DeFi (decentralized finance) growth continued this week as Galaxy Digital, a full-service crypto merchant bank, made strategic investments in Parafi, a digital asset fund focused on DeFi investments.
As noted by KuCoin exchange (which was hacked recently):
“Following bitcoin (BTC) and ethereum’s (ETH) trajectory, leading DeFi tokens saw limited volatility over the past week. In spite of limited volatility, capital continued to enter the DeFi space, with the total value locked in contracts increasing as a notable investor made a big entrance. Unfortunately, there were a number of setbacks this week as well, including the failure of an ETH2, or Serenity, testnet and a bug pertaining to Yearn.finance.”
The KuCoin team pointed out that after several years of ongoing development, the initial phase of the Ethereum 2.0 update (also called ETH2 or Serenity) is getting ready to go live. Well-known Ethereum developers and research teams have reportedly confirmed that the upgrade is “well on its way.”
The KuCoin team noted that this culminated last week with the launch of what was initially planned as the final test network before the launch: Spadina – which was supposed to be like the “dress rehearsal” for the full Ethereum 2.0 launch.
But KuCoin claims that things did not turn out well. They noted that Ethereum Foundation’s Danny Ryan acknowledged that the testnet was “justified” and “finalized.” However, he pointed out