In the world of decentralized finance (DeFi), a Solana-based maximum extractable value (MEV) bot has made a significant impact, generating $1.7 million in profit from a single trade. This news comes alongside the Near Foundation’s decision to lay off 40% of its staff, despite a strong financial performance. Meanwhile, the United States Commodity Futures Trading Commission (CFTC) is working to mitigate DeFi risks with the ecosystem’s stakeholders.
The top 100 DeFi tokens experienced a bullish week, largely due to the approval of the first Bitcoin exchange-traded fund (ETF) in the United States. This development led to the total value locked in DeFi protocols surpassing $65 billion.
The MEV bot, operated by 2fast, managed to profit from a questionable trade involving the memecoin Dogwifhat (WIF). The bot swapped 703 Solana for 490,000 WIF and then traded the same amount of WIF for 19,035 SOL within the same transaction bundle, resulting in a profit of $1.73 million.
Despite its solid financial standing, the Near Foundation, the developer of the namesake layer-1 protocol, announced a 40% reduction in its workforce. This decision was made to consolidate the core Foundation team and focus on a narrower set of high-impact activities. The decision to lay off 35 employees from the marketing, business development, and community teams was based on feedback that the foundation was not as effective as it could be, often moving too slowly and trying to do too much at once.
Web3 apps saw a 124% growth in 2023, led by Near, Klaytn, and Arbitrum, according to a report from blockchain analytics platform DappRadar. The number of unique active wallets (UAWs) interacting with Web3 apps more than doubled from the previous year, with an average of 4.2 million UAWs interacting with these apps daily. Nonfungible token products led the growth, posting a 166% increase over 2022, while DeFi saw a 112% increase. Social media apps also saw a 29% gain.
The CFTC, which oversees the U.S. derivatives markets, released a report outlining recommendations for policymakers and industry players to mitigate risks associated with DeFi. The report acknowledges the promising opportunities presented by DeFi, but also highlights the complex and significant risks it poses to the U.S. financial system, its consumers, and national security.
Finally, data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bullish week, with most trading in the green on the weekly charts. After weeks of bullish price action, the total value locked into DeFi protocols exceeded $65 billion.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | TradingView, Cointelegraph Markets Pro, Near Foundation, DappRadar, United States Commodity Futures Trading Commission |
| Currencies | Bitcoin, Solana, dogwifhat |
| Securities | None |
