DeFi should complement TradFi, not attack it: redefining finance

Welcome to Finance Redefined, your weekly dose of essentials Decentralized Finance (DeFi) Insights – A newsletter designed to bring you important developments over the past week.

Following the demise of FTX, the DeFi space is poised for a complete redevelopment as crypto users demand better security and compliance practices.

SushiSwap’s roadmap for the coming year includes the development of a decentralized exchange (DEX) aggregator, a decentralized incubator and “multiple stealth projects.” The CEO said that all these projects combined could increase its market share by 10 times.

The co-founder and CEO of Ava Labs spoke with Cointelegraph at the World Economic Forum in Davos, Switzerland on the future of DeFi and traditional finance (TradFi) and said DeFi should complement TradFi, not attack it. Another DeFi report suggests that decentralized forex can reduce costs by up to 80%.

The top 100 DeFi tokens saw bullish price action for the second week, with most tokens trading in the green on the weekly charts.

SushiSwap’s new DEX aggregator will ’10x our market share’ — Head Chef

Just a month after warning of a “significant deficit” in its coffers, the CEO of decentralized exchange SushiSwap has shared several planned updates to the platform, which he said aims to expand its market share in 2023. Share is to “10x”.

SushiSwap’s CEO, Jared Gray, laid out plans for the DeFi platform in a Medium post on January 16, saying he would focus on his product stack in line with earlier plans to make Sushi more sustainable.

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DeFi should complement TradFi, not attack it: Ava Labs CEO | Davos 2023

DeFi is growing from a niche within the financial industry to something. Trying to add TradFi..

In an interview with Cointelegraph World Economic Forum In Davos, Switzerland, Ava Labs co-founder and CEO Eman Gunserer discussed DeFi’s role in the TradFi ecosystem and what users can expect in a future where both take center stage.

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Decentralized Forex Will Cut Costs by 80%: Report

If foreign exchange markets start using the DeFi protocol instead of existing centralized systems, the cost of remittances could be reduced by “up to 80%,” researchers from CIRCLE and UniSwap jointly published on January 19. According to the thesis.

The authors studied the trading activity of Circle’s USD coin (USDC) and Eurocoin (EUROC) from July 2022 to January 2023 on UniSwap. They found that the total coin volume was $128 million, with trading volume as high as $8 million on some days.

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Raydium exploiter transfers $2.7M to crypto mixer Tornado Cash

In an alert, blockchain security firm CertiK reported that an exploiter of the Raydium protocol has managed to steal 1,774.5 Ether (ETHTo Tornado Cash Cryptocurrency Mixer. At the time of writing this amount is valued at approximately $2.7 million.

While the security teams of various exchanges continue to combat the hackers’ attempts, funds continue to flow into the approved TornadoCash.

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D-Fi Market Overview

Analytics data shows that DeFi’s total market value exceeded $40 billion this past week, trading at around $44.9 billion at the time of writing. Data from Cointelegraph Markets Pro and TradingView show that the top 100 DeFi tokens by market capitalization had a strong week, with almost all tokens breaking the highs of the previous several weeks.

Convex Finance (CVX) was the biggest gainer on the weekly charts, registering a 37% price gain over the past seven days, followed by Kava (KAVA) with a 34% gain. Synthetix (SNX) recorded a 29% gain on the weekly charts, while the rest of the tokens in the top 100 also saw gains over the past week.

Thanks for reading our roundup of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education in this dynamically moving space.