Welcome to Finance Redefined, a weekly newsletter that provides you with essential decentralized finance (DeFi) insights and aims to bring you the most important developments of the past week.
In the DeFi space over the past week, as calls for enforcement action grew, Coinbase CEO stood up for the emerging ecosystem, while Polygon CEO said its $1 billion in zero-knowledge proof aggregation stakes It’s paying off.
MakerDAO’s founder believes decentralized stablecoins could dominate cryptocurrencies, while Solidus Labs says decentralized exchanges have become magnets for wash trades.
The top 100 DeFi tokens have had another bearishly-led mixed week this week, as most tokens are trading in the red on the weekly charts.
Coinbase CEO backs DeFi, calls for court action to set legal precedent
Coinbase CEO Brian Armstrong expressed his approval of the DeFi protocol. In a recent social media post, Armstrong urged DeFi protocols to consider legal action in court to set a precedent, as the legal system has always shown a dedication to upholding the rule of law. He said the current approach was largely about pushing a key industry into overseas jurisdictions.
according to his postal On X (formerly Twitter), the U.S. Commodity Futures Trading Commission should avoid taking enforcement action against DeFi protocols because they do not operate like traditional financial services businesses and it is questionable whether the Commodity Exchange Act applies to them.
MakerDAO founder: Decentralized stablecoins may dominate cryptocurrencies
Decentralized stablecoins may eventually dominate the stablecoin market, as long as cryptocurrencies “finally reach their potential,” Rune Christensen, co-founder of DeFi pioneer MakerDAO, said.
Christensen spoke to Cointelegraph’s Andrew Fenton at Token2049 in Singapore, expressing his views on the future of decentralized stablecoins like Dai (DAI) and their role in the broader crypto economy.
Polygon co-founder: $1 billion bet on ZK-rollups paid off
Polygon co-founder Sandeep Nailwal believes the layer 2 blockchain company is benefiting from allocating $1 billion to develop zero-knowledge (ZK) proof-driven scaling solutions for the Ethereum ecosystem.
In his keynote speech at the latest Token2049 conference in Singapore, Nailwal talked about the development of “Polygon 2.0” extensions and the promise of recursive ZK proof technology to create a seamless interoperable blockchain ecosystem.
Solidus Labs: Decentralized exchanges attractive to crypto wash traders
According to data from market monitoring firm Solidus Labs, more than 20,000 crypto tokens have been manipulated through decentralized exchange (DEX) wash trades in the past three years.
Solidus said in the second part of the 2023 Cryptocurrency Market Manipulation Report released on September 12 that out of a sample of 30,000 Ethereum-based DEX liquidity pools, nearly 70% were found to have performed washes since September 2020. trading, which makes the cryptocurrency worth approximately $2 billion.
DeFi organizations petition to stop “patent trolls” targeting DeFi protocols
A DeFi advocacy group has asked the U.S. Patent and Trademark Office to review patents owned by a company it accuses of being a “patent troll” seeking to profit from patent litigation.
The DeFi Education Fund said in a blog post on September 11 that on September 7, it submitted a more than 90-page petition to the Patent Trial and Appeal Board in an attempt to cancel a patent owned by True Return Systems.
DeFi Market Overview
Data from Cointelegraph Markets Pro and TradingView show that the top 100 DeFi tokens by market capitalization had a mixed week this week, with most tokens posting losses on the weekly charts. The total value locked in DeFi protocols remains above $49 billion.
Thanks for reading our roundup of the week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education about this dynamic and growing field.