Last week, the Ecosystem of Distributed Finance (DeFi) was managed by decentralized independent institutions and new funds opened for the growth of the Web3 ecosystem. The total number of DAOs increased by eight times while Solana launched a $ 100 million DeFi fund.
Optimism, the Ethereum layer-2 protocol that Vitalik Buterin recently praised for its management model, lost 20 million tokens due to a mixture of layer-1 and layer-2 addresses. A leaked 600-page copy of a US draft bill also caught the attention of the community, as it proposes a major overhaul for DeFi and DAOs.
The Top 100 DeFi symbols showed mixed market performance, with several symbols recording double-digit gains over the last seven days, while a significant majority remained bearish on weekly charts.
The number of DAOs increases 8x along with an increase in votes and proposals
The total number of decentralized self-governing bodies (DAOs), the number of government proposals that have been submitted and the number of votes cast have all seen incredible growth over the past 12 months.
Data compiled by Snapshot Labs and shared by Emre Caliskan, an engineer at Electric Capital, in a tweet on Thursday, indicated that DAO numbers have more than quadrupled, from 700 in May 2021 to 6,000 now. Proposals have increased 8.5 times and total votes have increased by 8.3 in the last 12 months, from 448,000 to 3.7 million.
Solana Ventures establishes $ 100M fund for GameFi and DeFi in South Korea
Solana Ventures and the Solana Foundation have established a $ 100 million fund to support the growth of inflexible tokens (NFT), blockchain gaming and South Korean DeFi projects.
In addition to supporting Solana – based projects, the fund will help keep some Terra – based projects afloat following last month’s ecosystem crash.
A leaked copy of the draft US bill shows DeFi and DAOs under surveillance
A leaked copy of a draft bill in the United States on cryptocurrency began on Twitter earlier on Tuesday. The 600-page copy of the leaked bill underscores some of the regulators’ main concerns, including DeFi, stablecoins, distributed DAO and cryptocurrency exchanges.
User protection seems to be the primary focus of regulators, with policies aimed at requiring any cryptographic platform or service provider to legally register in the United States, whether it’s a DAO or a DeFi protocol.
Optimism loses 20 million characters after L1 and L2 confusion was exploited
The honeymoon period for the Optimism lag-2 solution has been shortened, as utilization in the market maker’s smart contract led to the loss of 20 million OP tokens.
The attack took place on May 26 but has only been reported to the community. One million tokens worth $ 1.3 million were sold on Sunday. An additional $ 1 million worth of $ 730,000 tokens were moved to Vitalik Buterin’s Ethereum address for optimization earlier today at 12:26 UTC. The remaining icons are currently paused but could be sold at any time or used to change management decisions.
DeFi market overview
Analytical data show that the total value of DeFi that has been locked down has fallen slightly in recent weeks, as the value fell back below 80 billion dollars. Data from Cointelegraph Markets Pro and TradingView show that the top 100 symbols of DeFi in terms of market value were listed a week full of volatile price measures but broke out of the turning trend in recent days.
The majority of the DeFi symbols in the top 100 series by market value traded in green, Chainlink (LINK) was the largest with a 29% increase, followed by the Theta Network (THETA) with a 17.2% increase. Tezos (XTZ) recorded a 14.14% price increase, while PancakeSwap (CAKE) increased by 1.23% in the last seven days.
Thanks for reading our summary of this week’s most influential DeFi development. Join us again next Friday for more stories, insights and education in this powerful space for progress.
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