Last week, the Decentralized Finance (DeFi) ecosystem was dominated by the launch of a new fund for the growth of Decentralized Autonomous Organizations and the Web3 ecosystem. While Solana launched a $ 100 million DeFi fund, the total number of DAOs surged eight-fold.
Optimism, the Ethereum Layer 2 protocol that Vitalik Buterin recently praised in its governance model, lost 20 million tokens due to the confusion between Layer 1 and Layer 2 addresses. A leaked 600-page copy of the US cryptocurrency draft bill also caught the attention of the community as it proposed scrutiny of strict regulations on DeFi and DAO.
The top 100 DeFi tokens, some of which have recorded double-digit gains over the past seven days, have shown varying market performance, but the majority remained bearish on weekly charts.
The number of DAOs will increase eight-fold with a surge in votes and suggestions
The total number of Decentralized Autonomous Organizations (DAOs), the number of proposed governance proposals, and the number of votes have all grown tremendously over the last 12 months.
Data edited by Snapshot Labs in a tweet on Thursday and shared by Electric Capital engineer Emre Caliskan highlights that the number of DAOs has more than eight-fold increased from 700 in May 2021 to 6,000 now. The number of proposals has increased 8.5 times, and the total number of votes has increased 8.3 times in the past 12 months, from 448,000 to 3.7 million.
Solana Ventures has set up a $ 100 million fund in GameFi and DeFi in South Korea
Solana Ventures and Solana Foundation have set up a $ 100 million fund to support the growth of non-fungible tokens (NFTs), blockchain games, and DeFi projects in South Korea.
In addition to supporting projects built on Solana, the fund will help highlight several terra-based projects following the collapse of its ecosystem last month.
Leaked copy of US bill shows DeFi and DAO under regulated lens
A leaked copy of the US bill on cryptocurrencies began a round on Twitter early Tuesday. A 600-page copy of the leaked bill highlights some of the key concerns for regulators, including DeFi, Stablecoin, Decentralized DAO, and cryptocurrency exchange.
User protection seems to be the main focus of regulatory agencies, with policies aimed at requiring crypto platforms or service providers to legally register with the United States, whether they are DAO or DeFi protocols. I have.
Optimism loses 20 million tokens after the L1 and L2 turmoil is abused
The honeymoon duration of the Optimism Layer 2 scaling solution has been reduced as 20 million OP tokens have been lost due to the abuse of market makers’ smart contracts.
This exploit occurred on May 26th, but has just been reported to the community. On Sunday, about $ 1.3 million worth of 1 million tokens were sold. An additional $ 1 million worth of additional 1 million tokens was transferred to Vitalik Buterin’s Ethereum address on Optimism at 12:26 AM UTC. The remaining tokens are currently dormant, but can be sold at any time or used to influence governance decisions.
DeFi Market Overview
According to analysis data, the total value of locked DeFi has dropped slightly over the past week, and the value has fallen below $ 80 billion again. According to data from Cointelegraph Markets Pro and TradingView, DeFi’s top 100 tokens by market capitalization have recorded a week full of volatile pricing behavior, but have emerged from the bearish trend of the last two days.
Most of the DeFi tokens in the top 100 by market capitalization are traded in green, with Chainlink (LINK) jumping 29% and the biggest rise, Theta Network (THETA) rising 17.2%. Continued at. Tezos (XTZ) recorded a 14.14% price increase, while PancakeSwap (CAKE) has increased 1.23% in the last 7 days.
Thank you for reading this week’s summary of the most influential DeFi developments. Join us again next Friday to further deepen your story, insights and education in this dynamically evolving space.