What is DeFi?
Decentralized Finance, DeFi as a concept is to be able to offer almost all the financial services available with legacy and centralized institutions, typically banks, but on the blockchain. Whatever traditional services financial institutions provide can be expected to be offered through DeFi. In short, Defi is blockchain-based financial services that traditional financial services map into, creating new services or derivatives stemming from blockchain's unique features. Although we have had concepts like distributed computing and decentralized computing for decades, DeFi is in fact a new concept and an expansion of the application scope of blockchain as infrastructure.

US District Judge Rules in Favor of Custodial Arrangement for bZx DAO Members
A US district judge has ruled that bZx DAO transactions are custodial due to the ability for developers to upgrade a smart contract where the key is held by a single developer, as highlighted in a class-action lawsuit against bZx DAO and others. This may impact DeFi platforms that use multisigs and require them to obtain custody licenses to comply with the law.
Coinbase Identifies Four Key Innovations for its Layer-2 Network
Coinbase has identified four crucial innovations, including inflation-pegged "flatcoins," to be built on its recently launched layer-2 network Base. The other three areas are an on-chain reputation system, an on-chain limit order book exchange, and safer tools for DeFi.
Euler Finance Hacker Returns Majority of Stolen Funds
The hacker behind the $196 million exploit on lending protocol Euler Finance has returned the majority of the stolen assets, including 51,000 ETH and 7,737 ETH, worth a total of over $101 million at the time of writing. The hacker still controls some of the stolen assets, and the hack is considered the largest DeFi hack of 2023.
DeFi Giants Launch on Ethereum Layer 2 zkSync Era
Some of the biggest names in decentralized finance, including Uniswap, Sushi, Maker, and Curve, are set to launch on zero-knowledge proof roll-up zkSync Era on March 24. The Ethereum layer 2 scaling network has opened to users in alpha after four years in development, enabling faster and cheaper transactions.
CFTC Receives DeFi Crash Course
Crypto executives provided a DeFi crash course to the CFTC during their first Technology Advisory Committee meeting. Topics included blockchain technology, decentralization, digital identity, and exploits and vulnerabilities.
DeFi Insurance Claims Reach $34.4 Million
DeFi insurance firms paid out $34.4 million in claims in 2022, including $22.5 million for the collapse of Terra Luna and $4.7 million for FTX. DeFi insurance now covers eight major categories, but more work is needed to scale.
DeFiChain Becomes One of the First Blockchains to Fully Integrate Euro Coin, a Euro-backed Stablecoin
DeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications and services to everyone, has announced the debut of the Euro-backed stablecoin Euro Coin (EUROC) on its native blockchain. DeFiChain is one of the first blockchains to fully integrate a Euro-backed stablecoin.
DeFi Hacker Returns $5.4M to Euler Finance
A hacker who drained $197 million from Euler Finance returned 3,000 ETH ($5.4 million) to the deployer address, following a $1 million reward announcement by Euler Finance. The attacker used a multichain bridge to transfer funds from the BNB Chain to Ethereum and moved the stolen funds into Tornado Cash before returning the funds.
DeFi Hack Linked to North Korea
The $197 million DeFi hack on Euler Finance has been linked to North Korea after blockchain investigator Chainalysis identified that 100 ETH from the stolen funds was transferred to an address associated with North Korea-linked actors. While Chainalysis suspected the involvement of North Korea, it highlighted the possibility of misdirection by other hackers. Euler Labs CEO expressed disappointment in the hack, revealing that ten separate audits over two years assured its security.
Euler Finance hacker returns $5.4M
The hacker who drained $197 million from Euler Finance in the biggest DeFi hack of 2023 so far reportedly returned around $5.4 million in Ether to the company. The funds were sent in three transactions from the hacker's address to Euler Finance's deployer address, but it remains to be seen if the hacker will return the rest of the stolen funds.

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