ETH restaking drives DeFi TVL to $100B, Solana releases patch for network congestion: Finance Redefined

At Finance Redefined, we’re delighted to welcome you! Each week, we curate and deliver key insights from the Decentralized Finance (DeFi) world straight to your inbox. Stay informed about the latest significant advancements.

In the opening quarter of 2024, Ethereum’s liquid staking feature significantly contributed to the increase in total value locked (TVL) within Decentralized Finance (DeFi) protocols surpassing $100 million. Notable DeFi platforms like Lido and EigenLayer have been instrumental in driving this TVL growth.

On April 15, Solana developers issued a fix for the prolonged traffic jam on their blockchain due to network congestion. They assured users that additional fixes would be coming soon to restore normal functioning.

Ethereum liquid restaking drove DeFi TVL to $100 billion in first quarter

Recent studies show that the total value locked in decentralized finance (DeFi) grew significantly during the first quarter of this year, nearly doubling the amount from the last three months. This surge can be attributed in part to Ethereum’s liquid staking initiatives.

The total value locked in Decentralized Finance (DeFi) platforms jumped from a low of $36 billion in Q4 2023, as per DefiLlama’s data, to nearly hitting the $97 billion mark in the first quarter of 2024. This marks an impressive 81% growth since the year began, reaching a two-year peak of $98 billion last week.

Avalanche home loan tokenization protocol raises $10 million in Series A funding

The homium project, which is based on Avalanche and focuses on tokenizing home equity lines of credit (HELOCs), has secured $10 million in its Series A financing. This round was spearheaded by Sorenson Impact Group and Blizzard.

Using home equity loans that Homeium offers through shared appreciation, homeowners can access extra funds based on their home’s value without adding to their regular monthly debts. (Paraphrased from Avalanche’s April 15 announcement)

Solana’s mainnet beta update v1.17.31 aims to resolve congestion issues

Solana’s team of developers has rolled out a new beta version, v1.17.31, to help alleviate the current network congestion on the Solana blockchain. This update became available on April 12, and following three days of thorough testing, it is now suggested for widespread usage by mainnet beta validators.

In this update, you’ll find improvements to address some network congestion concerns. More advancements are on their way in version 1.18 to tackle this issue further. The present release will bring about noticeable improvements in managing network congestion and handling abrupt changes in open interest.

Crypto sleuth warns of scammers behind DeFi protocol

A pseudonymous blockchain detective named ZachXBT issued a warning about a band of swindlers planning to deceive more people with a fresh scam, involving large sums of pilfered money.

On X’s discussion forum, ZachXBT revealed the results of an examination into Leaper Finance, a lending platform built on Blast. Based on the investigation, it appears that the Leaper Finance team is linked to multiple rug pulls. These incidents caused significant losses for users of Magnate ($6.5 million), Kokomo ($4 million), Solfire ($4.8 million), and Lendora.

DeFi market overview

According to the data from CryptoMoon Markets Pro and TradingView, the past week was unfavorable for DeFi’s top 100 tokens by market capitalization, with many of them displaying red figures on their weekly charts. The combined value of these tokens has dipped below $90 billion when locked in DeFi protocols.

ETH restaking drives DeFi TVL to $100B, Solana releases patch for network congestion: Finance Redefined

Appreciate you taking the time to go through our recap of significant DeFi news this past week. Look forward to sharing more engaging content, discoveries, and learning resources with you every Friday.

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2024-04-19 22:33