DeFi (Week 28, 11/07/2022 – 17/07/2022)

Gnosis Safe rebrands as “Safe” after US$100M funding round. Celsius bankruptcy filing shows $4.7B owed to customers. ZKX raises $4.5M seed funding with the help of Crypto.com

Key Takeaways

• Multi-sig wallet protocol Gnosis Safe rebranded as “Safe” after raising US$100M in a funding round. The funds will go towards the “Safe Ecosystem Foundation”, a non-profit which will contribute to further development.
• Woes for troubled crypto lender Celsius continue as it reports a US$1.2B balance sheet hole and a whopping US$4.7B owed to customers. 
• Permissionless derivatives trading protocol ZKX raised US$4.5M in seed funding with the help of Crypto.com Capital, among others. They are creating new frameworks to solve current challenges in the DeFi market.
• This week’s price, volume, and volatility indices were positive at +10.93%, +20.34%, and  +29.09%, respectively.

Highlights

• 100-Year-Old Pennsylvania-based bank approved to leverage MakerDAO’s stablecoin vault
• Cred Protocol unveils its first decentralized credit scores
• Celsius hires new law firm to oversee restructuring
• DAO platform startup drums up 46 investors in pre-seed round
• Voyager can’t guarantee all customers will receive their crypto under proposed recovery plan
• Uniswap user loses US$8M worth of ETH in phishing attack
• DeFi exploits top US$1.8B YTD, though security ‘getting better’ Immunefi says
• Illicit crypto moving to mixers on pace to double in 2022

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Author

Research and Insights Team