Tornado Cash saga left a void, says Chainalysis chief scientist: Finance Redefined
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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights – a newsletter designed to bring you the highlights of the past week.
Sharing his perspective on the Tornado Cash saga, the Chainalysis lead researcher said the incident has left a void for illegal fund pooling services, but the real impact of the sanctions can be determined in the long term.
According to a new report, the post-Merge Ethereum ecosystem could have a significant impact on the crypto-economy. Institutional lending platform Mapple Finance launched a $300 million loan pool on Bitcoin mining farms.
Tribe DAO, a decentralized independent organization, voted to refund users caused by the $80 million abuse of DeFi platform Rari Capital’s liquidity pools. BNB Chain launched a new community-driven security initiative called Avenger DAO.
The top 100 DeFi tokens by market cap have had a mixed week in terms of price action, with many tokens trading in the red while a few others showed weekly gains.
Tornado Cash left a void, time will tell what fills it – Chainalysis Chief Scientist
Sanctions on cryptocurrency mixer Tornado Cash have left a vacuum for illegal fund mixing services, but according to the lead researcher at Chainalysis, more time is needed before we know the full impact.
During a demo of Chainalysis’ newly launched Storyline blockchain analytics platform, Cointelegraph asked Chainalysis Principal Scientist Jacob Illumi and Australia and New Zealand Country Manager Todd Lenfield about the impact of the Tornado Cash ban.
Tribe DAO votes to pay $80 million to victims of Rari hack
After months of uncertainty, Tribe DAO has approved a vote to pay affected users $80 million in benefits from DeFi platform Rari Capital’s liquidity pools.
After several rounds of voting and governance proposals, Tribe DAO, which consists of Midas Capital, Rari Capital, Fei Protocol and Volt Protocol, decided to vote on Sunday with the intention of fully compensating the victims of the hack.
Staking providers could expand their institutional presence in the crypto space: Report
The carbon footprint of the Ethereum blockchain is expected to decrease by 99% after last week’s Merge event. According to a report published by Bitwise on Tuesday, the update could have a significant impact on the crypto economy, with staking as a service for private and institutional investors.
The company said it predicts potential gains of 4-8 percent for long-term investors through the Ether (ETH) stake, while JP Morgan analysts predict that stake revenues in PoS blockchains could double to $40 billion by 2025.
Maple Finance launches $300 million loan pool for Bitcoin mining companies
On September 20, institutional crypto-lending protocol Maple Finance and its affiliate Icebreaker Finance announced that they are offering up to $300 million worth of secured loan financing to public and private Bitcoin mining companies. Funding can be applied for by qualified entities that meet the standards of asset management and efficiency strategies throughout North America and Australia.
On the other hand, the company aims to provide risk-adjusted returns at low teenage percentages (up to 13% per annum) to investors and capital allocators. The pool is open only to accredited investors who meet substantial income and/or net worth requirements in a jurisdiction.
BNB Chain launches a new community-driven security mechanism to protect users
BNB Chain, Binance’s original blockchain, has launched AvengerDAO, a new community-driven security initiative to help protect users from scams, malicious actors and potential exploits.
The security-focused DAO has been developed together with leading security companies and popular crypto projects such as Certik, TrustWallet, PancakeSwap and Opera.
DeFi Market Overview
Analytics data reveals that DeFi’s total locked value posted a slight decline from last week. At the time of writing, TVL was valued at approximately $50.64 billion. Data from Cointelegraph Markets Pro and TradingView show that DeFi’s top 100 tokens by market cap had a mixed week, with many tokens recovering towards the end of the week, while a few others were in the red on the weekly chart.
Compound (COMP) was the biggest gainer at 15% over the past seven days, followed by PancakeSwap (CAKE) at 8.8%. Theta Network (THETA) was another token in the top 100, up 5% weekly.
Thanks for reading our roundup of this week’s most impressive DeFi developments. Join us next Friday for more stories, insights and education in this dynamically evolving space.