Jupiter DEX Memecoin Frenzy: Finance Redefined as Crypto Protocols Successfully Retrieve 674M Dollars

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In the recent crypto landscape, Solana’s decentralized exchange (DEX) Jupiter made waves by surpassing Uniswap with a staggering $480 million in daily trading volume. All this, amidst a frenzy surrounding a new memecoin airdrop.

Jupiter DEX Memecoin Frenzy: Finance Redefined as Crypto Protocols Successfully Retrieve 674M Dollars

A noteworthy report revealed that out of the $2.61 billion lost to crypto theft in 2023, an impressive $674 million was successfully recovered from over 600 large-scale hacks. Meanwhile, Polygon Labs is pushing for a revolutionary move, proposing to classify DeFi as “critical infrastructure.”

The top 100 DeFi tokens experienced a bullish surge, witnessing a mid-week market rally, with the total value locked (TVL) in DeFi protocols soaring beyond $60 billion.

PeckShield, a blockchain security firm, shared its findings on the losses incurred due to hacks and scams in 2023, highlighting a 27.78% decrease compared to the previous year. The report emphasized the recovery of $674 million, constituting 25% of the stolen crypto.

Solana’s Jupiter DEX: Trading Volume Triumph and Airdrop Hype

Jupiter, the Solana DEX, outshined Uniswap in trading volumes, hitting $480 million within 24 hours. This remarkable achievement was driven by a memecoin airdrop and heightened stablecoin swaps, outperforming Ethereum-based Uniswap in both v2 and v3 protocols.

In a groundbreaking move, Polygon Labs advocates for DeFi protocols to be recognized as “critical infrastructure,” proposing oversight by federal cybersecurity agencies in the U.S. This conceptual framework aims to combat illicit financial activities within the DeFi space.

The Hong Kong Securities and Futures Commission (SFC) issued a warning about “Floki Staking Program” and “TokenFi Staking Program,” affiliated with the Floki ecosystem. These products, claiming substantial returns, lack authorization for public sale in Hong Kong.

As we delve into the DeFi market overview, data from Cointelegraph Markets Pro and TradingView showcase a bullish week for DeFi’s top 100 tokens, with most showing green on the weekly charts.

Thank you for immersing yourself in our recap of the week’s impactful DeFi developments. Stay tuned for more stories, insights, and education in this ever-evolving space next Friday.