Welcome to the latest version of Cointelegraph’s Decentralized Meaning, or DeFi, newsletter.
Within a week where DFI’s parabolic growth continued elsewhere, Gary Gensler, chairman of the U.S. Securities and Exchange Commission, threatened to deal with a stable currency.
What you are about to read is a short version of this newsletter. For a complete breakdown of DFI’s development last week – Cardano was released much faster than the smart deal – Subscribe at the bottom of this page
Layer Two is determining the future
This week, analytical data revealed that DFI continues to be one of the fastest growing sectors of the crypto economy, with evidence of an increase in total value or TVLs locked into protocols. There have been some big gains across cross-chain compatible networks and layer-to-protocol that provide a lower fee environment.
Part of the Snow Network, Trader Joe is a protocol that has experienced significant flow since the introduction of an advanced cross-chain bridge. It allows the transfer of Ethereum-based tokens and applications to its ecosystem, resulting in a 53.96% increase in TVL this week.
The recent emergence of tier-two technologies such as Arbitram, Optimism and A Bridge of Eblanche ecosystems is revolutionizing the way investors, manufacturers and developers interact with different protocols.
Each facilitates faster, lower-cost transactions that fundamentally improve the DFI ecosystem and make it easier for retail-sized investors to capitalize on opportunities.
Reported by Jordan Finiseth
United States against SEC
U.S. investment firm Invesco and Galaxy Digital Funds submitted registration statements to the SEC this week to seek approval for the sale of the Bitcoin Exchange-Traded Fund (ETF).
Once approved by the SEC, the Invesco Galaxy Bitcoin ETF will be registered as a securities offer that gives it the ability to be listed on traditional tihi national exchanges in the United States. According to the filing, the trust will use “strong physical barriers to entry, electronic surveillance and constant rotating patrols” to protect Bitcoin’s privacy.
Similarly, the partner U.S. organization Amplify ETFO has filed a registration with the SEC; In this case, join the Amplify ETF Trust to add a defi-centric, open-end ETF fund. Approval of filing in Form N-1 will allow the company to issue unlimited new shares to American investors.
Reported by Arijit Sarkar
SushiSwap has denied reports of a billion-dollar bug
Sushi Swap, a developer behind the popular decentralized exchange, has denied an alleged vulnerability described by a white-hat hacker through his smart deal.
According to media reports, the hackers claimed to have identified a vulnerability that could keep more than $ 1 billion in user funds at risk, noting that they disclosed the information to the public as a result of inaction after attempts to reach SushiSwap developers.
However, SushiSwap’s pseudonym developer soon began rejecting claims to Twitter, with Mudit Gupta, the platform’s “shadow super-coder,” insisting:
“This is not a weakness. No funds are at risk. If the awardee runs out of rewards, the LP will fail to withdraw but anyone (not just sushi) can lift the award giver in an emergency. Sushi can only remove the awardee.
DFI’s TVL fell 16.08% this week to $ 105.15 billion – parallel to the fall of the top DFI token.
Data analysis from Cointelegraph Markets and Tradingview reveals that DeFi’s top 20 tokens have been severely damaged by market capitalization In the last seven days, only three token printing bullish price action.
Snow (AVAX) Bullish topped the podium for gains this week with a respectable 13.7%. After the final day of the game, Ren slipped on the green line, but still in a distant second with 0.64%, while Dai is in third place with 0.34%. When a stable currency makes the top three, you know it was a bad week!
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Thanks for reading us Attitude DF’s biggest story this week. Join us again next Friday for new stories, developments and insights into the DFI world.