In the last week of March, the decentralized finance (DeFi) market surged to new highs as institutional investors returned to the market. Amid the rising popularity of DeFi products, Axie Inifity’s Ronin bridge faced the worst hack in crypto history, raising security concerns for the market.
MetaMask integrated Apple Pay support, allowing users to buy crypto directly from their Apple Pay account, and Binance launched Bridge 2.0 to integrate CeFi and DeFi into one platform.
On the price side, the majority of DeFi tokens in the top 100 not only posted double-digit gains, but also surged to new multi-month highs, with several tokens posting triple-digit gains over the past week.
Axie Infinity’s Ronin Bridge Has Been Hacked For Over $600M
According to Axie Infinity’s official Discord thread and Ronin Network’s official Twitter thread and its substack page, the Ronin bridge and decentralized katana exchanges have been halted after they found an exploit for 173,600 Ether (ETH) and 25.5 Million USD coins (USDC) worth a had suffered a combined $612 million at Tuesday prices.
In a statement, its developers said they are “currently working with law enforcement officials, forensic cryptographers and our investors to ensure all funds are recovered or refunded.” All AXS, RON and SLP [tokens] on Ronin are safe now.”
Binance launches Binance Bridge 2.0 to integrate CeFi and DeFi
On Tuesday, centralized cryptocurrency exchange Binance announced the launch of Binance Bridge 2.0. The feature allows users to bridge assets from any blockchain, including tokens not listed on the Binance app, to the BNB chain. Bridged tokens listed on Binance are stored in the Funding or Spot wallet, while unlisted Bridged tokens are only transferred to the Funding wallet.
Users can bridge in or out tokens between their native blockchains and the BNB chain using regular deposit and withdrawal functions. In the future, Binance also plans to create a better version of its mobile app so that users can facilitate such a single-click conversion.
MetaMask rolls out Apple Pay integration and other iOS updates
ConsenSys-owned MetaMask tweeted an update thread for iPhone and Apple Pay users on Tuesday. Its main feature is the ability to buy cryptocurrency with a debit or credit card through the mobile app, eliminating the need to transfer ETH to the app from a centralized exchange like Coinbase.
MetaMask uses two payment gateways, Wyre and Transak, to support debit card and credit card transactions. Users can now use their Visa and Mastercard credit cards stored in Apple Pay to buy ETH and deposit a maximum of $400 per day into their wallets thanks to the Wyre API.
The DeFi sector’s TVL is rising as investors return to a bullish crypto market
The month of March has been a two-half story for the cryptocurrency market and the year-to-date weakness is beginning to fade. Bitcoin (BTC)’s strong move above $40,000 is helping lift sentiment across the sector, while DeFi tokens are also starting to move higher.
Data from cryptocurrency market research firm Messari shows that the majority of the top tokens in the DeFi sector have posted double-digit gains over the past 30 days, led by THORChain (RUNE), which is up 199.81%, and Aave, which has saw its price increase by 53.95%
Overview of the DeFi market
Analytical data shows that the total locked value of DeFi has increased by another $3.6 billion in the last week, reaching $133.6 billion at the time of writing. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market cap have performed quite well over the past seven days, with many posting double-digit gains and some even posting triple-digit increases.
The weekly performance of most tokens seemed bullish, with RUNE taking the lead again this week, posting a 46% price increase over the past week, followed by Aave at 41% and PancakeSwap (CAKE) at 35%. Rise.
Before you go!
The Ronin Bridge exploits resulted in over $600 million worth of tokens being stolen and took an interesting turn when people noticed that the exploit actually happened six days before it was released on March 29th, from ETH but also empty the Axie Infinity token in hopes that its price would drop when news of the hack was released.
Thank you for reading our roundup of this week’s most influential DeFi developments. Join us next Friday for more stories, insights and information in this dynamically evolving space.
https://cointelegraph.com/news/finance-redefined-axie-infinity-s-ronin-bridge-faces-worst-hack-binance-launches-bridge-2-0-and-more Axie Infinity’s Ronin Bridge faces its worst hack, Binance launches Bridge 2.0 and more