Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights. This newsletter is crafted to bring you the most significant developments from the past week.
The individual responsible for the theft of $116 million from Mango Markets is scheduled to stand trial in April next year. The Aave protocol had to pause multiple markets due to reports of a feature-related bug.
The Coinflux multichain protocol, ShuttleFlow, is winding down its services after two years. Meantime, the Proof of Stake Alliance published an updated version of the staking requirements earlier this week.
The top 100 DeFi tokens had an eventful week, recording new multimonth highs, with the total value locked in DeFi protocols reaching $56 billion for the first time in several months.
Conflux multichain protocol shuts down after two years
The ecosystem multichain protocol, ShuttleFlow, operated and maintained by Conflux Foundation, will shut down after two years. The technology stack will be transferred to Web3 studio Zero Gravity, which will continue to develop the protocol under a new brand. All user funds are secure and will be migrated from ShuttleFlow to Zero Gravity. Users who have previously bridged through ShuttleFlow and completed the claim of their bridged assets on the destination chain do not need to undergo any additional operations for the migration.
Aave pauses several markets after reports of a feature issue
Decentralized finance (DeFi) protocol Aave paused several markets on Nov. 4 after receiving reports of an issue affecting “a certain feature,” according to a post on X. The pause affects multiple networks, including Aave v2 Ethereum Market and certain assets on Aave v2 on Avalanche, Polygon, Arbitrum, and Optimism.
Fraud trial of Mango Market’s exploiter behind alleged $116M theft pushed to April
The fraud trial of the $116-million Mango Markets exploiter has been pushed to April 8, 2023, after lawyers representing the accused successfully convinced a judge to postpone the trial. The trial was originally set to commence on December 4 but has been postponed due to trial preparation issues.
Proof of Stake Alliance updates recommendations for staking providers
The Proof of Stake Alliance (POSA) published an updated version of its “staking principles” on Nov. 9. POSA represents 15 different firms in the staking industry — Alluvial, Ava Labs, Blockdaemon, Coinbase, Credibly Neutral, Figment, Infstones, Kiln, Lido Protocol, Luganodes, Methodic, Obol, Polychain, Paradigm, and Staking Rewards.
DeFi market overview
Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bullish week, with most tokens trading in green on the weekly charts. The total value locked into DeFi protocols jumped to $56.06 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.
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