The top 100 DeFi coins kept the bullish trend going into the third week of January, with the bulk of the tokens trading in the green on weekly charts.
Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights—a newsletter designed to bring you noteworthy developments from the previous week.
Following the death of FTX, the DeFi industry is undergoing a thorough overhaul as crypto consumers seek improved security and compliance measures.
SushiSwap’s 2019 plans include the creation of a decentralized exchange (DEX) aggregator, a decentralized incubator, and “many secret projects.” According to the CEO, all of these projects together can increase its market share tenfold.
Ava Labs’ co-founder and CEO spoke with Cointelegraph at the World Economic Forum in Davos, Switzerland, on the future of DeFi and traditional banking (TradFi), saying that DeFi should complement TradFi rather than compete with it. According to another DeFi research, decentralized forex might cut costs by up to 80%.
The top 100 DeFi tokens experienced a second week of bullish price activity, with the majority of tokens trading in the green on weekly charts.
Only a month after warning of a “serious deficit” in its treasury, the CEO of decentralized exchange SushiSwap has disclosed various platform enhancements that he claims will “10x” its market share by 2023.
SushiSwap CEO Jared Grey detailed the DeFi platform’s goals in a Medium post on January 16, saying it will focus on its product stack in line with previous plans to make Sushi more sustainable.
DeFi is evolving from a niche inside the banking industry to something TradFi is attempting to include.
Emin Gun Sirer, co-founder and CEO of Ava Labs, spoke with Cointelegraph at the World Economic Forum in Davos, Switzerland, on DeFi’s role in TradFi networks and what customers may expect in a future where both take center stage.
If the foreign exchange market starts using DeFi protocols instead of the current centralized methods, the cost of remittances could be cut by “as much as 80%,” according to a Jan. 19 article jointly released by academics at Circle and Uniswap.
From July 2022 to January 2023, the authors examined the trading activities of Circle’s USD Coin and Euro Coin (EUROC) on Uniswap. They discovered that the coins had a total volume of $128 million, with trading volume reaching $8 million on some days.
CertiK, a blockchain security firm, issued an alert stating that a Raydium protocol exploiter has delivered 1,774.5 Ether to the Tornado Cash cryptocurrency mixer. At the time of writing, the sum is worth approximately $2.7 million.
While security teams from several exchanges continue to resist hacker activities, monies continue to flow to the authorised Tornado Cash exchange.
According to data, DeFi’s entire market value remained above $40 billion this week, trading at around $44.9 billion at the time of writing. According to data from Cointelegraph Markets Pro and TradingView, the top 100 tokens by market capitalization in DeFi had a bullish week, with nearly all of the tokens breaking through multi-week highs.
Convex Finance (CVX) was the highest gainer on the weekly charts, gaining 37% in the last seven days, followed by Kava (KAVA), which gained 34%. Synthetix (SNX) surged 29% on the weekly charts, while the rest of the top 100 tokens also enjoyed strong increases during the last week.
Thank you for taking the time to read our roundup of this week’s most significant DeFi happenings. Join us next Friday for additional stories, insights, and education in this ever-changing field.