This week’s Finance Redefined covers major developments in the decentralized finance （DeFi） space, including rising crypto hacks, MetaMask’s new onboarding toolkit, and more.
Points
- Crypto thefts have surpassed $1.4 billion in 2024, with centralized exchanges being the main target.
- StarkNet plans to introduce staking by the end of 2024.
- MetaMask unveiled a new toolkit to ease Web3 onboarding.
Welcome to Finance Redefined, your weekly dose of essential decentralized finance （DeFi） insights. This past week, significant new developments were announced by industry-leading Web3 firms, including MetaMask, Polygon, and StarkNet. Each revealed promising new infrastructure developments that could bolster mainstream adoption.
Crypto Thefts Surpass $1.4 Billion in 2024
According to cybersecurity firm Cyvers’ mid-year Web3 security report, the total volume of stolen crypto funds in 2024 is approaching $1.4 billion as centralized exchanges emerge as the new ground zero for exploits. In the second quarter of 2024, total crypto losses exceeded $600 million, marking a 100% increase over the same period in 2023. The surge in stolen funds was driven primarily by a 900% increase in losses on centralized exchanges.
“This quarter has witnessed a significant shift in attack vectors, with centralized exchanges （CEX） bearing the brunt of major incidents, while decentralized finance （DeFi） protocols show improved resilience,” the report stated, adding, “This trend may be attributed to the concentration of assets in centralized platforms and potentially lax security measures in some exchanges.”
StarkNet to Introduce Staking in Q4 2024
Eli Ben-Sasson, the CEO of StarkWare, announced at EthCC on July 10 that the company plans to introduce staking by the end of 2024 through a StarkNet improvement proposal （SNIP）. If the community approves the SNIP, StarkNet staking is expected to go live on testnet soon, followed by the mainnet launch in the fourth quarter. A GitHub repository for the new staking feature will be publicly available throughout the development process.
MetaMask Unveils Toolkit to Ease Web3 Onboarding
Consensys unveiled the MetaMask Delegation Toolkit at EthCC, marking a significant milestone in the company’s efforts to promote Web3 and blockchain adoption. According to a press release shared with Cointelegraph, the toolkit enables developers to create decentralized applications （DApps） and protocols that offer new user experiences. The MetaMask toolkit will be available on any Ethereum Virtual Machine （EVM） chain supported by a user operation bundler, including Arbitrum, Avalanche, Base, Linea, Optimism, and Polygon.
SingularityNET and Filecoin Partner for AI and DePIN
SingularityNET, an artificial intelligence platform developer, and the Filecoin Foundation, the governance body behind the Filecoin network, have announced a collaborative partnership. The partnership aims to integrate the AI and decentralized physical infrastructure network （DePIN） industries while maintaining decentralization, AI ethics, and data provenance. According to an official press release shared with Cointelegraph, the partnership will also establish an AI ethics working group to ensure that AI development and deployment adhere to ethical practices.
TON Application Chain and Polygon Team Up to Launch New TON L2
The TON Application Chain （TAC） and Polygon Labs are set to bring EVM functionality to the TON ecosystem. In a July 9 announcement, the TON Application Chain and Polygon announced that the TON L2 had integrated Polygon CDK and the interoperability protocol AggLayer to bring EVM-compatible DApps to TAC.
DeFi Market Overview
The majority of the 100 largest cryptocurrencies by market cap have ended the week in the green, as shown by data from Cointelegraph Markets Pro and TradingView.
Conclusion
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights, and education regarding this dynamically advancing space.
解説
- Crypto Theft Increase: The surge in stolen funds, particularly from centralized exchanges, highlights the need for improved security measures and awareness in the crypto community.
- StarkNet Staking: The introduction of staking on StarkNet could drive more user engagement and investment in the platform, marking a significant development in its growth.
- MetaMask Toolkit: The new toolkit by MetaMask aims to simplify Web3 onboarding, potentially boosting the adoption of decentralized applications and blockchain technology.
- AI and DePIN Partnership: The collaboration between SingularityNET and Filecoin underscores the growing intersection of AI and decentralized infrastructure, with a focus on ethics and data provenance.
- DeFi Market Trends: Monitoring the trends and developments in the DeFi market can provide valuable insights for investors and participants in the space.