cross-chain bridging of bToken through Binance’s smart contract platform Binance Smart Chain (BSC).
BSC spoke highly of Multichain, calling it “one of the largest routers on BSC.” Zhao Jun, the co-founder of Multichain, stated that the protocol connects “more public blockchains and encrypted assets than anyone else, with lower transaction costs, shorter bridging times, and higher security levels.”
Thanks Binance Smart Chain @Binance Chain In order to promote #Multichain As an official recommended bridge#MultichainThe first task is to ensure the safety of assets on the chain https://t.co/CEocRygXzq
-Multichain (formerly Anyswap) (@MultichainOrg) December 20, 2021
related: Binance launches $1B fund to develop BSC ecosystem
Interlay raises $6.5 million to accelerate Bitcoin DeFi interoperability
DeFi infrastructure launch Interlay announces the completion of a US$6.5 million Series A financing The venture capital fund DFG Capital led the investment, with companies such as Hypersphere and Nexo Finance also participating.
The funds will be used to support the construction of cross-chain DeFi applications to Ethereum, Cosmos and Polkadot, and to recruit new developers for the team.
Interlay aims to enhance the interoperability of crypto assets such as Bitcoin (Bitcoin) To networks that usually promote DeFi activities, such as Ethereum and Polkadot, which is the vision the Web3 Foundation understood when it invested in the platform through grants in March 2020.
Interlay’s core product is a bitcoin-backed digital asset called InterBTC, which can be used in various DeFi activities in the Polkadot ecosystem, such as yield agriculture, loans, and serve as collateral assets. Compared with the functional capacity of the Bitcoin network, tokenizing Bitcoin derivatives into assets provides the possibility of greater utility.
When talking about financing, DFG founder and CEO James Wo stated before tweeting that Interlay’s solution will “expand the cross-chain possibilities of Bitcoin”:
We are very happy to lead the latest round @InterlayHQ I believe what they do is very important to the Polkadot ecosystem. If they get 1% of BTC to use InterBTC, that would be 9 billion US dollars! @DFG_Official @inter_btc Dollar point https://t.co/phFpVXeG0L
-James Wo (@realjameswo) December 21, 2021
related: Encryption interoperability evolution: from blockchain bridge to DeFi transmission
Bent Finance and Grim Finance were exploited millions of dollars
DeFi protocol Grim Finance reports a loss of more than 30 million U.S. dollars This week, after an “external attacker” gained access to the agreement’s vault contract through five reentrant cycles.This makes it the sixth platform to experience a security breach in December BadgerDAO loses 120 million U.S. dollars.
In an explanatory tweet, RugDoc, a DeFi security service company, stated that Grim Finance’s biggest mistake was that it did not implement reentrant protection on the front and back patterns in the smart contract coding of the agreement. Another mistake is to grant users “more than necessary privileges” to enable them to choose their preferred deposit tokens. RugDoc further explained:
“Hope all projects can learn from this incident, because most experienced Solidity developers have a lot of knowledge. If you haven’t got it yet, please don’t build projects worth millions of dollars. Don’t accept the well-known Useless company audits.”
The same, classmates DeFi platform Bent FinanceKnown for its ability to stake and yield agriculture, it also suffered 440 Ether (Ethereum), or slightly more than $1.6 million at the time of writing.
1/ There is a bug from the address of the crooked deployer, which added the balance of cvxcrv and mim to the address that was not verified and updated 20 days ago. We just discovered this today. This team has multiple members and we will solve this problem.
— Bent Finance (@BENT_Finance) December 21, 2021
related: Cryptocurrency can save millennials from a failed economy
Token show
Analysis data shows that the total value locked in DeFi increased by 15.74% within a week to reach 142.58 billion U.S. dollars, swallowing the losses caused by the market downturn last week.
Data from Cointelegraph Markets Pro TradingView shows that the top 100 DeFi tokens by market capitalization are mainly bullish The last 7 days.
Yearning for financeYFI) Rose 53.28% for two consecutive weeks. Land (Luna) Rose 36.6%, while Aave Printing revenue was 34.2%. Curve DAO Token (CRV) and Compound (compensate) This week won the fourth and fifth places with 28.6% and 15.4% respectively.
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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