The failure of AWS caused shock waves in the crypto industry, Delong left his role as CTO Sushi and Coinbase opened a crypto library – everything comes to you redefined in Finance this week.
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Welcome to the latest edition of Cointelegraph’s Decentralized Financial Newsletter.
While the market may collapse and technical indicators based on AWS fail, don’t be afraid of the young, Wagmi’s moral and fundamental news is as plentiful as ever. So read on and find out everything you need to know about the most important events of this week.
What you are about to read is a shorter, more condensed version of the newsletter. Sign up below for a full breakdown of DeFi developments over the past week.
The Amazon Web Company outage this week has had a significant impact on the global supply chain and shipping industry, as well as hours of disruption to the decentralized exchange dYdX and the leading centralized exchanges Binance.US and Coinbase.
AWS is the world’s largest cloud service infrastructure and offers a wide range of services including network servers, storage, remote computing, and mobile development.
According to data released by Synergy Exploration Group earlier this year, the tech giant holds 33% of the cloud infrastructure market, followed by Microsoft and Google with 20% and 10% respectively.
Details of the incident are largely unknown, but the company’s service status page states that “many AWS APIs in the US EAST-1 region” in Northern Virginia are having trouble trying to connect.
In a Twitter statement shared on December 7th and in the early morning hours of December 8th, dYdX spoke of increased latency across the network and web page loading errors before revealing its compliance.
https://twitter.com/dydxprotocol/status/1468408322315464706?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
Analytical data from DappRadar shows that dYdX is the 13th largest decentralized financial application based on the Ethereum network, with a daily trading volume of around $ 1.5 billion. In September of this year, dYdX hit a historic trading milestone, surpassing Coinbase’s volume in just one day at $ 4.3 billion versus $ 3.7 billion.
Decentralization was understood by many early crypto users as a core component of industrial architecture. Security and scalability aside, the former form what is known as the blockchain trio, a concept coined by Ethereum co-founder Vitalik Buterin to mark the need to sacrifice one side of the suite, three to experience the benefits of the other two.
In the world of cryptocurrency exchanges, many choose to prioritize security and scalability in order to achieve mass adoption, but as such operate on a Web-2-like structure.
Related: Decentralization vs. centralization: where is the future? Experts answer
Joseph Delong, Chief Technology Officer of SushiSwap, announced his immediate exit from the decentralized exchange this week and promised to honorably pass the saying along with successor dates, calculations and necessary information to the next market leader.
Delong explains the reasons for his decision on an open Twitter topic, citing internal conflicts and the lack of a unified vision for the project, on the grounds that:
“I wish sushi all the best and I am very sad that sushi is so difficult in and outside of life. The chaos that is unfolding now is unlikely to lead to a solution that leaves the DAO much more in the shadows than it would have been without a radical structural change. “
Delong has experience in website 3. as a blockchain engineer and developer. Delong was previously a senior software engineer at ConsenSys and took over the position of CTO at SushiSwap in early 2021 after the infamous exodus of head chef Nomi in the months before.
Last year, Delong SushiSwap ranked 12th supply chain with $ 2.85 billion. Exploit on the MISO touchpad and recently a rumored vulnerability in its smart contracts valued at $ 1 billion.
Related: SushiSwap Denies Reports of Billion Dollar Bugs
One of the leading cryptocurrency exchanges, Coinbase, announced this week the launch of an open source library-themed platform called Cryptology, which aims to provide developers with a range of trading interfaces. Application program interface (API). ”
In a post on the official website, Coinbase outlined its intentions for the library to advance the advancement of this ancient technology:
“Although our primary goal is to enable further innovation, we also strive with cryptology to raise the standard for a robust, usable cryptographic library.”
Related: Coinbase announces hardware wallet support, starting with Ledger
Analytical data shows the total value of DeFi banned for the week fell 11.3% to $ 143.95 billion.
Data from Cointelegraph Marketplaces Professional and TradingView shows the top 100 DeFi tokens by market capitalization outperforming declines last seven days.
Terra (LUNA) is the only winner in this week’s top 100 with just 1.81%. Let’s not say it is the most memorable tech week for DeFi, but not surprising given the broader context of the entire crypto market retreat.
Interviews, features and other cool stuff
Thank you for reading our roundup of this week’s most influential DeFi developments. Visit us again next Friday for more stories, insights, and education in this dynamically evolving space.
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