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EU securities regulators have their eyes on DeFi, and the top 100 DeFi tokens had mixed price action over the past week, with most trading in a tight range. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. In this week’s newsletter, European securities regulator s have published a report on the DeFi ecosystem that lists the risks it poses to the European Union’s financial system — but also highlights the benefits of DeFi. Uniswap has launched Android wallet beta on Google Play, with the app gaining popularity among desktop and Apple iOS users. DeFi platform Star Arena recovered 90% of stolen Avalance (AVAX) tokens after offering a $250,000 bounty, and Platypus Finance fell victim to another flash loan attack. The top 100 DeFi tokens had a mixed week in terms of price action, with most of the tokens trading in the same range or slightly higher tha...

0xScope co-founder Philip Torres says it doesn’t take much effort to spin up thousands of blockchain wallet addresses and pump up user metrics. Active user count can be a mislead ing metric for measuring the state of a crypto ecosystem as a small group of users can generate a significant portion of activity across multiple wallets, argues the co-founder of a blockchain analytics provider. 0xScope’s co-founder and chief data scientist , Philip Torres, told Cointelegraph amid the Bitget EmpowerX Summit that between monopolistic founding entities, bots, exploiters and airdrop hunters — as much as 80% of blockchain activity can be generated by just a small number of entities — despite looking healthy on the outside. “These projects make a claim such as ‘we have 10,000 active users ’ — well, we find out using the entity model that you have about 10 to 20 different users that are controlling 10,000 different addresses,” he added. Top 25 projects based on active users (daily). Source: To...

Changex combines crypto trading and lending with traditional banking features that also include an upcoming Visa debit card. Decentralized finance (DeFi) gave birth to a wide range of financial services that aim to challenge what traditional finance (TradFi) offers. However, the user experience persists as a major issue hindering the widespread adoption of DeFi apps and solutions. For years, the DeFi ecosystem has been seeking an entry point that can onboard the next wave of users to decentralized apps. One potential solution is a financial technology (fintech) app that’s catered toward TradFi users and also offers easy-to-use DeFi functionality. This way, users can realize that self-custody, a practice that enables safeguarding digital assets in personal wallets without the help of a third party, can be a way forward and start ditching centralized intermediaries like banks. While users’ quest to take full responsibility for storing and managing crypto assets picked up the pace wit...

The long awaited account abstraction standard was believed to be many months off, but will be launched in a surprise announcement at WalletCon in Denver. Smart accounts, enabled by the launch of the new ERC-4337 standard, are now available on Ethereum and are expected to help mainstream adoption by finally making crypto user friendly. Ethereum Foundation security researcher Yoav Weiss will make the surprise announcement at WalletCon in Denver today that the core contracts for ERC-4337 — known by Blockchain developers as “ account abstraction ” — have passed an audit by Open Zeppelin and will be made available on every Ethereum Virtual Machine (EVM) compatible network including Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche and Gnosis Chain. New users will no longer need to learn about complicated seed phrases or the technical process of setting up a wallet to onboard into the decentralized world of crypto, Weiss told Cointelegraph. “The next billion users are not going to wr...

Cardano NFTs are unique digital assets on the Cardano blockchain that can be created using smart contracts and traded on NFT marketplaces. Cardano is a proof-of-stake (PoS) platform launched in September 2017 by Ethereum co-founder Charles Hoskinson. In September 2021, Cardano added support for smart contracts, which paved the way for developing decentralized finance (DeFi) and nonfungible token (NFT) applications. NFTs landed on Cardano’s blockchain in 2022, with Cardano’s native cryptocurrency ADA (ADA) utilized to buy and sell them. The deployment of smart contracts on Cardano allowed the creation of NFT marketplaces, including CNFT.IO and Jpg.store. These marketplaces facilitate NFT projects on Cardano in a cost-effective and scalable way, attracting many enthusiasts seeking a user-friendly platform for creators and traders with low-cost transaction fees.  How to mint Cardano NFTs?  Minting and creating collections are no longer intimidating hurdles for the non-techie NFT enthusia...

1inch Networks’ upcoming hardware wallet has no direct connection to the internet and doesn’t require any wired connection. Decentralized exchange (DEX) aggregator 1inch Network is the latest cryptocurrency platform to move into the hardware wallet industry amid the rise of self-custody. On Jan. 19, 1inch officially introduced the 1inch Hardware Wallet, a proprietary hardware wallet developed by an independent team working within the 1inch Network.  In order to provide maximum security, the 1inch Hardware Wallet is “fully air-gapped,” meaning that it has no direct connection to the internet and does not require any wired connection. “All data is exchanged using QR codes or, optionally, with NFC,” 1inch said, noting that the 1inch Hardware Wallet also doesn’t have any buttons. The upcoming hardware wallet comes in the size of a bank card, featuring a 2.7-inch E-Ink grayscale touch display. The waterproof crypto wallet is equipped with a damage-resistant Gorilla Glass 6 surface and sta...