Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.
A total of 27 Ethereum projects joined hands to minimize the cost incurred by users in the form of maximal extractable value (MEV). The launch partners include Balancer, Gnosis DAO, Shapeshift and StakeDAO, to name a few.
Rugpulls in the DeFi ecosystem are nothing new, but in the first quarter of 2023, 73.3% of all rug pulls happened on Binance’s BNB Chain.
The DeFi ecosystem has become increasingly popular among North Korean hackers for money laundering, according to a new report from the United States Department of the Treasury.
Arbitrum Foundation has introduced a couple of new governance proposals following the fracas that occurred over its first attempt. The two new proposals were then put on community vote.
The top 100 DeFi tokens by market value have another mixed week in terms of price action with little change to the total value locked in DeFi protocols.
Ethereum projects unite to protect users from MEV-induced high prices
Over 27 prominent Ethereum projects joined hands to launch MEV Blocker, a solution that aims to tackle and minimize the amount of value extracted from their users, known as the maximal extractable value, Ethereum’s invisible tax.
MEV is a transaction tax imposed on DeFi users. MEV bots can hijack transactions midway, such as Ether (ETH) trades, nonfungible token (NFT) purchases and Ethereum Name Service registrations, inflating prices for users.
73.3% of Q1 rug pulls happened on BNB Chain: Immunefi
BNB Chain was the king of rug pulls in the first quarter of 2023, with over 73.3% of such scams in the entire crypto ecosystem happening on the network, according to an April 4 report from blockchain security firm Immunefi.
The report, titled “Crypto Losses in Q1 2023,” investigated a variety of crypto hacks and scams in the first quarter of the year. It found that Ethereum and BNB Chain were the two largest targets for hackers and scammers, with 68.8% of total losses from these networks combined. BNB Chain, in particular, made up 41.3% of total losses from hacks and scams.
North Korea and criminals are using DeFi services for money laundering — US Treasury
A new report from the U.S. Department of the Treasury analyzing decentralized finance concluded that actors from the Democratic People’s Republic of Korea and other…