Welcome to the latest issue of Cointelegraph’s decentralized financial newsletter.
Within a week, positive progress has been made in the DeFi field, including nine-figure fundraising, successful product launches, and soaring token prices, but it was somewhat overshadowed by the news of two serious security breaches. Read on to find out all the progress this week.
What you are about to read is a smaller version of this newsletter designed for brevity. For the full version of DeFi development last week, please send your email below.
Borderless Capital launches 500 million USD fund to support the Algorand ecosystem
Capital Venture Capital Company Borderless Capital announces the launch of ALGO Fund II This week, a $500 million plan was assembled to support the creation of digital asset projects on the Algorand blockchain.
Announce Through a blog post of the Algorand Foundation, the funds will pay special attention to niche services for decentralized applications, liquidity mining, lending and income agriculture, and irreplaceable tokens.
-Borderless Capital (@borderless_cap) November 30, 2021
Algorand is an open source decentralized blockchain, highly respected for its efficiency, security, and status, and is a potential competitor to Ethereum’s dominant position.
Borderless Capital was established in November 2018 and has invested in more than 100 blockchain-related projects through its US$400 million ALGO Fund I, including Tinyman, Yieldly, Opulous and Flare Network, etc., and established in three major industrial sectors A successful accelerator program. mainland.
Iota is preparing to launch a decentralized smart contract platform
Distributed ledger platform Iota announced Launched a decentralized first-tier smart contract network conference And the ASMB tokens attached this week.
Assembly will seek to promote the adoption of smart contract services and create an environment for creators, developers, and community advocates to promote the expansion of the Iota ecosystem into the Web 3.0 domain, including Metaverse.
Expected to be launched in 2022, Assembly will run in parallel with Iota and utilize the existing network infrastructure, the most notable is the directed acyclic graph structure, which will operate as an interoperable and autonomous bridge to gain scalability And security.
Developers of decentralized applications will be able to create their own smart contract chains and set separate parameters for low-cost execution costs. This feature will also enable service providers to issue stablecoin assets on the chain to incentivize verifiers.
In a recent Twitter post, Iota disclose Pledgers can receive Shimmer (SMR) and ASMB token rewards when the network is launched, stating that “for every MIOTA pledged, users will receive 1 USD SMR and 4 microASMBs every 10 seconds for 90 days, once the pledge begins.”
The pledger not only gets 1 token, but also 2!Later @shimmernet with @assembly_net When the network is launched, you can get more rewards when you protect the two networks through staking $SMR with $ASMB.
access: https://t.co/gx9ucphSR2#IOTA pic.twitter.com/VjV77gPK5Q
-IOTA (@iota) December 2, 2021
DeFi projects MonoX and BadgerDAO were used for 150 million US dollars
This week, the decentralized projects MonoX and BadgerDAO are Individual victims of complex protocol hackers This resulted in an asset loss of more than 150 million U.S. dollars.
The MonoX platform suffered a cyber attack on Tuesda. At that time, an error in the swap contract of the smart contract made manual price manipulation of the MONO token possible, and the MONO token was an asset that was listed on the Huobi exchange just a few days ago. .
After raising the MONO tokens to what the team called the “sky price” level, the hacker exchanged the funds for other assets on the platform and made huge profits.
In the days after the leak, the MonoX team confirmed the total loss of approximately 31 million U.S. dollars and issued a remorse statement, the essence of which is as follows:
“Days like yesterday are terrible. The harsh reality of contract exploitation and people losing money has no sugar coating. Our supporters are full of confidence in new projects like ours, and we let them down yesterday.”
Similarly, but not affiliated with another, BadgerDAO was also a victim of financial exploitation this week.Although community members raised concerns about the suspicious increase in Discord’s allowance the previous few days, the administrator did not see this as a threat because highlight In this tweet from 0xMoves.
According to data from the blockchain analysis service PeckShield, at the time of writing, BadgerDAO’s losses have accumulated USD 120 million, including 2078.76 Bitcoin (Bitcoin), 30.27 interest-bearing bitcoin and 151.32 ether (Ethereum).
The Badger team’s current response is that in addition to suspending smart contract activities until the security of the agreement is stable again, it has also conducted a full investigation of the incident.
Analytical data shows that the total value of DeFi locked in increased by 8.01% within a week, reaching 159.5 billion U.S. dollars.
Due to rising earnings, Terra (LUNA) surged to record heights this week 66.85%. Uniswap (United Nations University) Reached 14.3% of health, and Tezos (XTZ) Increased by 12.70%. This week’s fourth and fifth place is held by Chainlink (Associate) And Oasis Network (ROSE) grew by 8.1% and 8% respectively.
Analysis and hot topics last week:
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.