DeFi Newsletter: 1inch Issued Governance Token and Uniswap Community Made First Decision

The Decentralized Finance (DeFi) sector continues to attract increased attention from cryptocurrency investors and traders. ForkLog collected the most important events and news of the last three weeks in a digest.

Locked assets value, capitalization and DEX volumes

The volume of frozen in DeFi-protocols exceeded $ 14 billion on December 20, reaching an all-time high on adjusted metrics DeFi Pulse… As of December 24, the figure dropped to $ 13.4 billion.

Data: DeFi Pulse.

Maker retains leadership with $ 2.61 billion in assets blocked – a dominance index of 19.54%. The top three have not changed – they still include Compound and Aave.

The capitalization of the DeFi token market increased to $ 18.66 billion. Of the approximately $ 600 million increase in the indicator in recent weeks, approximately $ 400 million was provided by the leading asset in the segment in terms of total market value – Wrapped BTC.

Trading volume on Decentralized Exchanges (DEX) over the past 30 days amounted to $ 20 billion… In comparison with the previous similar period, the indicator increased by 19%.

Uniswap remains the unchanged leader, the total trading volume on which overcame a record $ 50 billion since its foundation.

Daily trading volume on Uniswap. Data: DuneAnalytics.

DeFi project 1inch has released a management token of the same name

Liquidity aggregator from decentralized exchanges 1inch issued a token “Instant control” 1INCH.

It is used only in the ecosystem and allows the community to vote on the protocol settings, project representatives told ForkLog.

The total emission is 1.5 billion 1INCH. Initially, 6% will go into circulation. 30% of tokens were allocated for the community, 14.5% for the development fund. They will be distributed over four years.

Tokens will be received by participants in two liquidity mining programs and wallets that interacted with the aggregator until 00:00 UTC on December 24 and met one of the conditions:

  • at least one trade before September 15;
  • transactions totaling at least $ 20;
  • at least four transactions.

You can claim tokens on the 1inch website by connecting your wallet through WalletConnect or another option.

According to Dune Analytics at the time of writing, more than 67,172,592 1INCH have been distributed among 26,174 wallets. This is 75% of the planned airdrop volume.

The token is trading around $ 1.6, although it peaked at $ 2.73, according to CoinGecko.

Data: CoinGecko.

DeFi project launched by banker Alexander Lebedev

Developers launched the DeFi project InDeFiEco, which positions itself as an “independent decentralized financial ecosystem.” Earlier, Russian businessman and banker Alexander Lebedev invested in it.

As stated in the white paper, the project will provide services to traditional financial institutions through the mechanics of cryptocurrency projects and decentralized finance. The ecosystem will include the following products:

  • loans secured by crypto assets;
  • fixed rate cryptocurrency deposits;
  • profitable farming;
  • insurance;
  • stablecoins;
  • derivatives.

InDeFiEco is powered by the Ethereum blockchain. The system is based on a governing smart contract that defines the rules for interaction between participants. He will also control the compliance of borrowers with a specific jurisdiction in full compliance with AML / KYC procedures, the documentation says.

Only IDF token holders will be able to influence the governance model. The emission of IDF will be 10 million. 70% will be distributed among the ecosystem participants, the remaining 30% will be divided by the founders, the project team and the reserve fund.

Hacker hacked the personal address of the founder of the DeFi protocol for $ 8 million

December 14 unknown the intruder deduced from the personal wallet of Hugh Karp, founder of the DeFi-project of mutual insurance Nexus Mutual, more than $ 8 million in native NXM tokens.

Nexus Mutual explained that the hacker managed to install a compromised version of the MetaMask application on Karp’s personal computer, which tricked him into confirming the transaction.

As a result, the 370,000 NXM stored in the wallet (about $ 8.22 million at the time of writing) were transferred in one transfer to an address controlled by the attacker. He is a member of the mutual insurance society and completed the KYC procedure 11 days ago.

The Nexus Mutual team assured that the protocol itself was not damaged and the users’ funds are safe. She continues to investigate and has not yet been able to identify the hacker.

Hugh Karp reached out to the attacker via Twitter, calling the hack “a very good trick.” He stressed that it would be problematic to cash out such a volume of NXM, and offered a reward of $ 300,000 and an end to the investigation for the refund.

The Block analyst Igor Igamberdiev discovered that the hacker used protocol tokenized bitcoins renBTC to withdraw 137 BTC to two addresses.

“It’s been 12 hours, but it looks like the hacker won’t return anything. Instead, he used renBTC to withdraw funds to two addresses, ”he wrote.

Igamberdiev also noted that one of the above addresses is associated with the Huobi exchange, as well as the attacker’s Ethereum address.

December 16 the hacker demanded the founder of Nexus Mutual has a ransom of 4,500 ETH (~ $ 2.6 million at the time). He left a comment using a transaction, and added three addresses to the message, where assets of more than $ 10 million are stored.

Karp replied that one of the addresses belongs to the Nexus Foundation, and he does not have that much cryptocurrency.

Uniswap Community Reaches Quorum For The First Time In The Platform’s Third Vote

On Thursday, December 24, the third vote in the Uniswap decentralized exchange system ended, in which first approved proposed changes.

Community representatives spoke about the grants program for the development of the ecosystem using UNI tokens. More than 60 million coins were given for the initiative, against – 9300.

At the first stage, funding is designed for small projects, including hackathons. In the future, grants are planned to be issued to more significant initiatives.

The maximum quarterly budget of the program is $ 750,000. At the second vote in six months, the community will decide on its extension.

The Uniswap community polls on the previous two proposals failed to achieve the required number of votes.

DeFi project Warp Finance lost $ 7.7 million in attack

Decentralized platform Warp Finance suffered as a result of an instant loan attack eight days after launch. The project team estimated losses at $ 7.7 million in USDC and DAI stablecoins.

DeFi project Warp Finance announced the launch on December 9th. The protocol allows the creation of capital markets for tokens of liquidity providers. Warp.finance smart contracts have been audited by Hacken.

Security expert Emiliano Bonassi noted that the attacker used a complex lending scheme using the Uniswap decentralized exchange and the dYdX DeFi platform.

DeFi project Compound will launch a cross-chain protocol

Compound DeFi Landing Project submitted whitepaper with a detailed description of Compound Chain – a new protocol designed to ensure the interaction of assets from different blockchains.

“A distributed ledger capable of moving value and liquidity between peer ledgers,” the document says.

Within the Compound Chain, users will have the ability to deposit and borrow assets from various systems, be it Polkadot or Tezos. To pay commissions, the new system will use a native token – CASH.

The Compound Chain will be managed by the community through Ethereum-based COMP tokens.

The launch of the test network of the new project is scheduled for early 2021.

DeFi token of DistX project collapses after creators of the project empty the liquidity pool

The capitalization of the platform for holding tokensales DistX in just a day collapsed from $ 1.5 million to less than $ 15,000 after the project was closed and withdrawal by its creators from the liquidity pool on Uniswap.

Market participants saw this as another example of the so-called rug pull… This term refers to the practice of pumping up the value of the created token in a liquidity pool, followed by a sharp withdrawal of funds, which leaves other providers with assets that have lost their value.

The creators promised holders of DISTX tokens not only access to participation in token sales, but also 2% of the volume of each emission if a certain threshold is reached.

When the platform was launched in August, the DISTX price climbed to $ 0.25.

As of December 26, the DISTX token is valued at less than $ 0.0005, capitalization is barely more than $ 15,000 (CoinGecko).

ForkLog also wrote:

  • Opium Protocol DeFi project will launch insurance and staking service.
  • Polychain Capital headed private token sale of a “cryptographically transparent” DeFi project.

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