Welcome to Finance Redefined, your weekly source of essential insights into decentralized finance (DeFi) – a newsletter designed to bring you the most significant updates from the past week.
Trader Pays to Earn $7 Million Profit on SatoshiVM Token Launch
In a remarkable feat, a crypto trader utilized the Banana Gun sniping tool to generate a profit of $6.77 million within three hours of the SatoshiVM (SAVM) token launch. This tool allowed the trader to acquire the token before the official launch and then sell it at an inflated price. However, the trading bot has faced controversy since its release, with instances of funds mysteriously disappearing after sniping.
Although a spokesperson for Banana Gun assured Cointelegraph that the bot is not at fault, certain token contracts have functionalities that enable the contract deployer to move funds out of wallets. In one case, the tokens never reached the buyer’s wallets due to a malicious contract.
Solana’s Stablecoin Transfer Volume Reaches Record Monthly High of $300 Billion
The transfer volume of stablecoins on the layer-1 Solana blockchain reached a new record in January, surpassing $300 billion. Solana’s stablecoin market share currently stands at almost 32%, a significant increase from the 1.2% share it held a year ago.
Stablecoin activity on Solana began to gain traction in October 2023 and has steadily grown by 650%. Crypto data analytics platform Artemis attributes this growth to the transfer volumes of USD Coin (USDC) on the blockchain.
Dogecoin Surges to Seven-Day High as “XPayments” Account Gains 100,000 Followers in a Day
Dogecoin (DOGE), arguably the most popular memecoin, reached a weekly high following the creation of the new “XPayments” account on social media platform X, which quickly amassed over 100,000 followers.
Although no official announcement has been made regarding payment functions, many crypto traders on X strongly believe that DOGE could be included in the offering due to its occasional mention by the platform’s owner, Elon Musk. Musk previously allowed DOGE payments on Tesla’s merchandise store and even changed Twitter’s logo to Dogecoin’s, resulting in a 22% increase in DOGE’s price.
Radiant Capital Repays Debt After $4.5 Million Flash Loan Exploit
Radiant Capital, a cross-chain lending blockchain, has initiated the repayment process for the $4.5 million “bad” debt caused by a flash loan exploit in early January 2024. The repayment is being carried out in accordance with the RFP-27 proposal, which was approved on January 8. Approximately 73% of users voted to repay the bad debt using existing funds from the Radiant DAO treasury and operating expenditures. As a result of the exploit, Radiant lost 1.3% of its total value locked.
MailerLite Confirms Hack Resulting in $3.3 Million Crypto-Phishing Email Attacks
A coordinated hack and phishing campaign directly resulted from hackers gaining unauthorized access to MailerLite’s services. The hacker infiltrated the accounts of various Web3 companies to execute phishing email scams, resulting in an estimated loss of $3.3 million for subscribers. MailerLite has confirmed that the hackers accessed 117 accounts but only exploited a small number of them to launch phishing campaigns.
The service provider has warned that the data of its clients and subscribers, including full names, email addresses, and uploaded personal information, have been compromised.
DeFi Market Overview
Data from Cointelegraph Markets Pro and TradingView indicates that the top 100 DeFi tokens by market capitalization experienced a bullish resurgence this week. The total value locked in DeFi protocols remained above $71.6 billion.
Thank you for reading our summary of this week’s most noteworthy DeFi developments. Join us next Friday for more stories, insights, and education on this rapidly evolving space.