{"id":24510,"date":"2023-03-25T01:59:25","date_gmt":"2023-03-25T08:59:25","guid":{"rendered":"https:\/\/coinnetworknews.com\/arbitrum-airdrop-hype-grips-defi-world-finance-redefined\/"},"modified":"2023-03-25T01:59:25","modified_gmt":"2023-03-25T08:59:25","slug":"arbitrum-airdrop-hype-grips-defi-world-finance-redefined","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/arbitrum-airdrop-hype-grips-defi-world-finance-redefined\/","title":{"rendered":"Arbitrum airdrop hype grips DeFi world: Finance Redefined"},"content":{"rendered":"
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi)<\/a> insights \u2014 a newsletter crafted to bring you significant developments over the last week.<\/p>\n The much-awaited airdrop of layer-2 scalability protocol Arbitrum has dominated headlines throughout the week. The hype around the token has led to exploits, fake airdrops and even a significant surge in volume for other layer-2 protocols.<\/p>\n Apart from the Arbitrum hype, the Euler Finance hack has also seen some new developments. The person or group behind the attack returned a portion of the funds after the protocol developers put a million-dollar bounty on their heads. Some of these funds were also moved to blacklisted North Korean addresses.<\/p>\n While we all read a lot about DeFi exploits now and then, a recent report shed light on the millions of dollars in insurance payouts in 2022. Ninety percent of all DeFi insurance claims paid out since inception were distributed in 2022.<\/p>\n In another development around Ethereum staking, MetaMask Institutional has introduced a new staking marketplace to give institutional users access to solo Ether (ETH<\/a>) staking.<\/p>\n The top 100 DeFi tokens had a mixed week in terms of price action. A majority of them traded in the green on the weekly charts, while a few others lost some gains during the market volatility toward the end of the week.<\/p>\n Ethereum layer-2 scaling solution Arbitrum\u2019s upcoming ARB token airdrop appears to have become a popular target for scammers, with the community warning of hundreds of phishing scams aimed at tricking crypto users. The hype around the airdrop has led to more than a few attempts from scammers to set up fake token airdrops<\/a> aimed at stealing funds from victims ahead of the official event.<\/p>\n The hype around its airdrop<\/a> has also helped another layer-2 solution, zkSync, to see significant week-over-week growth. After the Arbitrum airdrop announcement, eligible crypto users are also already selling them in OTC markets<\/a>.<\/p>\n Continue reading<\/strong><\/a><\/p>\n According to a March 21 report by DeFi analytics firm OpenCover, DeFi insurance companies paid out $34.4 million in claims in 2022. Only $36.9 million of such claims have been paid since OpenCover began tracking the data. Notable payouts include $22.5 million during the collapse of the Terra ecosystem in May 2022 and $4.7 million from the collapse of the crypto exchange FTX in November 2022. <\/p>\n Despite the surge in payouts, OpenCover said only $231 million worth of funds in DeFi protocols had been insured as per its data, representing just 0.5% of the total value locked in the DeFi industry. Cointelegraph reported on Jan. 5 that DeFi security exploits rose by 47.4%<\/a> year-over-year in 2022 to $3.64 billion.<\/p>\n Continue reading<\/strong><\/a><\/p>\n Ethereum-based lending protocol Euler Finance could be a step closer to recovering funds stolen in a $196 million flash loan attack<\/a> last week, with private discussions now initiated with the exploiter.<\/p>\n In an on-chain message<\/a> to Euler on March 20, days after sending funds to a red-flagged North Korean<\/a> address, the exploiter claimed they wanted to \u201ccome to an agreement\u201d with Euler.<\/p>\n On March 18, roughly 3,000 ETH ($5.4 million) was returned to Euler Finance\u2019s deployer address<\/a> from the hacker\u2019s address. Blockchain investigator PeckShield identified three transactions that were used to send the funds.<\/p>\nBeware of fake Arbitrum airdrops, community warns<\/h2>\n
DeFi insurance payouts amounted to $34.4M in 2022: Report<\/h2>\n
Euler Finance exploit saga sees new developments<\/h2>\n