Finance Redefined: Layer two growth and the SEC’s scrutiny Sept. 19-23

Finance Redefined brings you Layer-two’s rise to new heights as well as Bitcoin and DeFi EFT apps and Sushi’s misguided bug. This week’s Finance Redefined newsletter features the latest edition of Cointelegraph’s decentralized finance newsletter, Layer-two. It includes the rise of Layer-two, Bitcoin and DeFi EFT applications, and Sushi’s mistaken bug. The full DeFi update — which was released much faster than Cardano’s smart contracts — can be found at the bottom. This week’s analytical data showed that DeFi continues its growth as evidenced by the increase in total value locked (TVL) on protocols. The biggest gains have been seen across cross-chain compatible networks, layer-two protocols with a lower fee environment, and Trader Joe is one of these protocols that has seen significant inflows ever since the launch an upgraded cross-chain bridge. It allows Ethereum-based tokens to migrate to its ecosystem. This has led to a 53.96% increase of TVL. The recent emergence of layer-two technologies such as Arbitrum, Optimism and a bridge to the Avalanche ecosystem is revolutionizing the way investors, builders and developers interact with various protocols.Each facilitates fast, low-cost transactions that improve the fundamentals of the DeFi ecosystem while also making it easier for retail-sized investors to capitalize on opportunities.Reported by Jordan Finneseth U.S. against the SECUnited States investment firms Invesco and Galaxy Digital Funds teamed up this week to file a registration statement with the SEC in a bid to gain approval for the sale of Bitcoin exchange-traded funds (ETF).If approved by the SEC, the Invesco Galaxy Bitcoin ETF will be registered as a securities offering with the ability to get listed on traditional national exchanges in the United States. According to the filing, the trust will employ “robust physical barriers of entry, electronic surveillance, and continuously roving patrols” in order to protect Bitcoin privacy. The approval of the FORM N-1A file will allow the company’s unlimited number of shares to American investors. According to media reports, the hacker claimed that he had discovered a vulnerability that could put more than $1 billion in user funds at risk. However, SushiSwap’s pseudonymous developer quickly took to Twitter to deny the claims. The platform’s Shadowy Super-Coder Mudit Gupta stated: “This vulnerability is not. There are no funds at risk. Rewarder can run out of rewards and withdraw LP will fail. However, anyone (not just sushi!) can replenish the rewarder in an emergency. Sushi can also remove the rewarder.”Reported By Samuel Haig Token PerformancesDeFi’s TVL fell sharply by 16.08% this Week to $105.15 billion. This is in line with the decline of top DeFi tokens. Data analysis from TradingView and Cointelegraph Markets shows that only three tokens printed bullish price action over the past seven days. Avalanche (AVAX), which posted a respectable 13.7%, topped the podium for bullish gains. Ren managed to push over the green line with a last-day surge, but was still a distant second with just 0.64%. Dai came in third with 0.34%. If a stablecoin is in the top three, it’s a sign that it’s been an awful week! You want to continue your education? These stories are additional:DeFi’s potential leads to more institutional demand for next generation tokensSenator Warren’s Office confuses MakerDAO for a failed 2016 project. The DAOSommelier partners up with Mysten Labs in launching Cosmos smart contract. Thanks for reading our review of DeFi’s top stories this week. Next Friday, we will be back with more stories, developments, and insights from the DeFi world.

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