Audits and rug-pulled projects, a $650B token burn, and major DeFi protocol quits UK: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.
The past week in DeFi was filled with bullish resurgences for many projects, but it was the Uniswap founder’s $650 billion HayCoin (HAY) burn — 99% of the token supply — that grabbed headlines. In other news, a new report highlighted that 85% of the rug-pulled DeFi projects in Q3 didn’t report an audit, and the largest DeFi protocol on Solana has shut down its United Kingdom operations due to strict regulations imposed by the Financial Conduct Authority (FCA).
The top 100 DeFi tokens had a bullish week, with most of the tokens trading in green with double-digit weekly gains.
Cryptocurrency rug pulls are not too difficult to spot by investors, as the majority of such scams usually share distinct and visible features, according to a new report.
Blockchain security auditor Hacken released its latest security insights report on Oct. 25, aiming to spot the trends in Q3 crypto hacks and evaluate how affected projects approached security.
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Marinade Finance, the largest DeFi protocol running on the Solana blockchain, has reportedly started blocking users from the United Kingdom. Customers in the U.K. discovered the problem on Oct. 23 while trying to access Marinade’s website from local IP addresses.
Marinade Finance has around 75,000 users with a total value locked of over $265 million at the time of writing, accounting for 70% of all the funds locked on the Solana blockchain.
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Uniswap founder Hayden Adams burned 99% of the HayCoin supply on Oct. 20, according to an announcement on X (formerly Twitter). The majority
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