Welcome to Finance Redefined, your weekly source of essential insights into decentralized finance (DeFi) – a newsletter designed to bring you the most significant developments from the past week.
A developer of a phishing tool called “Nova Drainer” has officially registered as a business in the United Kingdom. Pyth Network has introduced price feeds for Bitcoin (BTC) exchange-traded funds (ETFs), enabling DeFi developers to access real-time market data and bridging the gap between traditional and decentralized finance. The DeFi lending and leverage protocol Blueberry has urged users to withdraw funds immediately after discovering a mysterious exploit.
The top 100 DeFi tokens by market cap have continued their positive momentum, with a total value locked (TVL) exceeding $80 billion.
DeFi developers gain access to real-time Bitcoin ETF data with Pyth Network
Pyth Network, a provider of real-time market data for blockchain applications, has announced the launch of price feeds for 13 Bitcoin ETFs on February 20th. This move makes accurate price data of Bitcoin ETFs readily available to developers building DeFi protocols.
The approval of Bitcoin ETFs in the United States in January 2024 was a significant event for the crypto industry, as it provided regulated exposure to Bitcoin for mainstream investors who were still hesitant to directly own cryptocurrencies.
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Aave brings its DeFi protocol to the BNB Chain
DeFi platform Aave has deployed its money market protocol on the BNB Chain as part of the blockchain’s expansion of its DeFi ecosystem.
In a statement sent to Cointelegraph, BNB Chain announced that Aave is joining the growing list of DeFi protocols on the network. By joining the likes of Uniswap and PancakeSwap, the lending protocol aims to enhance the DeFi ecosystem on the blockchain network.
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ERC-20 wallet drainer registers as a business in the UK
A development team responsible for a scam-as-a-service wallet drainer has taken the unusual step of officially registering as a business in the United Kingdom.
According to blockchain security firm CertiK, the phishing software developer Crypto Grab produces the “Nova Drainer” application as a product for draining or phishing wallets. The company’s registration can be found on the official website of Companies House, the UK government agency that oversees business registrations.
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Blueberry pauses lending following mystery exploit
DeFi protocol Blueberry has successfully paused its protocol after taking quick action to limit potential damage from an “ongoing exploit” on Friday.
In a post on X on February 23rd, the Blueberry Protocol Foundation reported that it had been targeted by an ongoing exploit and advised users to withdraw their funds from Blueberry lending markets as the team worked on pausing the protocol as quickly as possible.
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DeFi market overview
Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization have had a bullish week, with most trading in the green on the weekly charts. The total value locked (TVL) in DeFi protocols has surpassed $80 billion for the first time in over a year.
Thank you for reading our summary of the most impactful DeFi developments this week. Join us next Friday for more stories, insights, and education about this fast-growing space.