Welcome to Finance Redefine, a newsletter designed to bring you the most important developments of the past week. A newsletter delivering essential decentralized finance (DeFi) insights every week.
This week, Grayscale Investments launched its new Aave investment fund, providing qualified investors with access to AAVE, the governance token of the Aave platform.
In other news, users of the Polymaket prediction markets app have raised the alarm over a mysterious Google login wallet attack, with multiple victims reporting that their wallets were depleted after logging in using their Google accounts.
Grayscale launches Aave investment fund
Asset manager Grayscale Investments has launched a new Aave (AAVE) investment fund for the protocol’s governance token, according to an October 3 press release.
The new Grayscale Aave Trust will allow investors to “gain exposure to AAVE, the governance token of the Aave platform,” the release said.
“The trust is now open for daily subscription by qualified individual and institutional accredited investors,” he said.
source: grayscale
The asset management company recently established the US-based XRP Trust to increase investors’ DeFi exposure through the XRP Ledger.
Continue reading
Polymarket users complain about mysterious Google Login wallet attacks.
Users of the Polymarket prediction markets app have raised concerns that their wallets have started draining strangely after logging in through their Google accounts.
Cointelegraph spoke with two victims of the attack. One of them, HHeego, claimed that the $1,085 it had deposited from Binance to Polymarket was never reflected in its account within the Polymarket app.
HHeego assumed there was an error with his account before joining the Polymarket Discord server and discovered that other people were experiencing the same problem.
After examining the account history using the Polygonscan block explorer, it became clear that they had been phished. The balance was sent to an account called ‘Fake_Phishing399064’.
Continue reading
Solana DApps volume increases 46% in one week. Is $180 SOL the next step?
Solana’s native token (SOL) fell 9% in the two days to September 29, reflecting the broader altcoin market cap, which reached around $800 billion at the end of September.
This fell to $739 billion on October 1, but despite the downward trend, network usage has surged, leading traders to speculate whether the asset could outperform its rivals.
The Solana network defines itself through low latency and transaction fees, especially compared to Ethereum and BNB chains.
According to GasFeesNow, the average fee traders were expected to pay was a paltry $0.02, just a quarter of the $2.50 cost on Ethereum and $0.08 on the BNB chain.
Continue reading
Fed Cuts, China, DeFi Revival Driven by Major Protocols
On October 1, investment management firm Apollo Crypto released a report detailing a potential second wave of DeFi industry growth.
Despite market inertia following the peak of the “DeFi summer” in 2020, Apollo’s report highlighted calls for a “DeFi resurgence” and industry staples such as Maker, Uniswap, and Aave.
The report also revealed that macroeconomic factors such as the U.S. Federal Reserve’s (Fed) interest rate cut and China’s credit expansion led to the revival of DeFi.
Continue reading
Impersonators are trying to fool cryptocurrency educators using Slack “drivers.”
Duo Nine, a cryptocurrency educator and founder of the Your Crypto Community (YCC) platform, almost fell victim to an impersonation scam.
The YCC founder was approached by scammers claiming to be executives from venture capital firm ParaFi. The scammers tried to convince Nine to download a “patch” to get Slack working.
In reality, an impersonator was attempting to steal the author’s cryptocurrency wallet assets by stealing his private keys via a “driver” that was likely malware.
Continue reading
DeFi Market Overview
Most of the top 100 cryptocurrencies by market capitalization closed flat throughout the week after recovering from significant market losses in early October, according to data from Cointelegraph Markets Pro and TradingView.
Among the top 100, the FTX Token (FTT) token was the biggest gainer this week, up over 72%, followed by Aptos (APT), up 9.27%.
Total value locked in DeFi. Source: DefiLlama
Thank you for reading our roundup of the most influential DeFi developments this week. Join us next Friday for more stories, insights and education about this dynamically evolving space.