Ethereum

ParaSwap

Solana

DeFi

<p data-ct-non-breakable="true">Welcome to Finance Redefined, your weekly dose of essential <a href="https://cointelegraph.com/learn/defi-a-comprehensive-guide-to-decentralized-finance">decentralized finance (DeFi)</a> insights — a newsletter crafted to bring you the most significant developments from the past week.</p>
<p>The memecoin frenzy has helped Solana-based decentralized exchanges (DEX) top the charts in trading volume, overtaking their Ethereum counterparts. Some tokens eclipsed Ethereum-based memecoins in trading volume on DEXs just hours after launching.</p>
<p>In more memecoin news, the Milady nonfungible token (NFT) collection joined the memecoin rush by launching its own token, which reached $18.6 million within two hours of its presale announcement.</p>
<p>ParaSwap narrowly evaded a hack by pausing its Augustus v6 contract application programming interface, or API, after discovering a vulnerability. The protocol secured the potential victims’ funds through a white hat intervention. </p>
<p>In other news, the price of Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) has fallen 18% in the past week after touching a new all-time high above $4,000. If the price falls to $3,100, $212 million worth of positions are at risk of liquidation.</p>
<h2 data-ct-non-breakable="true" id="solana-activity-flips-ethereum-amid-memecoin-craze-even-as-txs-fail">Solana activity flips Ethereum amid memecoin craze, even as txs fail</h2>
<p data-ct-non-breakable="true">Solana network activity surpassed Ethereum over the weekend amid a scramble for Solana-based memecoins — causing the network to struggle to keep up.</p>
<p>On March 16, Solana’s total trading volume soared past Ethereum, reaching $3.52 billion, beating out the daily volume on the Ethereum network by more than $1.1 billion, according to DefiLlama.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/solana-activity-flips-ethereum-memecoin-frenzy"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="milady-nft-memecoin-reaches-18-6-million-presale-goal-in-less-than-two-hours">Milady NFT memecoin reaches $18.6 million presale goal in less than two hours</h2>
<p data-ct-non-breakable="true">NFT collection Milady’s novel Solana memecoin has attracted 91,486 SOL ($18.6 million) within two hours of its presale announcement.</p>
<p>On March 18, Milady revealed the Solana-based memecoin, Milady Wif Hat, which is named after the popular Solana memecoin Dogwifhat (WIF). It will have a minimum investment of 1 SOL (<a href="https://cointelegraph.com/solana-price-index">SOL</a>), with an 88,888 SOL cap. </p>
<p>Hours later, the presale had been oversubscribed. “Milady Wif Hat presale has soared to its limit of 88,888 SOL and is now closed,” wrote the team, adding: “Any additional Solana raised will have 100% of their funds returned.”</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/milady-nft-memecoin-reaches-18-6-million-presale-goal-less-2-hours"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="paraswap-evades-hack-targeting-augustus-v6-contract-vulnerability">ParaSwap evades hack targeting Augustus v6 contract vulnerability</h2>
<p data-ct-non-breakable="true">DeFi aggregator ParaSwap discovered a vulnerability in its newly launched Augustus v6 contract and prevented a colossal loss of funds through timely white hat intervention.</p>
<p>On March 18, the ParaSwap Augustus v6 contract went live, which aimed to improve swapping efficiency and reduce gas fees. However, the contract contained a critical vulnerability, allowing hackers to drain funds when approved.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/paraswap-hack-augustus-v6-contract-vulnerability"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="ether-at-3-100-could-liquidate-212-million-worth-of-leveraged-long-positions">Ether at $3,100 could liquidate $212 million worth of leveraged long positions</h2>
<p data-ct-non-breakable="true">The cryptocurrency market could see over $212 million of leveraged long positions liquidated if the Ether price falls below the $3,100 mark.</p>
<p>Ether dropped 9.3% to $3,254 in the 24 hours leading up to 10:40 am UTC on March 19. Ether is down over 18% on the weekly chart, and falling to $3,100 would wipe over $212 million worth of long leverage, according to Coinglass data.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/ether-liquidate-212-million-leveraged-long-positions"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="defi-market-overview">DeFi market overview</h2>
<p data-ct-non-breakable="true">Data from <a href="https://pro.cointelegraph.com/users/sign_in?">Cointelegraph Markets Pro</a> and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bearish week, with most trading in the red on the weekly charts. The total value locked in DeFi protocols dipped below $100 billion.</p>
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<p data-ct-non-breakable="true">Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.</p>

Memecoins helps Solana flip Ethereum, ETH price drop raises fears: Finance Redefined

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