Trading volumes on the Solana-based DEX Jupiter reached an impressive $480 million within a 24-hour period, surpassing Uniswap's leading position amid a surge in interest fueled by a new memecoin airdrop and increased stablecoin swaps. This week in the crypto space also witnessed significant developments:
1. Stolen Crypto Recovery:
- Blockchain security firm PeckShield reported that out of the $2.61 billion lost to hacks and scams in 2023, $674 million was successfully recovered from more than 600 large-scale hacks. This recovery amounted to 25% of the total crypto stolen, marking a 27.78% decrease compared to 2022.
2. Solana DEX Jupiter Dominance:
- Jupiter, a Solana-based DEX, outperformed Uniswap with a daily trading volume of $480 million, surpassing Ethereum-based Uniswap's combined trading volume of $470 million from both v2 and v3 protocols. This surge in trading activity was driven by a memecoin airdrop and heightened stablecoin swaps.
3. Polygon Labs' Regulatory Framework:
- Polygon Labs proposed a regulatory framework suggesting that neutral DeFi protocols be classified as "critical infrastructure" and subject to oversight by federal cybersecurity agencies in the United States. The framework, titled "A Conceptual Framework for Combating Illicit Finance Activity in Decentralized Finance," aims to establish regulatory guidelines.
4. SFC Warning on Floki Staking Programs:
- The Hong Kong Securities and Futures Commission (SFC) issued a warning about "Floki Staking Program" and "TokenFi Staking Program," affiliated with the Floki ecosystem. The SFC cautioned the public about the unauthorized staking services offering annualized returns ranging from 30% to over 100%.
5. DeFi Market Overview:
- Data from Cointelegraph Markets Pro and TradingView indicated a bullish week for DeFi's top 100 tokens by market capitalization. Most tokens traded positively on the weekly charts, reflecting the overall positive sentiment in the decentralized finance space.
These developments underscore the dynamic nature of the crypto and DeFi space, with both opportunities and risks prevailing. Stay tuned for more updates and insights into the evolving decentralized finance landscape.
$SOL $MATIC $JUP #Solana-SOL #PolygonGrowth #Jupiter(JUP)
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