September sets 2023 exploit record, and DAOs can democratize science: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.
In this week’s newsletter, September became the biggest month of crypto exploits in DeFi, with over $300 million in losses, and the popular DeFi lending protocol Yield announced its permanent closure by December.
Polygon co-founder Jaynti Kanani has stepped down from his day-to-day roles at the firm, saying he will now monitor from the sidelines, and decentralized autonomous organizations (DAOs) can help scientists find funding and community, according to a prestigious science journal.
The DeFi market had a mixed week in terms of price action, with most of the top 100 tokens trading in the same price zone as last week.
September has officially become the worst month in 2023 (so far) for crypto-related exploits — with a whopping $329.8 million in crypto stolen.
On Oct. 2, blockchain security firm CertiK said the most significant contributor to the month’s totals came from the Mixin Network attack on Sept. 23, when the Hong Kong-based decentralized cross-chain transfer protocol lost $200 million due to a breach of its cloud service provider.
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Yield Protocol announced its decision to shut down by the end of the year due to a lack of business demand and global regulatory pressures.
Yield Protocol will cease to exist after its December 2023 series ends, which is due to mature on Dec. 29. Yield Protocol’s announcement detailing the “wind down” operation confirmed that the March 2024 fixed rate series launch had been canceled.
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Jayant Kanani announced that he has stepped back “from the day-to-day grind” on the project
Read more on cointelegraph.com
