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. Meanwhile, Coinflux multichain protocol called ShuttleFlow is all set to wind down its services after two years. The Proof of Stake Alliance also published an updated version of the staking requirements earlier this week.
DeFi Market Developments:
Conflux Multichain Protocol Shuts Down After Two Years:
ShuttleFlow, the ecosystem multichain protocol operated and maintained by Conflux Foundation, 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. 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.
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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 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; however, several circumstances impacted his trial preparations, according to his lawyers, who filed a successful motion for a continuance with District Court Judge Arun Subramanian on Nov. 2.
Proof of Stake Alliance Updates Recommendations for Staking Providers:
The Proof of Stake Alliance (POSA), a nonprofit organization that represents firms in the crypto staking industry, published an updated version of its “staking principles” on Nov. 9. POSA represents 15 different firms in the staking industry — Alluvial, Ava Labs, Blockdaemon, Coinbase, Credibly Neutral, Figment, Infstones, Kiln, Lido Protocol, Luganodes, Methodic, Obol, Polychain, Paradigm, and Staking Rewards.
DeFi Market Overview:
Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bullish week, with most tokens trading in green on the weekly charts. The total value locked into DeFi protocols jumped to $56.06 billion.
In conclusion, this week has seen several significant developments in the DeFi space, from the shutting down of multichain protocols to the pause of markets due to feature-related issues. It is clear that the DeFi market continues to evolve and face new challenges, but also presents new opportunities for growth and innovation. Thank you for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights, and education regarding this dynamically advancing space.
