Welcome to Finance ReDefined. This is our weekly newsletter with important Decentralized Finance (DeFi) insights. A newsletter created to bring you the most important developments of the last week.
DeFi’s last week was filled with artificial intelligence (AI)-centric developments on Etherscan, Polygon’s latest security update, and an ongoing lawsuit from on-chain detective ZachXBT, backed by multiple cryptocurrency players.
Etherscan has announced an AI-powered code reader that retrieves and interprets the source code of a given contract. Meanwhile, the Polygon co-founder proposed an upgrade to the Zero-Knowledge Ethereum Virtual Machine (zkEVM) to improve the security of the protocol.
Binance CEO Changpeng Zhao endorsed ZachXBT and contributed to his litigation fund, which has now grown to over $1 million. This community-funded effort is to help blockchain investigators fight a defamation lawsuit filed by Jeffrey Huang, better known on Twitter as machiBigbrother.
The top 100 DeFi tokens have emerged from a three-week bearish phase, helped by a significant rise in Bitcoin (BTC) price over the past week, with most DeFi tokens trading green with a few exceptions. .
Etherscan Unveils AI-Powered Code Reader
On June 19, Ethereum block explorer and analytics platform EtherScan launched a new tool called “Code Reader” that leverages artificial intelligence (AI) to retrieve and interpret the source code of a given contract address. . As users enter prompts, the code reader generates responses via her OpenAI large-scale language model, providing insight into the contract’s source code files.
Code Reader use cases include gaining deeper insight into a contract’s code through AI-generated explanations, retrieving a comprehensive list of smart contract features related to Ethereum data, and distributed underlying contracts This includes understanding how types interact with your application. “Once you have the contract file, you can select a specific source code file to read through. You can even modify the source code directly within the UI before sharing it with AI.”
On-Chain Detective ZachXBT’s Litigation Expenses Top $1 Million As CZ, Powell And More Rally
Blockchain researcher ZachXBT has received over $1 million in donations from the cryptocurrency community in just over 24 hours for legal costs in a defamation lawsuit.
ZachXBT, known for his investigative work in the blockchain and cryptocurrency industry, has been embroiled in a legal dispute with Jeffrey Huang, known on Twitter as MachiBigBrother. On June 16, Huang tweeted that ZachXBT had filed a defamation lawsuit for damaging its reputation by making false allegations.
Polygon co-founder suggests zkEVM ‘validium’ upgrade to improve security
According to a June 20 forum post, Polygon co-founder Mihailo Bjelic suggested upgrading Polygon’s proof-of-stake network to the “zkEVM validium” version. If an upgrade is implemented, the new version will rely on zero-knowledge proofs for added security.
Polygon is an Ethereum scaling solution with over $900 million in total locked in contracts and more than 2 million daily transactions. This was first launched in his 2019. In March, the Polygon team discovered his second network, Polygon zkEVM, which uses a zero-knowledge rollup to extend Ethereum.
Stablecoin Protocol Reserve Invests $20M in Convex, Curve and Stake DAOs
Stablecoin Protocol Reserve is investing $20 million in governance tokens for yield farming apps Curve, Convex and Stake DAO, according to a June 20 announcement. The investment aims to increase the liquidity of a reserve stablecoin called RToken. It also increases the voting power of reserves within the governance systems of these apps.
Reserve is a stablecoin protocol that allows users to create coins backed by their desired asset. Electronic USD (eUSD), High Yield USD (hyUSD), Reserve (RSV), Reserve Dollar (RSD), ETH+ are examples of stablecoins created through Reserve.
DeFi market overview
The total market value of DeFi has increased significantly after three weeks. Data from Cointelegraph Markets Pro and TradingView show DeFi’s top 100 tokens by market cap had a strong week, with most tokens trading green. The total value locked in DeFi protocols remained below $50 billion after surging above $5 billion last week.
Thanks for reading this week’s overview of the most influential DeFi developments. Check back next Friday for more stories, insights and education about this dynamically advancing universe.