Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.
Decentralized applications, or DApps, finally showed a glimmer of recovery in August as the daily average of unique active wallets rose by 3.7% compared to May.
With just under a week left for the Merge, SEBA Bank has opened Ethereum staking services for the institutions. On the other side, layer-2 scalability solutions are hopeful of seeing a significant cut down in their carbon emissions post Merge.
This past week, two DeFi protocols became victims of coordinated flash loan attacks. On Wednesday, Avalanche-based lending protocol Nereus Finance became the victim of a crafty hack that saw a user net $371,000 worth of USD Coin (USDC) using a smart contract exploit. The very next day, on Thursday, New Free DAO, a nonfungible token- (NFT)-focused project, lost nearly $1.25 million in another similar flash loan attack.
Top-100 DeFi tokens by market cap finally saw a week of green after nearly two weeks of dominant bearish price action. Most of the tokens recorded double-digit gains, with Luna Classic (LUNC) making an entry into the top-30 with over 100% gains in the past seven days.
DApp activity rises 3.7% in August for the first time since May: Report
DApps showed a slight recovery for the first time since May, with the daily average of unique active wallets (UAWs) increasing 3.7% on a month-over-month basis, according to a report from DappRadar.
The rise was partially driven by the Flow protocol, which rose 577% UAW due to Instagram’s support of its NFTs and the game Solitaire Blitz. On the other hand, Solana UAW shrank by 53% in August from the previous month, while transactions dropped by 68%, the findings showed.
SEBA Bank to provide Ethereum staking services to institutions
As the Ethereum network moves from proof-of-work (PoW) consensus to proof-of-stake (PoS), a digital asset platform initiated a service for institutions to dive into Ether (ETH) staking.
In an announcement sent to Cointelegraph, Swiss digital asset banking platform SEBA Bank said that it has launched an Ethereum staking service for institutions that want to earn yields from staking on the Ethereum network. According to the firm, the move is a response to the growing institutional demand for DeFi services.
Degens borrowing ETH to get fork tokens create headaches for DeFi…
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