TradFi and DeFi meet at Davos 2023: Redefining Finance

Welcome to Finance Redefined, your weekly dose of basic decentralized finance (DeFi) insights – a newsletter set to bring you important developments over the past week.

Traditional Finance, or TradFi, continues to explore the world of cryptocurrency and blockchain technology, as the World Economic Forum holds more workshops and sessions for the sector in 2023.

The Layer-1 blockchain protocol, Injective, has launched a $150 million ecosystem fund to support developers building on the Cosmos Network.

The Mango Markets saga took another turn last week, as the company sued scalper Avraham Eisenberg for $47 million in damages plus interest. The lawsuit marks the fourth time that a Mango Markets scalper has faced charges or lawsuits related to his attack on the DeFi protocol.

Blockchain transaction history shows that the hacker transferred the funds to a decentralized exchange and then moved on to spin the funds around various DeFi protocols.

The top 100 DeFi coins continued their bullish momentum in the last week of January, with most of the tokens trading in the green and some posting double-digit gains.

TradFi and DeFi meet – Davos 2023

In this episode of Decentralization with Cointelegraphthe team reflects on their week in Davos covering the World Economic Forum as the clash between cryptocurrencies and TradFi continues.

Speaking to several industry insiders and TradFi participants, Cointelegraph journalist Gareth Jenkinson highlighted the ongoing cross-pollination between the sectors. However, few participants in the cryptocurrency space participated in talks within the World Economic Forum.

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Injective launches $150 million ecosystem fund to boost DeFi and Cosmos adoption

Injective, a layer-one blockchain protocol founded in 2018, has launched a $150 million ecosystem fund to support developers building on top of the Cosmos Network.

The ecosystem group is backed by a wide range of venture capital firms and Web3 companies, including Pantera Capital, Kraken Ventures, Jump Crypto, KuCoin Ventures, Delphi Labs, IDG Capital, Gate Labs, and Flow Traders. According to Injective, the consortium is the largest consortium within the broader Cosmos ecosystem.

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Mango Markets sues Avraham Eisenberg for $47 million in damages plus interest

Mango Labs, the company behind DeFi protocol Mango Markets, has filed a lawsuit against scalper Avraham Eisenberg.

January. 25 files in the United States District Court for the Southern District of New York alleging that Einseberg exploited his platform for millions of dollars in cryptocurrency in October 2022. He seeks $47 million in damages plus interest, as of the time of the attack.

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Wormhole hacker has transferred $155 million in the largest transfer of stolen funds in months

The hacker responsible for the $321 million Wormhole Bridge attack transferred a large portion of the stolen funds, with transaction data showing that $155 million worth of Ether (ETH) was transferred to a decentralized exchange on January 23.

The Wormhole breach was the third largest cryptocurrency breach of 2022 after the protocol token bridge was exposed to the exploit on February 3rd. 2 that resulted in the loss of 120,000 encapsulated ether (WETH), worth about $321 million at the time.

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DeFi Market Overview

Analytical data reveals that the total market capitalization of DeFi has remained above $40 billion over the past week, and is trading at around $46.1 billion at the time of writing. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a bullish week, with almost all of the tokens posting price gains.

dYdX (DYDX) was the biggest gainer with a 68% gain on the weekly charts, followed by Fantom (FTM) with a 59% weekly increase. The vast majority of the top 100 coins also posted an upward trend.

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