Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. In this week's newsletter, Ethereum staking services have agreed upon a 22% limit on all validators to ensure fair markets. August proved to be another costly month for DeFi as several protocols were collectively exploited for $16 million. In separate exploit news, Balancer protocol lost nearly $900,000 due to a vulnerability flagged months ago. Shibarium's second launch proved more stable as the layer-2 protocol already has over 100,000 new wallets, and USD Coin (USDC) is set to debut on Coinbase's layer-2 platform later this week. The DeFi market had another late-week bearish decline due to an overall market fall after news dropped of a delay in the decision on approval of a spot Bitcoin's spot exchange-traded fund (ETF). Most DeFi tokens traded in the red, and the total value locked in DeFi tokens remained below $50 billion.
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