Welcome to the latest edition of Cointelegraph’s Decentralized Financial Newsletter.

A week of positive progress in the DeFi space, including a 9-digit fundraising, successful product launch, and skyrocketing token price, was somewhat hampered by news of two serious security exploits. Read on to find out the full range of developments for the week.

What you’re about to read is a smaller version of this newsletter, designed for brevity. For a full version of DeFi’s developments over the past week, please send your email below.

Borderless Money Launches $ 500 Million Fund To Support The Algorand Ecosystem

Venture capital firm Borderless Money announced this week the launch of the ALGO Fund II, a $ 500 million initiative raised to help create digital asset projects on the Algorand blockchain.

Announced by a post on the Algorand Basis website, the funds will specifically focus on decentralized applications, niche liquidity reduction services, lending, borrowing and profit farming, and unusable tokens.

We’re excited to announce the launch of our $ 500 million ALGO Fund Without Limits II! HTTPS: //t.co/EP0U6Ib8HV pic.twitter.com/okXf6GBFo8

– Capital without borders (@borderless_cap) November 30, 2021

Algorand is a decentralized open source blockchain that is highly regarded for its efficiency, security, and status as a potential competitor to Ethereum dominance.

Borderless Cash was accepted in November 2018 and has invested in over 100 blockchain-related projects through its $ 400 million ALGO I Fund, including Tinyman, Yieldly, Opulous and Flare Community and Flare Community Industry.

Iota is in the process of launching a decentralized smart contract platform

The distributed ledger platform Iota announced this week the launch of its decentralized Layer 1 smart contract network and the associated ASMB token.

Assembly will seek to accelerate the adoption of smart contract services and promote an environment for creators, developers, and community advocates to facilitate the expansion of the Iota ecosystem to 3. Internet domains, including the metaverse.

Assembly is scheduled to start in 2022 and operate music tracks with Iota and use the existing infrastructure of the network, in particular the directed ring graph structure, to function as an autonomous, interoperable bridge and, among other things, to take advantage of scalability and security.

Decentralized application developers will be able to create their own chain of smart contracts and set individual parameters for low-cost execution fees.

In a recent Twitter post, Iota said Disclosure that stakers can earn network startup rewards in both Shimmer (SMR) and ASMB tokens, stating that “for every 1 MIOTA that is staked, users will receive 1 $ SMR and 4 microASMB every 10 seconds for 90 days, when staking has started ”.

Staker not only gets 1 token, but 2! And then @schimmernet and @assembly_net Network startup gives you even more rewards for securing both networks by unplugging $ SMR and $ ASMB.
Access: https://t.co/gx9ucphSR2#JOTA pic.twitter.com/VjV77gPK5Q

– IOTA (@iota) December 2, 2021

DeFi projects MonoX and BadgerDAO reduced for 150 million US dollars

The decentralized MonoX and BadgerDAO projects fell victim to sophisticated personal protocol hacks this week that resulted in over $ 150 million in property damage.

The MonoX platform suffered a one-of-a-kind cyber attack on November 30th when a bug in the smart contract swap enabled manual price manipulation for the MONO token, an asset that was listed on the Huobi exchange just a few days ago.

After increasing the MONO token to what the team calls the “sky high”, the hackers swapped coins for other assets on the platform and secured lucrative returns.

In the days following the breach, the MonoX team confirmed the total damage was approximately $ 31 million and released a statement of repentance, which basically reads as follows:

“Days like yesterday are terrible, there is no way to face the harsh reality that contracts are being exploited and people are losing money. Like us, our supporters are banking on a new project and let them down yesterday. “

Similarly, but unrelated to the other, BadgerDAO was also the victim of a financial exploit this week. Although community members on Discord have raised concerns over the past few days about the suspicious spike in subsidies, the administrators do not consider it a threat, as detailed in the section tweet by 0xMoves.

BadgerDAO’s losses were $ 120 million as of press time, including 2078.76 bitcoin (BTC), 30.27 interest-bearing bitcoins and 151.32 ethers (ETH), according to blockchain analytics service PeckShield. ).

The Badger team has now responded by opening a full investigation of the events and suspending smart contract activity until the security of the log is stabilized again.

Related: We tell the biggest DeFi hack of 2021

Token representation

Analytical data shows the total value of DeFi banned for the week increased 8.01% to $ 159.5 billion.

Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap are doing reasonably well in the market. last seven days.

Terra (LUNA) is heading into profit this week is 66.85%. Uniswap (UNI) grew steadily by 14.3%, while Tezos (XTZ) gained 12.70%. Fourth and fifth places this week went to Chainlink (Link) and Oasis Community (ROSE) with gains of 8.1% and 8% respectively.

Analysis and hot topics of the last week:

Thank you for reading our roundup of this week’s most influential DeFi developments. Come back next Friday for more stories, insights, and education in this dynamically evolving space.