Your weekly round-up of the week's biggest DeFi events
Welcome to InfinitySwap's first edition of The State of DeFi. In this inaugural issue, we will explore recent developments in the DeFi space, including a rise in Bitcoin hash rate, a massive and tragic hack on Euler Finance, and exciting developments in the Cardano ecosystem. We will also take a look at InfinitySwap's upcoming launch of its EVM and the implications it has in light of recent news.
Let's get started!
Bitcoin Hash Rate Increases
According to a report by Coin Telegraph, the Bitcoin hash rate has been on the rise, reaching a new all-time high in March 2023. This increase in hash rate suggests that more miners are joining the network, which could lead to increased security and stability.
For example, Iris Energy recently purchased 44,000 Antminer S19j Pro miners, and CleanSpark added 20,000 S19j Pro+ miners of its own.
However, the Coin Telegraph report also notes that the DeFi space is under threat due to the prevalence of smart contract vulnerabilities, which can be exploited by hackers to steal user funds.
Euler Finance Hacked
Speaking of hacks, Emily Nicolle and Sidhartha Shukla at Bloomberg report Euler Finance, a leading DeFi protocol, was recently hit by a $197 million hack. Experts have stated that the hack was caused by a vulnerability in the protocol's smart contract code.
This incident serves as a reminder that despite the potential benefits of DeFi, there are still significant risks associated with using these platforms due to the drawbacks of using bridges bridges between blockchains.
Hopefully, due to its independence from bridges thanks to the Internet Computer Protocol on which it's built, InfinitySwap can put a stop to these tragic bridge-exploit stories once and for all.
Cardano Wrapped Bitcoin DeFi
Despite the risks of bridge-dependent DeFi, the DeFi space overall continues to attract attention and investment. Cardano's founder, Charles Hoskinson, expressed his excitement about the inflows of funds into the Cardano ecosystem in a recent interview with U.Today.
Hoskinson believes that DeFi is a critical area for growth and innovation in the cryptocurrency space and that Cardano is well-positioned to take advantage of this trend. Check out InfinitySwap's recent article comparing and contrasting Cardano's and InfinitySwap's approach to Bitcoin DeFi.
Bitfinity Network EVM showing positive development
In other news, InfinitySwaps has recently announced the upcoming launch of its EVM, the Bitfinity Network EVM. The EVM will allow developers to build and deploy smart contracts on the Internet Computer blockchain. As reported by CryptoNewsZ, the Bitfinity Network EVM is expected to be a significant upgrade over existing EVMs due to its speed, efficiency, and security features.
What's more, Dom Williams, Founder and Chief Scientist of DFINITY showed his excitement at the recent news that the Bitfinity Network EVM is now running a Uniswap V3-like dApp on ICP. The future is bright!
Conclusion: InfinitySwap Poised to Dominate DeFi
So, what are the implications of these recent developments for InfinitySwap and the Bitfinity Network EVM? On the one hand, the rise in Bitcoin hash rate and the continued interest in DeFi bode well for the DeFi space as a whole. However, the recent hack on Euler Finance serves as a stark reminder that smart contract vulnerabilities are a real threat that cannot be ignored. As InfinitySwaps prepares to launch its EVM, it must capitalize on its unique invulnerability to bridge exploits thanks to the Internet Computer's direct Bitcoin integration.
Overall, the DeFi space is evolving rapidly, with new projects and technologies emerging all the time. As with any new and rapidly developing field, there are risks and challenges that must be overcome. However, for those willing to take on the risks, the potential rewards are significant. Here at InfinitySwap, we look forward to seeing how we can contribute to the growth and evolution of the DeFi space.
Catch you next time, INFINISWAPPERS!