The decentralised finance (DeFi) sector continues to attract heightened attention from cryptocurrency investors. ForkLog has assembled the most significant events and news from the past weeks in a digest.
Key DeFi Metrics
Total value locked (TVL) in DeFi protocols rose to $56.26 billion. MakerDAO led the rankings with $8.24 billion, followed by Lido with $7.98 billion and Curve with $6.07 billion.
TVL in Ethereum applications rose to $32.44 billion. Over the last 30 days the figure rose by 4% (as of October 5, it stood at $31.12 billion).
Trading volume on decentralized exchanges (DEX) over the last 30 days stood at $38.4 billion.
Uniswap continues to dominate the non‑custodial exchange market, accounting for 71.1% of total trading volume. The second largest DEX by trading volume is DODO (9.9%), followed by Curve (8.8%).
EU Commissioner Calls for Help Regulating DeFi
Participants in the crypto industry must help European authorities in creating a regulatory framework for the DeFi sector, in order to deliver “excellent solutions”. This was stated by Peter Kerstens, the EC’s adviser on technological innovation and cyber security.
“We need to take a more creative approach to how decentralized finance can be reflected in legal concepts, if necessary,” he noted.
Kerstens urged the community to engage in dialogue with authorities and contribute proposals. He said the European Commission has “many bad ideas” about regulating the sector.
1inch and Revolut Launch Educational Course for DeFi Beginners
The DeFi project 1inch teamed up with fintech company Revolut to launch an educational course titled “Learn and Earn”.
According to project representatives, the initiative targets those who are just beginning to explore decentralised finance.
It will broaden understanding of the space and help shape users’ future experience “in a simple, engaging and effective way”.
The course is launched as part of Revolut’s educational programme. It consists of three lessons that cover the basics needed to begin interacting with DeFi:
- how decentralised exchanges work;
- the advantages of the Pathfinder algorithm;
- how DAO governance works.
Successful completion of the training is rewarded with 1INCH tokens.
Hacker Drains Assets worth $15.8 Million from Team Finance DeFi Protocol
An unknown actor exploited a vulnerability in the Team Finance DeFi protocol and drained cryptocurrency assets worth $15.8 million.
According to PeckShield, the attacker exploited a bug in the token migration function. He moved real liquidity from Uniswap V2 into new pairs on the protocol’s third version with a “distorted” price, returning a “huge profit”.
To execute the attack, only 1.76 ETH worth about $2,730 was needed at the time of writing. The attacker transferred funds from the automated crypto exchange FixedFloat.
As a result, the attacker drained from Uniswap V2:
- ~$15.4 million in Hunters Dream (CAW) tokens;
- ~$1.7 million in Dejitaru Tsuka (TSUKA);
- ~$2.6 million in WETH.
The Team Finance team confirmed the incident and said the function used by the attacker had undergone an audit. The developers have begun an investigation and proposed discussing the return of funds in exchange for a bounty.
Also on ForkLog:
- The DeFi protocol Compound paused support for ZRX, BAT, MKR and YFI tokens.
- MakerDAO will place one-third of 1.6 billion USDC in Coinbase Prime.
- Report: stablecoins are being used more actively in DeFi services.
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