🎉DeFi Tokens Enjoy Market Spoils

GM Defiers!

DeFi benefited greatly from the recent bullish market action, with the combined capitalization of DeFi tokens up 15% this week and the value of assets locked in DeFi protocols at a three-month high.

BitMEX co-founder, Arthur Hayes, believes Bitcoin ETF hype is overblown. Instead, Hayes attributes the recent rally to the threat of unending U.S. expenditure, citing sell-offs in stocks and bonds and an uptick in the price of gold.

Polygon launched its new POL token on Ethereum. The token will power Polygon's upcoming restaking ecosystem, allowing stakers to earn additional yields for validating multiple networks at once.

DYdX open-sourced the code for its forthcoming Cosmos-based appchain. The move follows dYdX Trading Inc converting to a Public Benefit Corporation and pledging not to earn fees from dYdX v4.

India topped the adoption index in Chainalysis's annual Geography of Cryptocurrency report. The milestone comes in spite of a tumultuous recent history for India's web3 sector.

And the popular trading bot, Maestro, was exploited for $500,000 after a fresh smart contract deployment. Maestro patched the bug and resumed opeartions, also pledging to refund affected users.

✍️ In today’s newsletter:

• DeFi assets outperform BTC
• Arthur Hayes attributes rally to US military budget
• Polygon launches new token POL
• DYdX open-sources code for upcoming v4 release
• India tops Chainalysis adoption index
• Maestro traders lose $500,000 to exploit

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