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Shibarium is planning a relaunch, and Base and Optimism have joined forces: Shiba Inu (SHIB) may begin the week with a bullish reversal in finance
The investigation into the $1.5 billion hack of Multichain is currently underway. Additionally, Shibarium is considering a relaunch, while Base and Optimism have formed a partnership. A Potential Bullish Reversal in the Shiba Inu (SHIB) Coin at the Beginning of the Week
The top-100 DeFi tokens had another mixed week, with most of them trading in the same range as last week, with modest price fluctuations.
Welcome to Finance Redefined, your weekly dose of critical decentralized finance (DeFi) information - a newsletter designed to bring you the week's most relevant developments.
This week in DeFi, engineers behind the Base and Optimism protocols collaborated to create a revenue and governance sharing structure. The $1.5 billion Multichain breach has uncovered new evidence — read our full study to discover about every facet of the exploit and the victims' subsequent agony.
Quantstamp, a blockchain security firm, has released a new DeFi tool to detect flash loan attack vulnerabilities in several protocols. Shibarium, Shiba Inu's Ethereum layer 2, is preparing for a relaunch after its initial public launch was faced with FUD, technical failures, and other issues.
The DeFi market had a mixed week, with the total value locked in DeFi protocols remaining in the same range as the previous week but experiencing a modest drop of around $70 million.
Base and Optimism present a framework for joint governance and revenue sharing
The Base and Optimism networks' creators have announced a revenue-sharing and governance-sharing arrangement. Coinbase, Base's parent firm, has also issued a list of "principles of neutrality" that it will adhere to in order to keep Base from being centralized.
On August 24, the news was made in three separate blog posts: one from the jointly managed Optimism Collective, one from Base, and one from Coinbase.
As new evidence emerges, victims of the $1.5 billion multichain attack want answers
On July 14, inventors of Multichain, a $1.5 billion Chinese cross-chain protocol, confirmed customers' worst concerns. After months of repeated denials through official channels, the protocol's CEO, known simply as "Zhaojun He," was arrested by Chinese authorities in Kunming on May 21. Multichain's main crew, which was operating in Shanghai, was also allegedly arrested.
It was never revealed why Zhaojun was detained or what charges he faced. However, evidence suggests that Multichain funds were taken as part of an anti-money laundering operation in the context of Chinese authorities' broader assault on cryptocurrency. Furthermore, an alleged phony ID used by the CEO to register Multichain's operations raises even more concerns.
Quantstamp presents a method to identify the flash loan attack vulnerability in protocols
Quantstamp, a blockchain security company, has introduced an automated solution to detect flash loan attack vectors in smart contracts. The new service, called Economic Exploit Analysis, is based on University of Toronto research.
Protocols will have access to Economic Exploit Analysis regardless of whether they have been deployed or not. It will improve Quantstamp audits by detecting flash loan attack vulnerabilities in client code. The service will be available on any Ethereum Virtual Machine (EVM)-compatible blockchain and will be non-exhaustive, meaning that it may not identify all threats.
Shiba Inu suggests that Shibarium will be made public soon
Blockchain technology is advancing, with the highly anticipated public debut of the Shibarium L2 coming soon. The Shiba Inu team has declared that the platform is operational and ready for public use.
Shibarium, an Ethereum L2 network, has announced that the platform is now live and in private mode, having run flawlessly during its two-day test, and is on the approach of being made public.
Overview of the DeFi market
Despite the late-market volatility, DeFi's total value locked in DeFi protocols has increased in the last week. According to data from Cointelegraph Markets Pro and TradingView, the top 100 tokens by market capitalization in DeFi experienced a bullish week; however, the late Thursday collapse washed out the gains, leaving most tokens trading in the negative on weekly charts. The overall value of DeFi protocols has reached $49.1 billion.
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