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 exploiter behind the $116-million theft of assets from Mango Markets will face trial in April next year after the accused convinced the judge to postpone the fraud trial to April 8, 2023. The Aave protocol had to pause multiple markets earlier after reports of a feature-related bug.
The Coinflux multichain protocol called ShuttleFlow is all set to wind down its services after two years. Meanwhile, the Proof of Stake Alliance published an updated version of the staking requirements earlier this week.
The top 100 DeFi tokens had an eventful week as the majority of the tokens recorded new multimonth highs, and the total value locked in DeFi protocols touched $56 billion for the first time in several months.
Conflux multichain protocol shuts down after two years
ShuttleFlow, the ecosystem multichain protocol operated and maintained by Conflux Foundation — also known as the Shanghai Tree-Graph Blockchain Research Institute — will shut down after two years.
The ShuttleFlow technology stack will be transferred to Web3 studio Zero Gravity, which will continue to develop the protocol under a new brand. “All user funds are secure and will be migrated from ShuttleFlow to Zero Gravity,” the project wrote, adding, “Users who have previously bridged through ShuttleFlow and completed the claim of their bridged assets on the destination chain do not need to undergo any additional operations for the migration.”
Aave pauses several markets after reports of a feature issue
Decentralized finance (DeFi) protocol Aave paused several markets on Nov. 4 after receiving reports of an issue affecting “a certain feature,” according to a post on X.
The pause affects multiple networks, including Aave v2 Ethereum Market and certain assets on Aave v2 on Avalanche. In addition, certain assets on Polygon, Arbitrum and Optimism have been frozen.
Fraud trial of Mango Market’s exploiter behind alleged $116M theft pushed to April
Lawyers representing the $116-million Mango Markets exploiter have convinced a judge to postpone the fraud trial until April 8, 2023. Avraham Eisenberg’s fraud trial was set to commence on Dec. 4. Still, several circumstances impacted his trial preparations, according to his lawyers, who filed a successful motion for a continuance…