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.
The prolonged crypto winter aided by the collapse of FTX has kept investors from backing a new protocol that merges DeFi and the foreign exchange market. A new Cosmos blockchain-based DeFi protocol has caught the eyes of investors who have put $10 million behind the project.
Cardano-based leading stablecoin ecosystem Ardana abruptly stopped its development after several launch delays. However, the project remains open-source for others to add to it until they restart the development process.
Aave community has now proposed a governance change after a failed $60 million short attack. The short attack was later traced to the Mango Markets exploiter, as one of the wallets involved in the attack belonged to the same exploiter.
The crypto market remained turbulent throughout the week and the majority of the top 100 DeFi tokens traded in red, barring a few.
DeFi protocol raises $10M from Bitfinex, Ava Labs despite turbulent market
Onomy, a Cosmos blockchain-based ecosystem, just secured millions from investors for the development of its new protocol. The project merges DeFi and the foreign exchange market to bring the latter on-chain.
According to the developers, the latest funding round garnered $10 million from big industry players such as Bitfinex, Ava Labs, the Maker Foundation and CMS Holdings, among others.
Leading Cardano stablecoin project shuts down after excruciating launch delays
On Nov. 24, Ardana, a leading DeFi and stablecoin ecosystem building on Cardano, abruptly halted development, citing “funding and project timeline uncertainty.” The project will remain open-source for builders while treasury balances and remaining funds will be held by Ardana Labs “until another competent dev team in the community comes forward to continue our work.”
The move came as a shock to many due to the sudden nature of the announcement. However, it appears that issues were already present for some time. Beginning July 4, Ardana has held an ongoing initial stake pool offering, or ISPO, to fund its operations. Unlike traditional fundraising mechanisms, developers do not receive the Cardano (ADA) delegated by users but instead the staking rewards.
Aave proposes governance changes after failed $60M short attack
On Nov. 23, one day after Mango Markets’…
Click Here to Read the Full Original Article at Cointelegraph.com News…
