What was new last week in the DeFi world? From the European Commission rethinking its position to Virginia County putting pension funds into yield farming, our latest Finance Redefined brings you all the details.
The DeFi tokens also made a bullish comeback toward the end of the past week. However, the overall weekly performance remained in the red.Analysts from the European Commission showed an unexpected understanding of how DeFi functions, having defined it as something different from the traditional financial system and acknowledging that it would require rethinking the approach to regulation.
On Monday, crypto venture adviser at Presight Capital and a long-term expert on European regulation Patrick Hansen shared some crucial details from the European Commission’s “European Financial Stability and Integration Review 2022.” The report, dated April 7, contains a 12-page chapter on DeFi, in which the authors demonstrate a sensible approach to the topic.The Northern Virginia county of Fairfax has already invested a part of its pension funds in crypto and blockchain startups.
The Fairfax County Police Pension System’s chief investment officer Katherine Molnar said on Tuesday at the Milken Institute Global Conference that the system aims to fund two new crypto-focused hedge fund managers in the next three weeks. The next few days will see a decision made, which, if approved, would be the first time pension fund money was used in DeFi.
On Saturday, Fei Protocol informed its investors about an exploit across numerous Rari Capital Fuse pools while requesting the hackers to return the stolen funds against a $10 million bounty and a “no questions asked” commitment.DeFi space has been rife with hacks, exploits and scams so far this year, with over $1.6 billion in crypto stolen from users, surpassing the total amount stolen in 2020 and 2021 combined.
Analysis from blockchain security firm CertiK revealed the statistics on Monday showing the month of March having the most value stolen at $719.2 million, over $200 million more than what was stolen in all of 2020. The March figure is largely due to the
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