Welcome to Finance Redefined, your weekly source of essential insights into decentralized finance (DeFi) – a newsletter designed to bring you the most important developments from the past week.
The DeFi ecosystem continues to experience positive price movements as its total value locked (TVL) reached over $100 billion for the first time in more than two years. MakerDAO is preparing for its stablecoin “Endgame” scalability transformation, Ethena has become the highest-earning decentralized app (DApp), and DeFi platform Unizen will compensate its users following a multimillion-dollar hack.
In other news, BNB Chain has announced a new rollup-as-a-service solution for layer-2 networks.
Maker’s “Endgame” launch aims to reach 100 billion DAI and compete with Tether
Decentralized finance protocol MakerDAO is getting ready for the launch of its highly anticipated “Endgame” transformation, which will focus on making the platform more scalable and sustainable for user growth, according to co-founder Rune Christensen.
In a series of posts on social media platform X and the MakerDAO forum, Christensen announced that it is the “launch season” for the DeFi lending protocol’s five-phase plan. The first phase, scheduled for mid-2024, involves hiring an external marketing firm to rebrand the entire operation into something simpler and more enjoyable.
The goal of Endgame is to scale the protocol’s Dai (DAI) stablecoin from a $4.5 billion market capitalization to “$100 billion and beyond” in order to challenge Tether (USDT).
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DeFi protocol Unizen to provide immediate reimbursement following $2.1 million hack
DeFi protocol Unizen has announced that it will reimburse users who lost $750,000 or less “as soon as possible” after the platform was compromised, resulting in the loss of approximately $2.1 million in user funds.
On March 9, blockchain analytics firm PeckShield identified an “approve issue” with the DeFi platform and reported that over $2 million had already been drained. The security firm advised users to revoke approvals from the trade aggregator to prevent further losses. Security company SlowMist estimated that the attacker swapped USDT for DAI, resulting in losses of around $2.1 million.
Ethena becomes the highest-earning DApp in the crypto industry
According to a post by Seraphim Czecker, head of growth at Ethena Labs, Ethena has become the highest-earning DApp, generating over $6.8 million in daily cumulative revenue over the past week. The only blockchains surpassing Ethena in terms of revenue were Tron, with $38.6 million, and Ethereum, with $182.5 million in daily cumulative revenue over the past seven days.
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BNB Chain to expand layer-2 ecosystem with new rollup service
BNB Chain, the ecosystem powered by the BNB token, has introduced a rollup service solution for building layer-2 blockchains on its network.
On March 14, BNB Chain unveiled its rollup-as-a-service (RaaS) solution, which will assist projects in constructing layer-2 networks on BNB Chain. This service will provide projects with the necessary technical infrastructure to deploy layer-2 networks on the blockchain, thereby expanding BNB Chain’s ecosystem.
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DeFi market overview
Data from Cointelegraph Markets Pro and TradingView indicates that the top 100 DeFi tokens by market capitalization had a positive week, with most showing gains on the weekly charts. The TVL in DeFi protocols surpassed $110 billion for the first time in over two years.
Thanks for reading our summary of the most significant DeFi developments this week. Join us again next Friday for more stories, insights, and education on this rapidly evolving space.