Top 100 DeFi Tokens Experience Mixed Week, Surge After Ripple’s Court Win
- The top 100 DeFi tokens had a mixed week, trading in a narrow range before surging on July 13.
- The surge was attributed to Ripple’s partial win in its court battle with the SEC.
Zero-Knowledge Proof Technology Gains Traction in Ethereum Ecosystem
- Zero-knowledge proof-based scalable solutions, known as ZK-rollups, have become popular in the Ethereum ecosystem.
- Ethereum scaling protocols dominate the use of ZK-rollups, with notable launches and healthy competition.
Bug Bounties in DeFi Ecosystem Show Mixed Results
- Bug bounty programs in the DeFi ecosystem have mixed results in identifying and fixing vulnerabilities.
- These programs incentivize security researchers to find and report bugs, but their effectiveness varies.
Algorand’s Decentralized Lending Protocol Algofi to Shut Down
- Algorand’s borrowing and lending protocol, Algofi, will wind down by the end of 2023.
- Developers claim that building a borrowing and lending protocol is no longer a viable path for the protocol.
Rodeo Finance Exploited for $1.5 Million, Highlights Code Vulnerability
- Rodeo Finance, an Arbitrum-based DeFi protocol, was exploited for $1.53 million due to a code vulnerability.
- The exploiter bridged the stolen funds to Ethereum, swapped some for unshETH, and used a mixer service to obscure the transaction’s footprint.
‘Sovereign Bridged Token’ Standard Proposed to Prevent Future Exploits
- A proposed Ethereum improvement seeks to standardize how tokens are bridged between networks.
- The proposed ‘Sovereign Bridged Token’ standard aims to prevent issues like the recent Multichain incident.
DeFi Market Overview
- DeFi’s total market value saw a bullish surge after three bearish weeks.
- The total value locked in DeFi protocols remained below $50 billion.
In summary, the top 100 DeFi tokens had a mixed week before surging on July 13 following Ripple’s court win. Zero-knowledge proof technology, particularly ZK-rollups, gained traction in the Ethereum ecosystem. Bug bounties in the DeFi ecosystem showed mixed results in identifying vulnerabilities. Algorand’s decentralized lending protocol Algofi will shut down by the end of 2023. Rodeo Finance was exploited for $1.5 million, highlighting a code vulnerability. A proposed ‘Sovereign Bridged Token’ standard aims to prevent future exploits. The DeFi market saw a bullish surge, but the total value locked remained below $50 billion. It’s been an eventful week in the world of DeFi!