Balancer Protocol Mined for $900,000 as DeFi Hacks Rise: Finance Redefined

DeFi exploits led to losses of over $16 million in August.

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news — a newsletter designed to bring you the most important developments of the past week.

In this week's newsletter, Ethereum staking services agreed to a 22% limit for all validators to ensure fair markets. August turned out to be another costly month for DeFi as multiple protocols were collectively mined for $16 million. In other exploit news, the Balancer protocol lost nearly $900,000 due to a vulnerability reported months ago.

The second Shibarium launch has proven to be more stable as the layer 2 protocol already has over 100,000 new wallets and USD Coin (USDC) is expected to debut on Coinbase's layer 2 platform later this week.

The DeFi market saw another bearish drop over the weekend due to an overall market plunge after news of a delay in the approval decision for an exchange-traded fund (ETF) in bitcoin cash. Most DeFi tokens traded in the red and the total value locked in DeFi tokens remained below $50 billion.

Ethereum staking services accept 22% limit for all validators

At least five Ethereum liquid staking providers have imposed or are working to impose a self-limiting rule in which they promise not to hold more than 22% of the Ethereum staking market – in a move seen as guaranteeing the maintenance of the Ethereum network. decentralized.

Among Ethereum staking providers already committed or in the process of committing to the self-limit rule include Rocket Pool, StakeWise, Stader Labs, and Diva Staking, according to Ethereum lead developer Superphiz.< /p>

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$16M Crypto Lost to DeFi Hacks in August: Report

In August, $15.8 million worth of cryptocurrencies was lost in...