Welcome to Finance Redefined, your weekly dose of basic decentralized finance (DeFi) insights – a newsletter set to bring you important developments over the past week.
Uniswap, one of the leading decentralized exchange platforms, is integrating debit and credit card support for its users. It will allow Uniswap users to buy cryptocurrency directly with their cards.
A former employee caused the recent $5 million Anker protocol hack. The DeFi protocol has alerted the relevant authorities and is seeking to prosecute the attacker while strengthening its security practices.
Web3 developer claimed that many crypto ecosystem projects would rather hack than pay rewards. After reporting and helping patch a vulnerability in the smart contract, the developer claims the projects he helped ignored it. However, despite a turbulent year, DeFi, non-fungible tokens (NFTs), and blockchain gaming have driven decentralized application (DApp) usage across the industry, according to DappRadar’s 2022 report.
The top 100 DeFi coins had a bearish week, with almost all of the tokens trading in the red on the weekly charts.
Uniswap to allow users to purchase cryptocurrency with debit and credit cards
Decentralized exchange Uniswap has partnered with fintech company Moonpay to allow users to buy cryptocurrencies on its web app using debit cards, credit cards, and bank transfers. The bank transfer option is being rolled out to users in most of the US, Brazil, UK and the Single European Payments Area, also known as SEPA.
In the announcement made on December 20, Uniswap reported that its users will now be able to convert fiat to cryptocurrency on the Ethereum mainnet, Polygon, Optimism, and Artibrum network within minutes.
Projects would rather hack it than pay rewards, Web3 developer claims
With hacks and exploits still prevalent in the crypto industry, finding vulnerabilities to prevent potential losses is extremely important. However, the Web3 developer explained that doing so is not rewarding.
In a tweet, the Web3 developer claimed to have found a vulnerability in Solana’s smart contract that would have affected several projects and around $30 million in funds. According to the developer, he has reported and helped patch the vulnerabilities. However, when it came time to ask for the reward, the projects began to ignore him.
Anker says former employee caused $5 million in exploit, and vows to improve security
A $5 million Anker protocol breach occurred on Dec. 1 by a former member of the team, according to a Dec. 20 announcement from the Anker team.
The former employee conducted a “supply chain attack” by placing malicious code in a package of future updates to the team’s internal software. Once this software was updated, the malicious code created a vulnerability that allowed an attacker to steal the team’s deployment key from the company’s server.
DeFi, NFT, and Blockchain Games: Takeaways from DappRadar’s 2022 Review
2022 is going to be a challenging year for cryptocurrency and blockchain, but the adversities you have faced have been sprinkled with a lot of positives in the DApp ecosystem.
DappRadar has released its annual report on the industry, focusing on the challenges it faces along with notable technological achievements and daily user growth.
DeFi Market Overview
Analytical data reveals that the total market cap of DeFi fell below $40 billion last week, and is trading at around $38.1 billion at the time of writing. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap have had a choppy and bearish week, with almost all of the tokens trading in the red.