Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.
The past week in DeFi saw developers behind Base and Optimism protocols join hands to develop a revenue and governance sharing framework. The $1.5-billion Multichain hack has seen some new evidence — read our detailed investigation to learn about every aspect of the exploit and the plight of the victims thereafter.
Blockchain security provider Quantstamp introduced a new DeFi tool to detect flash loan attack vulnerabilities in several protocols. Shiba Inu’s Ethereum layer 2, Shibarium, is gearing up for a relaunch after its first public launch was met with FUD, technical errors and more.
The DeFi market had a mixed week as the total value locked in DeFi protocols remained in the same range as last week but saw a minor dip of about $70 million.
Base, Optimism unveil shared governance and revenue-sharing framework
Developers behind the Base and Optimism networks have jointly announced a revenue-sharing and governance-sharing agreement. Coinbase, the parent company of Base, has also published a list of “principles of neutrality” it will follow to prevent Base from becoming centralized.
This announcement was made through three separate blog posts on Aug. 24: one from the jointly controlled Optimism Collective, one from Base and one from Coinbase.
Multichain victims search for answers in $1.5B exploit as new evidence emerges
On July 14, developers of the $1.5-billion Chinese cross-chain protocol Multichain confirmed users’ worst fears. The protocol’s CEO, identified only as “Zhaojun He,” was arrested by Chinese authorities in Kunming on May 21 after months of repeated denials on official communication channels. Also allegedly arrested was Multichain’s core team, which was operating in Shanghai.
It was never disclosed why Zhaojun had been arrested or what the charges were. However, evidence suggests that Multichain funds may have been seized as part of an anti-money laundering operation in the context of a greater crackdown on crypto by Chinese authorities. In addition, an alleged fake ID used by the CEO to register Multichain’s operations only draws more questions.
Quantstamp introduces tool to detect protocols’ flash loan attack vulnerability
Blockchain security provider Quantstamp has launched an automated service to detect…
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