Crypto protocols recover $674M, Jupiter DEX goes wild: Finance Redefined

February 3, 2024
1 min read


– Trading volumes on the Solana-based DEX Jupiter reached $480 million in a 24-hour period thanks to a frenzy surrounding a new memecoin airdrop and increased stablecoin swaps.
– A report by blockchain security firm PeckShield reveals that $2.61 billion was lost to hacks and scams in 2023, but $674 million has been successfully recovered so far.

Crypto protocols have managed to recover $674 million out of the $2.61 billion lost to hacks and scams in 2023, according to a report by blockchain security firm PeckShield. This represents a decrease of 27.78% compared to the previous year, signaling improved security measures in the industry. Of the hack recoveries, 25% of the stolen funds have been successfully returned. These findings highlight the continued efforts of blockchain security teams to track and retrieve stolen crypto assets.

In other news, the Solana-based decentralized exchange (DEX) Jupiter saw trading volumes of $480 million in a 24-hour period. The surge in trading activity was driven by a new memecoin airdrop frenzy and increased stablecoin swaps. Jupiter managed to outperform leading DEX platform Uniswap, which saw combined trading volumes of $470 million on its v2 and v3 protocols. This indicates the growing popularity of Solana-based DEXs and the increasing market demand for memecoins.

Meanwhile, Polygon Labs has proposed a regulatory framework that categorizes decentralized finance (DeFi) protocols as “critical infrastructure.” The legal team behind Polygon Labs argues that DeFi protocols should be overseen by federal cybersecurity agencies in the United States to combat illicit finance activity effectively. The framework aims to ensure greater security and consumer protection within the DeFi ecosystem, which has experienced significant growth over the past year.

The Hong Kong Securities and Futures Commission (SFC) has issued a warning about the Floki Staking Program and TokenFi Staking Program, affiliated with the Floki ecosystem. The SFC cautions investors about these potentially risky investment products, as they claim to offer high annualized returns ranging from 30% to over 100%. However, neither of these products has received authorization for public sale in Hong Kong, and investors are advised to exercise caution when considering these offerings.

Overall, the DeFi market had a bullish week, with the top 100 DeFi tokens experiencing positive price movements. The total value locked (TVL) in DeFi protocols also surged above $60 billion, indicating strong investor interest and confidence in the DeFi space.

Previous Story

100GROUP: Cutting Ribbon, Celebrating New Corporate Office as FinTech Leader

Next Story

Jack Henry & Associates: Revolutionizing Fintech’s Future (NASDAQ:JKHY)

Latest from Blog