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.
The past week in DeFi was filled with anticipation leading up to the Shapella upgrade on the Ethereum mainnet. The hard fork was successfully completed on April 12, allowing validators to withdraw their staked Ether (ETH) after three years. However, only 253 validators have signed up to fully exit their staked Ether position, with analytics firm Glassnode predicting that less than 1% of the staked ETH will be withdrawn.
Amid all the rejoicing post-Shapella upgrade, an Ethereum researcher has revealed that staking Ether could become a privacy concern, as he had “internally” discovered that staking Ether shows a user’s IP address information.
A hacker minted 1 quadrillion Yearn Tether (yUSDT) after exploiting an old Yearn.finance contract, and then swapped the yUSDT to other stablecoins, allowing them to take hold of $11.6 million worth of stablecoins.
DeFi-based financial inclusion serves to increase liquidity and earning opportunities for African micro-entrepreneurs through Fonbnk’s partnership with Tanda.
The top 100 DeFi tokens had another bullish week, thanks to a late surge in the crypto market after Ethereum’s much-awaited upgrade. Most DeFi tokens traded in green along with the rest of the market.
Less than 1% of staked ETH estimated to be sold after Shanghai upgrade: Glassnode
Just 170,000 Ether of the 18.1 million ETH staked on the Beacon Chain will be unlocked within the first week of the Shanghai hard fork being executed on Ethereum, Glassnode has predicted.
The figure comprises 100,000 Ether ($190 million) worth of staking rewards and 70,000 ETH worth of staked Ether ($133 million), the on-chain intelligence platform predicted in its April 11 report.
Ethereum researcher says staking reveals IP address, sparking privacy concerns
A researcher at the Ethereum Foundation (EF) showed that the IP addresses of ETH stakers are monitored as part of a broader set of metadata, causing the cryptocurrency community to flag Ethereum for privacy concerns.
In an April 12 interview on the crypto podcast Bankless, EF researcher Justin Drake revealed that he learned this information “internally.” The metadata Drake referred to tracks a wide range of information.
Web3 economy to gain more traction in Africa through DeFi-based financial inclusion
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