Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.The second week of November could have been a bullish week, as Consumer Price Index data released on Nov. 10 indicates lower-than-expected inflation. This resulted a significant rally for traditional stock markets, but the cryptocurrency ecosystem is currently fighting its own demon. Consumer Price Index data on Nov. 10 showed lower-than expected inflation. Solana’s SOL, a top-10 cryptocurrency and one of Bankman-Fried’s biggest investments, lost 32% of its market cap over the past couple of days.Chainlink Labs said it would offer proof-of-reserve services for embattled exchanges. The new concept was created after the collapse in FTX. It is intended to restore trust in crypto-exchanges through greater transparency. However, it has been criticized for denying users access based upon wallet content. Brad Mills, an entrepreneur, criticized DeFi’s so-called decentralized system and said it could restore trust in crypto exchanges by allowing users access based on wallet content. According to DefiLlama, at the time of writing, Solana’s TVL has fallen to $423.68 million, down 32.4% in the last 24 hours, a far cry from its all-time high of $10.17 billion on Nov. 9, 2021.Continue readingChainlink Labs offers proof of-reserve service to embattled exchangesChainlink Labs presented its proof-of reserve product on Nov. 10 as a solution for future trust issues in crypto exchange markets. In a Twitter thread, Chainlink Labs asked, “Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge?”As a answer to this question, it offered its proof-of-reserve product, which it said is useful “for verifying centralized exchange asset reserves, off-chain bank account balances, cross-chain collateral, real-world asset reserves, and much more.”Continue readingDeFi is under fire for denying users access based upon wallet content. Although DeFi is an upgrade to traditional finance systems, some believe that depriving users of access to decentralized platforms based solely on their wallets was a backward move. Brad Mills, an entrepreneur, criticised DeFi for denying access to decentralized platforms due to factors such location and wallet content. Because of this, Mills described the future of Web3 as a “surveillance panopticon” and said that it has rebuilt everything wrong with Wall Street but on a blockchain. Within the tweet, Mills also shared an image of a pop-up message from 1inch Network’s decentralized application restricting access because of the wallet address used.Continue readingReport: GALA token exploit resulted from public leak of private key on GitHubAccording to a new post by blockchain security firm SlowMist on Nov. 7, it appears that last week’s token exploits affecting the GameFi project Gala Games resulted from a public leak of applicable security keys on GitHub. SlowMist said that pNetwork was the cross-chain interoperability link used by Gala Games using the BNB Smart chain. SlowMist also stated that pNetwork controlled the DEFAULT_ADMIN_ROLE, and MINTER_ROLE positions during initialization. The proxy admin contract, which was an externally owned address, was responsible for upgrading pGALA’s contract. However, the firm posted a screenshot claiming the plaintext private key to the proxy admin owner address was visible and publicly viewable on GitHub.Continue readingDeFi market overviewAnalytical data reveals that DeFi’s total value locked plunged to $41 billion. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bearish meltdown due to the FTX saga, with the majority of the tokens registering double-digit losses over the past week.Thanks for reading our summary of this week’s most impactful DeFi developments. We will be back next Friday with more stories, insights, and education about this dynamically changing space.

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