DeFI News by Thebittimes.Com

Most DeFi tokens traded in the red on weekly charts due to the chaos caused by the Curve Finance exploit. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The $47 million Curve Finance exploit on July 30 had a domino effect on the DeFi ecosystem , mainly due to the $100 million loan taken out by the Curve founder against the platform’s native Curve DAO (CRV) token. Several lending protocols have rushed in with new governance proposals to minimize CRV exposure risks as the token price fluctuates. On Aug. 3, the native stablecoin of the ecosystem crvUSD depegged due to market conditions. Being considered the backbone of the DeFi ecosystem , the Curve exploit could trigger a severe crisis. The Curve crisis also had a negative impact on the price of the DeFi tokens, with a majority trading in the red on the weekly charts. Curve Finance pools exploite...

The DeFi market kickstarted its recovery a few days back. On 16 October, the total value locked in all protocols was at its lowest point in October. From there, a trend reversal started materializing, and at press time, the said metric depicted an elevated reading of $54 billion. As depicted below, a close to 1% recovery has been noted on this front over the past day. Source: DeFiLlama Individual protocols like Maker and Lido Finance have noted inclines greater than 4% over the past week, instigating the broader recovery. Source: DeFiLlama Interestingly, Algorand’s TVL has been inclining since the beginning of this month. From a low of $175 million registered on 7 October, the value of all tokens locked on its platform has inclined to create a new all-time high of $274 million. The same has, notably, registered a 2% rise over the past day. Source: DeFiLlama Ripple effects On the price front, three tokens among the top five gainers on Wednesday were DeFi-related....