Welcome to Finance Redefined, your weekly dose of important decentralized finance (DeFi) insights — a publication crafted to convey you essentially the most important developments from the previous week.
Vitlalik Buterin believes Ethereum must reignite the “cypherpunk” revolution first envisioned for the blockchain in its early days.
The Web3 ecosystem misplaced $1.8 billion to exploits and scams in 2023, and the Kyber Community has slashed its workforce by half after its current $49 million exploit.
Vitalik Buterin desires to “make Ethereum cypherpunk once more”
Ethereum must reignite the cypherpunk revolution first envisioned for the blockchain in its early days, says Vitalik Buterin, one of many community’s founders.
In accordance with a Dec. 28 weblog publish from Buterin, Ethereum was initially envisioned as a “public decentralized, shared laborious drive” that might leverage peer-to-peer messaging and decentralized file storage. Nevertheless, the imaginative and prescient started to fade in 2017 with the flip towards the financialization of Ethereum.
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$1.8 billion was misplaced to Web3 hackers and fraudsters in 2023: Immunefi
A complete of $1.8 billion was misplaced to Web3 hackers and scammers in 2023, based on a Dec. 28 report from blockchain safety platform Immunefi. The report acknowledged that 17% of the losses have been attributed to the North Korea-linked Lazarus Group.
The most important hack of the 12 months by way of losses was peer-to-peer buying and selling platform Mixin Community, which resulted in over $200 million of losses to crypto traders. In second place was the $197 million exploit of lending platform Euler Finance, and in third was the $126 million hack of the cross-chain bridge protocol Multichain.
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Kyber Community axes workforce by 50% one month after $49 million exploit
The crew behind decentralized finance protocol KyberSwap has “regrettably” lower its workforce by 50% to maintain its enterprise operations up and working following its $48.8 million exploit in November.
“Regrettably, we have now additionally diminished our workforce by 50%,” mentioned Kyber Community’s CEO Victor Tran on Dec. 24. “The choice to half methods with so lots of our crew members was heart-wrenching.”
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Key trade figures predict the way forward for DeFi in 2024
Cointelegraph spoke with numerous specialists from throughout the trade to find what 2024 holds for decentralized finance.
The sector as an entire is presently buoyant. Optimism abounds because the inexperienced shoots of renewed progress start to indicate. Julian Deschler, co-founder of Web3 privateness protocol Elusiv, is among the many leaders bullish on DeFi’s prospects within the close to time period.
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DeFi market overview
Knowledge from Cointelegraph Markets Professional and TradingView reveals that DeFi’s prime 100 tokens by market capitalization had a bullish week, with most buying and selling within the inexperienced on the weekly charts. The whole worth locked into DeFi protocols remained above $60 billion.
Thanks for studying our abstract of this week’s most impactful DeFi developments. Be a part of us subsequent Friday for extra tales, insights and training relating to this dynamically advancing house
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