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.
A new analysis by investment management fund VanEck revealed that economic activity in the DeFi sector dropped 15.5% in August. Blockchain Capital, on the other hand, announced two new crypto-focused funds totaling $580 million.
Balancer protocol blamed its recent exploit on its DNS service provider, claiming that a vulnerability in the code allowed the exploiters to hijack the front end, and Chainlink and Arbitrum have teamed up on decentralized application (DApp) development on Ethereum layer-2 scaling solution Arbitrum.
The top 100 DeFi tokens had a bearish week due to the market decline after the United States Federal Reserve’s interest rate pause, with most tokens trading in the red.
DeFi economic activity drops 15% in August —VanEck
The DeFi ecosystem suffered more setbacks in August as on-chain economic activity dwindled. According to an analysis from investment manager firm VanEck, exchange volume declined to $52.8 billion in August, 15.5% lower than in July.
The findings are based on VanEck’s MarketVector Decentralized Finance Leaders Index, which tracks the performance of the largest and most liquid tokens on DeFi protocols.
Blockchain Capital closes funds totaling $580 million for investments in crypto gaming, DeFi
Venture capital group Blockchain Capital announced two new funds, totalling $580 million, for investment in infrastructure, gaming, DeFi, and consumer and social technologies.
The funds will operate as Blockchain Capital’s sixth early-stage fund and its first “opportunity fund,” with the latter serving as an inroad to companies that have already secured major funding elsewhere.
Chainlink hits Ethereum layer-2 Arbitrum for cross-chain DApp development
Blockchain oracle network Chainlink has tapped into Ethereum layer-2 scaling protocol Arbitrum to drive cross-chain DApp development.
The two protocols announced the mainnet launch of the Chainlink Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One on Sept. 21, giving developers access to Chainlink’s solution, which taps into Arbitrum’s high-throughput, low-cost scaling.
Balancer blames “social engineering attack” on DNS provider for website hijack
The team behind Balancer, an Ethereum-based automated market maker, believes a social…
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