DeFi volumes surge 444% after Binance, Coinbase lawsuits: Finance Redefined

Invite to Finance Redefined, your weekly dosage of essential decentralized finance (DeFi) insights– a newsletter crafted to bring you the most significant developments from the previous week.The United States Securities and Exchange Commissions (SEC) claims versus two leading centralized crypto exchanges– Binance.US and Coinbase– have caused a rise in DeFi trading volume over the past week.While SECs enforcement action versus centralized exchanges has actually monopolized the headlines, the securities regulator is actively pursuing cases against the decentralized exchange (DEX) ecosystem also. Crypto endeavor capital firm Paradigm has knocked the SECs technique, restating that DEXs are not securities exchanges.In another legal battle, a U.S. district court has actually dismissed a claim against DeFi protocol PoolTogether. The neighborhood behind the procedure had actually funded its legal defense through a $1.4 million nonfungible token (NFT) sale in 2022. The DeFi market had a bullish start to June, but the momentum didnt last long due to the SEC enforcement action in the second week. Many of the leading 100 DeFi tokens traded in the red, with the overall value locked falling below $50 billion again.SEC crackdown on Binance and Coinbase surge DeFi trading volumes 444%The average trading volume across the leading three DEXs leapt 444% in the previous 48 hours as crypto financiers reeled from the SECs recent legal actions against centralized cryptocurrency exchanges Coinbase and Binance.According to aggregated information from CoinGecko, total day-to-day trading volumes on Uniswap v3 (Ethereum), Uniswap v3 (Arbitrum) and PancakeSwap v3 (BNB Smart Chain)– which represent 53% of the total DEX trading volume in the last 24 hours– increased by more than $792 million between June 5 and June 7. Continue readingU.S. federal court dismisses suit against DeFi platform PoolTogetherA United States judge just recently dismissed a lawsuit against the decentralized finance (DeFi) platform PoolTogether. According to the ruling, the federal court system is not the proper location to air issues against the DeFi startup. U.S. district court Judge Frederic Block stated that regardless of having genuine issues about the startup, a claim in a federal court is not “a proper method to address them. The judge likewise said that the complainant, Joseph Kent, does not have standing to pursue a claim due to the fact that he “suffered no concrete damage at the hands of the defendants.”Continue readingParadigm slams SECs incoherent attempt to cops decentralized exchangesCrypto equity capital company Paradigm has actually knocked the SECs attempt to redefine the term “exchange”– which, if accepted, would bring decentralized exchanges under its purview. On June 8, the company sent out a prolonged 14-page letter to the SEC secretary, Vanessa Countryman, regarding the regulators proposed redefinition of the term “exchange” in the 1934 Securities Exchange Act.Continue readingAtomic Wallet hack losses leading $35 million, on-chain sleuth reportsAt least $35 million worth of crypto has actually been stolen from Atomic Wallet users since June 2, according to an analysis from on-chain sleuth ZachXBT. The five biggest losses account for $17 million. According to Atomic Wallet on Twitter, the reason for the attack is being examined. Reports have actually emerged of lost tokens, transaction histories being erased, and even whole crypto portfolios being stolen.An independent investigation by pseudonymous Twitter ZachXBT, known for tracing crypto stolen funds and assisting hacked tasks, found the biggest victim lost $7.95 million in Tether (USDT). “Think it might exceed $50m. Keep discovering increasingly more victims, unfortunately,” commented ZachXBT.Continue readingDeFi market overviewDeFis total market value saw a bearish decrease this past week. Information from Cointelegraph Markets Pro and TradingView shows that DeFis top 100 tokens by market capitalization had a bearish week, with a lot of tokens selling the red, bleeding double digits. The total value locked in DeFi procedures fell below the $50 billion mark.Thanks for reading our summary of this weeks most impactful DeFi advancements. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.

Welcome to Finance Redefined, your weekly dose of vital decentralized financing (DeFi) insights– a newsletter crafted to bring you the most significant advancements from the previous week.The United States Securities and Exchange Commissions (SEC) lawsuits against 2 leading centralized crypto exchanges– Binance.US and Coinbase– have led to a surge in DeFi trading volume over the previous week.While SECs enforcement action versus centralized exchanges has monopolized the headings, the securities regulator is actively pursuing cases versus the decentralized exchange (DEX) ecosystem. Many of the top 100 DeFi tokens traded in the red, with the overall worth locked falling below $50 billion again.SEC crackdown on Binance and Coinbase rise DeFi trading volumes 444%The mean trading volume throughout the leading three DEXs jumped 444% in the past 48 hours as crypto financiers reeled from the SECs current legal actions against centralized cryptocurrency exchanges Coinbase and Binance.According to aggregated information from CoinGecko, overall everyday trading volumes on Uniswap v3 (Ethereum), Uniswap v3 (Arbitrum) and PancakeSwap v3 (BNB Smart Chain)– which account for 53% of the total DEX trading volume in the last 24 hours– increased by more than $792 million in between June 5 and June 7.”Continue readingParadigm slams SECs incoherent effort to authorities decentralized exchangesCrypto venture capital company Paradigm has actually slammed the SECs attempt to redefine the term “exchange”– which, if accepted, would bring decentralized exchanges under its province.