- Only the top 100 DeFi platforms managed to be bullish.
- Auros Global missed on 2400 wETH DeFi loan.
- Solana-based serum rendered defunct plans to fork.
The contagion risk that started in the second week of November with the collapse of FTX has consumed the whole crypto industry. The majority of protocols and exchanges are affected by this risk. The newest victim emerges as the Decentralized Finance Ecosystem.
Only the top 100 DeFi platforms somehow managed to show a bullish wave at the start of December. Some even went to be in double digits. Rest all are suffering from the FTX contagion. The latest prey would be FTX and Alameda-backed and Solana-based Decentralized Exchange Serum.
Another DeFi crypto trading firm Auros Global, thanks to the contagion risk, missed principal repayment on a 2,400 wETH DeFi loan.
To manage the risks and help the market recover, the popular DEX protocol UniSwap launched its marketplace aggregator, which allows users to trade NFTs on the platform. Developers claim that users could save up to 15% on gas costs working with UniSwap NFT compared to other aggregators. Because it unifies NFT Swapping and ERC-20 in a single swap router.
Ankr emerged as another victim of an escapade, where a malicious hacker with the address Oxf3a managed to get hold of the developer’s key to the smart contract of aBNBc. This allowed the hacker to upload the code, which does not require validation, which was then used to mint around 60 trillion tokens literally out of thin air. The minted tokens were then swapped for USDC across bridges. A total of $5 million were gone before the transactions were flagged.
As a precautionary measure, Ankr worked with exchanges worldwide to stop trading on aBNBc. Managed to create ankrBNB to replace the aBNBc and aBNBb tokens. The new token will be airdropped to the affected addresses as appeasement.
Solana-based DEX- Serum.
Solana-based DEX project Serum has notified its community that the unfortunate collapse of its backers, Alameda and FTX, has sadly made it obsolete. The team further shared that all is not lost, and hope remains. “A community-wide effort to fork Serum.”
An open book community that led the fork of Serum v3 program is already making $1 million daily volume and is live on Solana. And is supported by continuous efforts to grow and expand its liquidity.
DeFi market overview
Analytical data shows top 100 DeFi’s, as per the market capitalization, had their first bullish week since FTX collapse. And the total locked value of DeFi had soared to $40 billion.