Battle-hardened Ronin bridge reopens following $600M hack: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of major decentralized finance (DeFi) insights, a newsletter prepared to give you some key developments over the past week.

Last week, the DeFi ecosystem saw the relaunch of Axie Infinity’s Ronin Bridge with 1:1 Ether (ETH) backing almost three months after the famous $600 million hack.

MakerDAO plans to invest $500 million in US bonds and bonds to weather the current bear market. Polkadot (DOT) announced that they will transform their governance model to move towards full decentralization. While decentralized autonomous organizations (DAOs) are seen as the future of governance, a recent study shows that less than 1% of all owners hold 90% of the voting power in DAOs.

The Top 100 DeFi Tokens have once again plunged into a sea of ​​red after showing some resistance last week. Most of the top 100 coins posted double-digit losses over the past week.

The battle-strengthened ronin bridge reopens to Axie after a $600 million hack
Sky Mavis, developers of the popular Non-Fungible Token (NFT) (P2E) game, announced the relaunch of Ronin Bridge on Thursday, three months after it was hacked for more than $600 million.

On March 29, 173,600 yttrium and $25.5 million were drained from the bridge after hackers gained access to the private verification keys. The hack was valued at over $620 million at the time.

According to an announcement Tuesday from the Sky Mavis team, the Ronin Bridge is back online after three audits (one internal, two external), a new design and full compensation for stolen user assets.

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MakerDAO is looking to invest $500 million in “minimum risk” bonds and bonds.
MakerDAO is currently voting on a proposal aimed at helping it weather a bear market and tap into untapped reserves by investing 500 million Dai (DAI) stablecoins in a mix of US Treasuries and bonds.

After a poll on the Governance Signal Request, members of the DAO must now determine whether the dormant DAI should go entirely to short-term Treasurys or split 80% into Treasurys and 20% into corporate bonds.

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Polkadot founder announces steps towards full decentralization with new governance model
Gavin Wood, founder of Polkadot and Kusama, announced that the blockchain governance model will undergo a new transformation. Anyone, called Gov2, will be able to initiate a poll at any time as many times as they like in the new setup, similar to starting new transactions on the blockchain.

Then, pending referendums need 50% of stakeholder votes within 28 days to be approved or face disapproval by default. Participants can also intervene and launch cancellation proposals at the appropriate time, which requires similar voting procedures should technical glitches are discovered within the polls themselves.

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Less than 1% of all owners hold 90% voting power in DAOs: Report
A recent report from Chainalysis analyzed the businesses of ten major DAO projects and found that, on average, less than 1% of all owners hold 90% of the voting power. This discovery highlights a high concentration of decision-making power in the hands of a select few – a problem DAOs were created to solve.

This concentration of decision-making power was evident with DAO Solend-based lending (SOL) Solana. Solend’s team attempted to take over a whale account and execute the liquidation themselves via over-the-counter (OTC) desks to avoid back-to-back liquidations via decentralized exchange (DEX) ledgers.

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DeFi Market Overview
Analytical data reveals that the total value of locked DeFi is down slightly from last week, dropping to $54 billion. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market capitalization showed significant price volatility and most of them traded in the red over the past week.

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