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 first week of November proved to be the institutionalization of DeFi markets as major international banks and financial institutions executed and completed their first DeFi transaction.
The global financial giant JP Morgan completed its first-ever cross-border transaction using DeFi on a public blockchain with the help of the Monetary Authority of Singapore’s (MAS) Project Guardian. DBS Bank started a trading test of foreign exchange (FX) and government securities using permissioned DeFi liquidity pools.
Apart from JP Morgan and DBS Bank, the Bank of International Settlements also said that automated market-making technology in DeFi can serve as a “basis for a new generation of financial infrastructure.”
In other news, the Team Finance hacker returned $7 million of the $14.5 million stolen and intends to keep 10% of the stolen amount as a bounty. MakerDAO co-founder Nikolai Mushegian was found dead at 29 in Puerto Rico, which started several conspiracy theories.
Looking at the weekly DeFi market performance, the majority of the DeFi tokens in the top 100 started the…
