Crypto Total DeFi Market Cap, $ (CALCULATED BY TRADINGVIEW)

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Crypto Total DeFi Market Cap, $ (CALCULATED BY TRADINGVIEW) CRYPTOCAP
 
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Important events

Aug 082022

Putting the fun in non-fungible

An NFT collection that probably attracts a lot of sniggering 16 years-olds (among others) is helping NFT volumes hit promising levels as the crypto winter thaws.

  • Daily trading volume of ‘CryptoDickbutts’ NFTs soared by 690% over the weekend. The Ethereum-based collection listed on OpenSea is famed for its memorable artwork by comic book artist K.C Green and has attracted a slew of celebs like Steve Aoki and Blondish.
  • The collection is now ranked as #34 by floor price – which has risen by 135% in the past week to a new all time high – the cheapest token in the collection is now selling for 3 ETH (around $5k at the time of writing), with CryptoDickbutts now ranking above a bunch of popular collections like CoolCats and Goblintown.
  • The reason for the sudden price-pump is anyone’s guess, but some think a recent Twitter Spaces hosted by CSO of Coinshares and well-known Bitcoiner Meltem Demirors might have been the cause after Demirors described the collection as a “culture” and said that prices are irrelevant.
Illustration by TradingView

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Aug 022022

Nomad funds wander off the bridge

Cross-chain token bridging protocol Nomad sees nearly all of its TVL drained in just a few hours in “one of the most chaotic hacks that Web3 has seen”.

  • The Nomad token bridge had over $190m pinched on Monday after experiencing a security exploit that let hackers systematically drain the bridge’s funds over a long series of transactions. DefiLlama says that $190.7m has been removed from the bridge and only a meager $651 remains.
  • The platform says some of the hacking was friendly tho. Nomad’s team raised alarm bells after becoming aware of the first suspicious transaction, and has said that some of the moola was taken out by “white hat friends” who planned to safeguard the funds from the malicious attack and then return them – so far, one such friend has come forward.
  • It’s the latest in a string of v public attacks that have brought into question the safety of cross-chain bridges in the cryptosphere. It comes at a rather inopportune time for Nomad, which only in April participated in a seed round that valued the company at $225m – largely based on the vision that it was fundamentally more secure than other platforms.

2/ It all started when
@officer_cia
shared
@spreekaway
's tweet in the ETHSecurity Telegram channel. Although I had no idea what was going on at the time, just the sheer volume of assets leaving the bridge was clearly a bad sign

Jul 052022

Someone call in the Kingsmen

The British Army may need some help from Harry Hart after a hacker compromised their socials to push a new crypto scam. Don’t they know that manners maketh man?

  • The British Army’s social media accounts have been infiltrated. An anonymous hacker (or group of hackers) took control of the UK army’s Twitter and YouTube accounts, pushing fake crypto giveaways and digital collections and sending people to scam websites.
  • The Twitter account’s name and profile pic were changed to promote a fake NFT collection and even tweeted “we are attacking Pakistan” at one point, while the YouTube account name was changed to “Ark Invest” and went so far as to live streamed old clips of Elon Musk and Jack Dorsey talking with added text directing people to a scam website.
  • High profile Twitter accounts are like catnip to hackers, – in 2020, the accounts of Elon Musk, Biden, Bezos and others were hacked to swindle people out of Bitcoin. Scams across the industry are getting more frequent, with the FTC revealing over 46k people have reported losing over $1bn to crypto scams since the start of 2021.
Artiom Vallat / Unsplash
Jun 302022

Three Arrows Capital falls

So long, Three Arrows – the crypto hedge fund is set for liquidation after failing to make loan payments.

  • Three Arrows Capital (3AC) was ordered to liquidate through a court order given in the British Virgin Islands on Wednesday, making it the first major crypto firm to fall amidst fears of a contagion spreading through DeFi.
  • The news won’t come as a surprise to many. Earlier this week, Three Arrows had defaulted on a $670m loan given to them by Voyager Digital, raising fears of the hedge fund’s insolvency. The descent into liquidation arguably started due to 3AC’s exposure to Terra, in which the firm lost $200m and co-founder Kyle Davies admitted it “caught very much off guard”.
  • Can DeFi get through this? Other crypto firms like Celsius, CoinFlex, and Babel Finance have all halted withdrawals on their platforms in the last few weeks as they wait to gather enough capital to steady their ships again. Investors will be hoping this isn’t crypto’s Bear Stearns moment and that no more companies suffer the same fate.
Mattes / Wikimedia Commons
May 162022

Apes go for cheap in a bear market

Turns out when the market bleeds, so do NFTs – volume and floor prices of collectables are down, down, down.

  • For NFTs, BAYC’s Otherside metaverse launch was the blow-off top. Back then (only April tbf), some Bored Apes cost north of $400k. Now, volume is down 75% in the last week for Otherside NFTs, while the average floor price has dropped to 101 ETH ($200k) from 160 ETH ($480k at the time) at the end of April.
  • For a while, peeps thought NFTs had decoupled from the crypto market. In January, OpenSea saw a record $4bn in Ethereum-based NFT sales despite Bitcoin and the wider market dropping heavily. Now, the sea of red has rocked up on collectables’ shores.
  • Cryptocurrency seems to be playing a game of dominos rn. Bitcoin reacts to moves made by the Fed and the Nasdaq, altcoins follow Bitcoin, and NFTs follow their altcoin hosts. This was always gonna happen – as institutions have got more involved, the web of the crypto world has widened and become entangled in the Big Dog Economy.
Thomas Bonometti / Unsplash
May 092022

Hackattack

Whether it’s a bullish or bearish market, DeFi remains a place where looting is commonplace.

  • NFT titan OpenSea is the latest victim of a DeFi attack. Its discord server was hacked on Friday, and OpenSea fans were sent to a phishing website where scammers tried to trick ‘em into giving away their NFTs through a fake-minting opportunity. Only $20k was lost, which is peanuts for DeFi, but still – nobody wants to see it.
  • Meanwhile, MM.Finance, the biggest DEX on Cronos, was looted of $2m due to an attack that targeted a DNS vulnerability. Hackers got hold of the website and deployed their own contract address on the frontend, leading to users sending off their funds straight into the hackers’ hands without knowing any better.
  • The total market cap of DeFi dropped beneath $100bn on Monday morning after a 12% slump saw the space return to its August 2021 levels. It comes as DeFi-based crypto will be getting dumped on exchanges to hedge off risk from Bitcoin, which fell under $34k over the weekend to give investors a big ol’ fright.
愚木混株 cdd20 / Unsplash
May 032022

DEXs show their muscle

Despite being plagued by countless hacks, the DeFi sector showed strength in Q1 2022, with Ethereum’s ecosystem alone growing 964%.

  • DeFi has become synonymous with hacks and exploits of late, but the latest report to come out Bankless last week paints a prettier picture of the sector. The total value locked (TVL) of dApps on Ethereum rose a mega 964%, up to $7.3bn from the $686m in Q1 2021.
  • Decentralized exchanges (DEXs) have also had a crazy year. Volume traded for spot assets like Bitcoin rose 667% to around $3.9tn, while futures trading increased 2704% to $2tn. Yup. We did say crazy.
  • Growth may continue as competition rises in DeFi. Projects like Cardano, Avalanche, Binance, and Terra are aiming to offer scalable alternatives to Ethereum’s high gas fees and transaction speeds. Just this weekend, ETH burnt over $100m in fees for peeps minting Bored Ape NFTs on the network.
Michael Förtsch Unsplash
Apr 182022

Every hack a De-Fi hack

Apparently, decentralized finance means re-incentivized crime right now – a recent report highlighting that a staggering $1.3bn has been swiped in Q1 2022 alone.

  • 97% of all stolen crypto came from De-Fi platforms. The Chainalysis report identifies private key hacks as being behind the majority of breaches. This includes the recent March 2022 Ronin hack, which saw over $625m in crypto pinched in a single attack.
  • Two years ago De-Fi platforms represented just 30% of all hacks, which shot up to 72% in 2021. Exploits of pricing oracles and faulty code may be prime vulnerabilities, but 35% of all cryptocurrency lost since 2020 has still been down to simple security breaches.
  • The temptation looks set to only continue. An estimated $256bn is currently locked into De-Fi projects as of November 2021. This comes as Ethereum gears up for its 2.0 upgrade, with $10bn staked on the platform that supports leading De-Fi projects such as UniSwap, MakerDAO, and Aave. So, let’s hope that next deployment goes smoothly, Vitalik.
Shubham Dhage / Unsplash