Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) information – a newsletter designed to bring you meaningful developments over the past week.
Following the demise of FTX, the DeFi space is ripe for a complete makeover as cryptocurrency users demand better security and compliance practices.
SushiSwap’s roadmap for the coming year includes the development of a decentralized exchange (DEX) aggregator, a decentralized incubator, and “several stealth projects.” All these projects combined can increase their market share 10 times, the CEO said.
The Ava Labs co-founder and CEO spoke to Cointelegraph at the World Economic Forum in Davos, Switzerland about the future of DeFi and traditional finance (TradFi) and said that DeFi should complement TradFi, not attack it. Another DeFi report suggests that decentralized forex could cut costs by up to 80%.
DeFi’s top 100 tokens saw a second week of bullish price action, with most tokens trading in the green on the weekly charts.
SushiSwap’s new DEX aggregator ‘our market share will be 10 times bigger’: head chef
Just a month after warning of a “significant shortfall” in its treasury, the CEO of decentralized exchange SushiSwap has shared several planned upgrades to the platform, which he said are targeting “10 times” its market share by 2023.
SushiSwap CEO Jared Gray laid out the plans for the DeFi platform in a Medium post on Jan. 16, saying it will focus on its product stack in line with previous plans to make Sushi more sustainable.
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DeFi should complement TradFi, not attack it: Ava Labs CEO | Davos 2023
DeFi is going from becoming a small niche within the financial industry to something that TradFi is trying to incorporate.
In an interview with Cointelegraph at the World Economic Forum in Davos, Switzerland, Emin Gun Sirer, Co-Founder and CEO of Ava Labs, spoke about DeFi’s role in TradFi ecosystems and what users can expect in a future where both are center stage.
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Decentralized Forex Will Cut Costs By Up To 80%: Report
If the forex market starts using DeFi protocols instead of current centralized systems, the cost of remittances could be reduced “by up to 80%,” according to a January 19 article published jointly by Circle and Uniswap researchers.
The authors studied Circle’s USD Coin (USDC) and Euro Coin (EUROC) trading activity on Uniswap from July 2022 to January 2023. They found that the coins had a total volume of $128 million, with volume business of up to $8 million in some days.
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Raydium exploiter moves $2.7 million to cryptocurrency mixer Tornado Cash
In an alert, blockchain security firm CertiK reported that the Raydium protocol exploiter had sent 1,774.5 Ether (ETH) to cryptocurrency mixer Tornado Cash. The amount is worth around $2.7 million at the time of writing.
As security teams from various exchanges continue to combat the efforts of hackers, funds continue to flow into the sanctioned Tornado Cash.
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DeFi Market Overview
Analytical data reveals that the total market value of DeFi held at over $40 billion last week, trading at around $44.9 billion at the time of writing. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a bullish week, with almost all tokens breaking multi-week highs.
Convex Finance (CVX) was the biggest gainer on the weekly charts, posting a 37% price rise over the past seven days, followed by Kava (KAVA) with a 34% rise. Synthetix (SNX) posted a 29% rise on the weekly charts, while the rest of the tokens in the top 100 also saw bullish gains over the past week.
Thanks for reading our roundup of this week’s most impactful DeFi developments. Join us next Friday for more stories, ideas, and education in this dynamic forward space.
