Welcome to Finance Redefined, your essential weekly decentralized finance (DeFi) insights — a carefully crafted newsletter designed to bring you the most important developments of the past week.

In this week’s newsletter, September became the busiest month for cryptocurrency exploits in DeFi, with losses exceeding $300 million, and popular DeFi lending protocol Yield announced it was shutting down permanently in December.

Polygon co-founder Jaynti Kanani has quit his day job at the company, saying he will now monitor from the sidelines, according to a prominent science magazine. Decentralized autonomous organizations (DAOs) help scientists find funding and communities.

The DeFi market had a mixed week in terms of price action, with the majority of the top 100 tokens trading in the same price range as last week.

September to be biggest month for cryptocurrency exploits in 2023: CertiK

September has officially become the worst month for cryptocurrency-related exploits in 2023 (so far) — with a whopping $329.8 million in crypto stolen.

On Oct. 2, blockchain security firm CertiK said the largest contributor to this month’s total came from the Mixin Network attack on Sept. 23, when the Hong Kong-based decentralized cross-chain transfer protocol lost $200 million due to a breach of its cloud service provider.

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The revenue agreement will permanently “end” operations by December 2023

Yield Protocol announced that it has decided to shut down by the end of the year due to lack of business demand and global regulatory pressure.

The yield agreement will cease to exist after the December 2023 series, which expires on December 29. The yield agreement announcement detailing the “winding up” operation confirmed that the March 2024 fixed rate series release has been cancelled.

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Polygon co-founder steps down, will contribute "from the sidelines"

Jayant Kanani announced that he was stepping down from "day-to-day work" on the project for the first time in six years.

In an Oct. 4 post on X (formerly Twitter), Kanani said he plans to focus on “new adventures” while contributing to Polygon “from the sidelines.” Along with software engineers including Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic, Kanani helped found the Matic Network, which was later renamed Polygon, in 2017.

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DAOs could help scientists find funding and community, says Nature science magazine

The journal Nature Science recently published an editorial in its Nature Biotechnology section praising DAOs as a revolutionary new way for researchers working in underfunded scientific fields to create communities around their work and raise funding that might otherwise be out of reach.

In a DAO-based research initiative, a project’s organization, fundraising, feedback, and pipeline from discovery to product/industry can all be handled by the same decentralized governing body.

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Wirex Leverages ZK Proofs for Non-custodial Crypto Debit Card Issuance

Crypto payment service provider Wirex announced on October 3 the launch of a non-custodial crypto debit card service based on zero-knowledge proofs (ZK proofs), called W-Pay.

Wirex’s new decentralized solution leverages zero-knowledge technology and is built on Polygon’s Chain Development Kit, which promises to improve scalability and security. Polygon’s CDK focuses on ZK proofs and enables companies and users to develop their own ZK-powered layer 2 rails.

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DeFi Market Overview

Data from Cointelegraph Markets Pro and TradingView show that the top 100 DeFi tokens by market cap have retreated slightly from last week, with most trading in the green on the weekly chart. The total value locked in DeFi protocols fell to $45.07 billion.

Thanks for reading our roundup of the most impactful DeFi developments of the week. Join us next Friday for more stories, insights, and education about this dynamically developing space.

Author: Deepchain DCNews

Compiled by: Sister Shen

Twitter: DeepChain

Twitter：https://twitter.com/DeepChainUS