Crypto hacks in 2023 have caused losses of more than $1.8 billion, but the ENS token is experiencing a surge.

Majority of the Top 100 DeFi Tokens Experience Bullish Week Amid Positive Crypto Market Momentum, TVL Falls Below $60 Billion

Welcome to Finance Redefined: A Weekly Digest of DeFi Insights

Welcome back to Finance Redefined, your one-stop shop for the latest and greatest in the world of decentralized finance (DeFi). We’re here to bring you the juiciest developments from the past week, spicing them up with our signature blend of knowledge, humor, and a dash of memes. So, let’s dive right in and see what the DeFi world has been up to!

Crypto Hack Losses Take a Dip: 51% Decline in 2023

In a surprising turn of events, the losses from crypto hacks have dropped by a whopping 51% in 2023. While the numbers still reach a staggering $1.8 billion, it’s a significant improvement from the $3.7 billion lost in 2022. Hold onto your wallets, because blockchain security firm CertiK’s latest report, “Hack3d: The Web3 Security Report 2023,” spills all the thrilling details.

Now, before you go all “Hallelujah, the hackers are retiring!” on us, it’s important to stay vigilant. Cybercriminals are like cockroaches—just when you think you’ve gotten rid of them, they come back, bolder and peskier than ever. So, keep those security measures tight, folks!

🔗 Continue reading

ENS Token Surges: Vitalik Buterin Drops Some Praise

Who needs rocket fuel when you have Vitalik Buterin’s praise? The governance token of the Ethereum Name Service (ENS) shot up like a SpaceX rocket, rising by a staggering 72%. Why, you ask? Well, it seems the creator of Ethereum himself had some kind words to say.

Taking to X (formerly Twitter), Buterin declared the Ethereum Name Service as “super important.” He emphasized the importance of accessibility and affordability for all Ethereum users, especially those on layer-2 networks. With Buterin’s endorsement, it’s no wonder the ENS token skyrocketed. To the moon, we go!

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Decentralized exchange dYdX has played detective, unveiling the identity of the miscreant behind their v3 platform attack, resulting in a $9 million loss from the insurance fund. It’s like a classic whodunit, DeFi-style!

But that’s not all. dYdX, tired of being the victim, has put on its lawyer hat and is considering taking legal action against the attacker. 🕵️‍♂️ To safeguard against future similar attacks, they’ve upgraded their v3 trading platform to include better open-interest monitoring and alerts. Talk about turning the tables on those pesky hackers!

🔗 Continue reading

Cross-Chain Orbit Bridge Takes a Beating: $82 Million Exploit

The cross-chain protocol Orbit Chain has found itself entangled in a web of hackers and exploits, with reports of a total of $82 million being siphoned off. 🕸️ Pseudonymous Twitter user Kgjr blew the whistle on this daring escapade, pointing to massive outflows from the Orbit Chain Bridge protocol. And they say crime doesn’t pay!

To validate these claims, blockchain sleuth Officer CIA and cybersecurity experts Cyvers have provided corroborating evidence. Looks like our cross-chain hero has some serious patching up to do.

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DeFi Market Overview: Bulls and Bears Dance

Let’s take a moment to marvel at the DeFi market’s ever-quirky dance. According to data from Markets Pro and TradingView, the top 100 DeFi tokens had a bullishly wild ride last week. With most of them sporting green candles on the weekly charts, it’s like a digital garden of bullish delights.

That being said, we’ve hit a slight road bump. The total value locked (TVL) in DeFi protocols took a little dip below $60 billion after weeks of soaring heights. But fear not, fellow DeFi enthusiasts, for as the market gyrates, new opportunities arise! Keep your eyes peeled for the hidden gems waiting to be discovered.

🔗 Learn more about the future of NFTs

📚 References:

Here are some additional articles and resources to fuel your DeFi knowledge:

  1. The Web3 Security Report 2023
  2. The Power of Layer-2 Networks Explained
  3. How to Safeguard Your Crypto: A Crash Course
  4. The ABCs of DeFi Tokens
  5. Essential DeFi Tools and Platforms for Investors

Now that we’ve explored the thrilling world of DeFi together, it’s time for you to share the excitement! Hit those share buttons, spread the knowledge, and invite your friends to join the DeFi revolution. Until next time, stay DeFi-nitely awesome! ✌️😎

Q&A Section

Q: Are there any steps I can take to protect myself from crypto hacks?
A: Absolutely! Protecting yourself from crypto hacks is crucial in the wild west of the digital realm. Here are some tips to keep those devious hackers at bay: – Strengthen your passwords like a gym buff flexing those biceps 💪 – Enable two-factor authentication (2FA) for an extra layer of security 📱 – Use hardware wallets to protect your precious crypto like it’s sitting in Fort Knox 🔒 – Stay up-to-date with the latest cybersecurity news and best practices 🕵️‍♀️

Q: Is there a future for DeFi in Layer-2 networks?
A: Absolutely! Layer-2 networks are like the superheroes of DeFi—faster, cheaper, and capable of handling larger transaction volumes. They offer scalability solutions for those blockchain networks struggling to handle the growing demand. With smart minds working tirelessly, layer-2 networks are set to take DeFi to new heights. So strap in, because it’s going to be one hell of a ride! 🚀

Q: What are some upcoming DeFi projects to watch out for?
A: Ah, the thrill of discovering new DeFi projects! Here are a few on our radar: – Project Alpha: Promises to revolutionize decentralized lending with its algorithmic stablecoin and unique governance model. 🌟 – Project Beta: A cross-chain platform aiming to connect all the major blockchain networks for seamless interoperability. 🌐 – Project Gamma: Redefining liquidity mining with its innovative gamified yield farming platform. Let’s harvest those juicy crypto rewards! 🌽

Remember, always do your own research and consider the risks before diving into any new project. Happy exploring!

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!


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