Total value locked (TVL) in DeFi protocols rose to $165.51 billion. The first, fourth and sixth places are lending protocols Aave ($13.73 billion), Compound ($11.03 billion) and MakerDAO ($9.04 billion).<\/p>\n Defi Llama includes in the final value a group of tokenized Bitcoins. WBTC with $9.68 billion took fifth place. hBTC with $1.96 billion ranked 19th.<\/p>\n TVL in Ethereum applications rose to $82.09 billion. Over the last 30 days the figure grew by 23%.<\/p>\n The total market value of tokenized Bitcoins WBTC, HBTC, renBTC and others on Ethereum rose to $12.87 billion. Three weeks ago the figure stood at $11.1 billion<\/a>.<\/p>\n Trading volume on decentralized exchanges (DEX) over the last 30 days stood at $73.5 billion<\/a>.<\/p>\n 71.1% of the total non-custodial exchange turnover is accounted for by Uniswap. The second DEX by trading volume is SushiSwap (11.9%), the third Curve (5.6%).<\/p>\n TVL of projects on Binance Smart Chain (BSC) rose to $28.2 billion, up 32% over the last 30 days.<\/p>\n Twitter head Jack Dorsey said<\/a> he is working on an open TBD platform to build a DEX on the back of his payments company Square. Cash App head and TBD director Mike Brock said<\/a> more details.\n<\/p>\n \u201cWe believe that Bitcoin will become the native Internet currency. While many projects are working on increasing the decentralisation of the Internet, our focus is solely on a robust global monetary system for all,\u201d he wrote.<\/p>\n<\/blockquote>\n According to Brock, today Bitcoin is acquired through centralized services such as Cash App and Coinbase. He is confident that the platform has a number of drawbacks, and they are not distributed evenly around the world.<\/p>\n \u201cThis is a problem we will solve. \u2026 You can think of the project as a fiat-to-cryptocurrency decentralized exchange. As we have said, the platform will be fully public, with open source and protocol, with support for any wallet,\u201d Brock emphasized.<\/p>\n<\/blockquote>\n He also added that there will be no organisation or governance model to control TBD.<\/p>\n Representatives of the non-custodial crypto platform Bisq proposed that Dorsey discuss a collaboration.<\/p>\n \u201cWe spent the last five years building Bisq v1 to become a peer-to-peer DEX for experienced Bitcoin users. Right now we are working on the second version,\u201d the developers wrote.<\/p>\n<\/blockquote>\n DeFi projects require decentralized governance, but token voting in its current form poses many threats to the sector\u2019s development. This view was voiced<\/a> by Vitalik Buterin.<\/p>\n He argued that either this form of governance needs to be improved or abandoned for other approaches.<\/p>\n He highlighted two main problems with token voting:<\/p>\n If the first already has several mitigations (for example, delegation), he does not see solutions to the second within the existing token-governance mechanisms.<\/p>\n In token voting he pointed out several drawbacks:<\/p>\n Nevertheless, he sees a number of hybrid approaches.<\/p>\n The U.S. Securities and Exchange Commission (SEC) entered into<\/a> an agreement with analytics company AnChain.AI to monitor and regulate the DeFi sector.<\/p>\n The initial contract is for $125,000. There are five separate annual options at $125,000 each, totaling $625,000.<\/p>\n \u201cSEC is very interested in understanding what happens in the world of smart-contract-based digital assets. Therefore we are providing them with technologies for analysing and monitoring smart contracts,\u201d explained AnChain.AI cofounder and CEO Victor Fang.<\/p>\n<\/blockquote>\n The AI\/ML startup specializes in tracking illicit transactions on crypto exchanges, DeFi protocols and traditional financial institutions.<\/p>\n In many deals, coins may be securities, and trading platforms are becoming more complex, Fang noted.<\/p>\n In fact, Uniswap is a \u201cmix of 30,000 individual smart contracts that carry out the actual token exchange,\u201d he stressed.<\/p>\n The Ondo Finance project, founded by former Goldman Sachs employees, raised $4 million<\/a> in seed funding.<\/p>\n The round was led by Pantera Capital. Other investors include Genesis Trading, CMS Holdings, CoinFund, Divergence Ventures, as well as Aave founder Stani Kulechov and Quantstamp founder Rich Ma.<\/p>\n Ondo Finance enables Ethereum users to put crypto assets into Vaults, earning a fixed or variable yield.<\/p>\n Ondo Finance CEO Nathan Allmen said the raised funds would allow the project to expand staff, add support for various blockchains and yield strategies. The platform plans to launch its own token in the future.<\/p>\n The Avalanche Foundation created a $180 million fund<\/a> to attract applications and assets from the DeFi sector into the network.<\/p>\n In a first phase dubbed Avalanche Rush, $30 million in AVAX tokens were allocated. They will be used for liquidity mining in three projects after their deployment \u2014 the lending platform Aave, the decentralized exchange Curve and strategy aggregator Stake DAO.<\/p>\n In the coming months the organization will announce the second phase of the program.<\/p>\n The Gemini cryptocurrency exchange run by the Winklevoss twins acquired<\/a> the decentralized prediction platform Guesser. The company plans to broaden the use of the GUSD stablecoin and strengthen its DeFi ecosystem presence.<\/p>\n On August 10, an unknown hacker hacked<\/a> the cross-chain protocol Poly Network<\/strong> and stole $611 million in various cryptocurrencies. The project team urged exchanges to block the stolen assets.<\/p>\n Initial estimates show the attacker stole $273 million in Ethereum, $253 million in Binance Smart Chain and $85 million in USDC on Polygon. Assets in WBTC, WETH, RenBTC, DAI, UNI, SHIB, FEI and others were affected. The hack was the largest in DeFi history.<\/p>\n After the theft, Tether blacklisted USDT on Ethereum, which had been stolen during the attack, for about $33 million.<\/p>\n Experts attributed the breach to a cryptographic issue \u2014 the hacker somehow forged a transaction signature to steal the funds.<\/p>\n As a result, the O3 trading pool, which uses Poly Network for token swaps, paused cross-chain functionality.<\/p>\n Slowmist blockchain-security specialists tracked down the attacker\u2019s identifier. They say they learned the attacker\u2019s email address, IP information and device fingerprint.<\/p>\n Experts also noted that to finance the attack the hacker swapped Monero for BNB, ETH, MATIC and other tokens. Slowmist said they obtained this information via partner Chinese crypto exchange Hoo and other trading platforms.<\/p>\n On August 11 the attacker returned<\/a> 1,000 BTC, 26,629 ETH and 119,664,866 BUSD. The hacker added that he has already become a \u201clegend\u201d after carrying out the largest hack in DeFi history and the industry at large.<\/p>\n DeFi protocol Luna Yield<\/strong> on Solana suddenly stopped operating a few days after launch. The website and social networks were taken down, its developers withdrew around $8 million<\/a> from the protocol.<\/p>\n The Luna Yield team conducted an IDO on the SolPAD platform on Monday, August 16. By Friday the platform announced that it had shut down social networks and website, and anonymous developers withdrew all liquidity from the protocol.<\/p>\n According to blockchain explorer Solscan, assets in WBTC, WETH, USDT and LUNY (Luna Yield\u2019s native tokens) were moved to a Tornado Cash mixer address.<\/p>\n SolPAD said it would compensate investors up to 60% of the funds lost in the incident. To do so they are using assets from the Solpad Foundation reserve fund. Funds will be credited to addresses directly involved in the IDO.<\/p>\n SolPAD administration noted that immediately after the incident they tried to track the Luna Yield developers\u2019 addresses and determine their IPs, but to no avail. The platform also provided all gathered information to \u201ccentralized exchanges and regulated institutions\u201d that can block transactions with stolen assets.<\/p>\n![\"DeFi](\"https:\/\/forklog.com\/wp-content\/uploads\/1-534-1024x678.png\")
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Jack Dorsey to lead development of a decentralised Bitcoin exchange<\/strong><\/h2>\n
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Buterin proposes to move away from governance of DeFi projects via token voting<\/strong><\/h2>\n
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SEC to monitor DeFi transactions<\/strong><\/h2>\n
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Investments in DeFi<\/strong><\/h2>\n
Hacks and scams<\/strong><\/h2>\n