September sets record for 2023 exploit, DAOs can democratize science: Cryptocurrency scrgruppen

Welcome to Finance Refinite, your weekly dose of essential decentralized finance (DeFi) insights – a newsletter designed to bring you the most important developments from the past week.

In this week’s newsletter, September became the biggest month for cryptocurrency exploitation in DeFi, with losses exceeding $300 million, and popular DeFi lending protocol Yield announced its permanent shutdown by December.

Polygon co-founder Jaynti Kanani has stepped down from his day-to-day roles at the company, saying he will now watch from the sidelines Decentralized autonomous organizations (DAOs) can help scientists find funding and community, according to a prestigious scientific study. magazine.

The DeFi market had a mixed week in terms of price action, with most of the top 100 tokens trading in the same price zone as last week.

September becomes the biggest month for cryptocurrency exploitation in 2023: CertiK

September has officially become the worst month of 2023 (so far) in terms of cryptocurrency-related exploits – with a whopping $329.8 million worth of cryptocurrency stolen.

On October 2, blockchain security firm CertiK said the most significant contributor to the month’s totals came from the Mixin network attack on September 23, when the Hong Kong-based decentralized cross-chain transfer protocol lost $200 million due to a breach of its rules. Cloud service provider.

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Yield Protocol to permanently “end” operations by December 2023

Yield Protocol announced its decision to shut down by the end of the year due to a lack of commercial demand and global regulatory pressures.

The Yield Protocol will cease to exist after the end of the December 2023 series, which is scheduled to mature on December 29. The return protocol announcement detailing the “termination” process confirmed that the launch of the fixed-rate series in March 2024 has been cancelled.

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Polygon co-founder steps down and will contribute ‘from the sidelines’

Jayant Kanani announced that he has stepped back from “day-to-day work” on the project for the first time in six years.

In a series of tweets dated October 4 (formerly Twitter), El-Kanani said he plans to focus “on new adventures” while contributing to Polygon “from the sidelines.” Along with software engineers, including Sandeep Nailwal, Anurag Arjun, and Mihailo Bilić, Kanani helped found Matic Network in 2017, which was later rebranded as Polygon.

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Nature Science says decentralized, autonomous organizations can help scientists find funding and a community

Nature Science recently published an editorial in the Biotechnology section of Nature praising DAOs as a revolutionary new way in which researchers working in underfunded scientific fields can create communities around their work and raise funding that might otherwise be unavailable.

In a DAO-based research scheme, project organization, fundraising, feedback, and the pipeline from discovery to product/industry can be handled by the same decentralized governing body.

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Wirex uses ZK proofs to issue its non-custodial crypto debit card

Cryptocurrency payment service provider Wirex announced the launch of a zero-knowledge proof (ZK-proof) non-custodial crypto debit card service called W-Pay on October 3.

Wirex’s new decentralized solution uses zero-knowledge technology and is built on Polygon’s on-chain development toolkit, promising increased scalability and security. Polygon’s CDK was created with a focus on ZK proofs, enabling companies and users to develop their own layer 2 rails powered by ZK.

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DeFi Market Overview

Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap saw a slight decline from last week, with most tokens trading in the green on the weekly charts. The total value locked in DeFi protocols decreased to $45.07 billion.

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights, and education regarding this dynamically advancing space.