Welcome to Finance Redefined, your weekly dose of important decentralized finance (DeFi) insights – a newsletter created to bring you important developments over the past week.
After the demise of FTX, the DeFi space has been completely overhauled as crypto users demand better security and compliance practices.
SushiSwap’s roadmap for the coming year includes the development of a decentralized exchange (DEX) aggregator, a decentralized incubator and “some stealth projects.” All these projects combined could grow the market share by 10x, the CEO said.
The founder and CEO of Ava Labs spoke to Cointelegraph at the World Economic Forum in Davos, Switzerland, about the future of DeFi and traditional finance (TradFi) and said DeFi should complement TradFi, not attack it. Another DeFi report suggests that decentralized forex can reduce costs by up to 80%.
The top 100 DeFi tokens saw a second week of bullish price action, with the majority of tokens trading in the green on the weekly chart.
New DEX aggregator SushiSwap will ’10x our market share’ – head chef
Just a month after warning of a “significant deficit” in the treasury, the CEO of the decentralized exchange SushiSwap has shown some planned updates to the platform, which he says will “10x” the market share by 2023.
The CEO of SushiSwap, Jared Grey, laid out the plans for the DeFi platform on January 16th in the Medium post, saying that it will focus on stacking products in line with previous plans to make Sushi more sustainable.
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DeFi should complement TradFi, not attack: Ava Labs CEO | Davos 2023
DeFi is moving from being a small niche in the financial industry to something TradFi is trying to integrate.
In an interview with Cointelegraph at the World Economic Forum in Davos, Switzerland, Emin Gun Sirer, co-founder and CEO of Ava Labs, spoke about the role of DeFi in the TradFi ecosystem and what users can expect in the future where both sides take center stage.
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Decentralization of forex will reduce costs by 80%: Report
If foreign exchange markets start using DeFi protocols instead of the current centralized system, remittance fees could be reduced “by 80%,” according to a January 19 paper jointly published by researchers at Circle and Uniswap.
The authors studied the trading activity of Circle’s USD Coin (USDC) and Euro Coin (EUROC) on Uniswap from July 2022 to January 2023. They found that the coins had a total volume of $128 million, with a trading volume of up to $8 million in some. day.
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Raydium exploiter moves $2.7M to crypto mixer Tornado Cash
In an alert, blockchain security firm CertiK reported that an exploit of the Raydium protocol has sent 1,774.5 Ether (ETH) to cryptocurrency mixer Tornado Cash. That amount is about $2.7 million at the time of writing.
As the security teams of various exchanges continue to fight the hackers’ efforts, funds continue to flow into approved Tornado Cash.
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DeFi market overview
Analytical data shows that the total value of the DeFi market remained over $40 billion this past week, trading around $44.9 billion at the time of writing. Data from Cointelegraph Markets Pro and TradingView show that the top 100 DeFi tokens by market capitalization had a bullish week, with almost all of them surpassing multi-week highs.
Convex Finance (CVX) was the biggest gainer on the weekly chart, registering a 37% price increase over the last seven days, followed by Kava (KAVA) with a 34% increase. Synthetix (SNX) recorded a 29% surge on the weekly chart, while other tokens in the top 100 also saw bullish gains over the past week.
Thanks for reading this week’s roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and education in this dynamically developing space.