Recapping the Week in DeFi

As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.

​​SBF Convicted of All Seven Crimes, Faces Maximum Sentence of 115 Years in Prison

Former FTX CEO Sam Bankman-Fried has been found guilty on all seven charges, including wire fraud, conspiracy to commit fraud, and money laundering. The jury's decision could lead to a 115-year prison sentence. The verdict was delivered on Thursday, marking a turning point in the trial linked to FTX and Alameda's downfall. Bankman-Fried had vehemently pleaded not guilty to the charges.

Read the full story here. 

Starknet Foundation Allocates 50M $STRK For Early Ecosystem Contributors

The Starknet Foundation has introduced its Early Community Member Program, set to allocate 50 million future $STRK tokens as recognition for early contributors to the Starknet ecosystem. The program is open for applications until November 19, with final decisions to be made by December 29. To be eligible, applicants must demonstrate their active involvement in the community.

Learn more in the article. 

SEC Comes After PayPal: Issues Subpoena Over PYUSD Stablecoin

PayPal ($PYPL) is under scrutiny as it confirms a subpoena from the US Securities and Exchange Commission regarding its PYUSD stablecoin. PYUSD was introduced in August 2023 as PayPal's foray into the stablecoin market, offering users the ability to buy, sell, hold, and transfer the US dollar-pegged token through the PayPal app in permitted jurisdictions.

Learn more here.

ProShares Introduces World's First Ether Futures ETF for Crypto Bears

ProShares has introduced the ProShares Short Ether Strategy ETF (SETH), becoming the world's first ETF offering a bearish position on ether. Listed on the New York Stock Exchange, SETH aims to provide the inverse of the daily performance of the S&P CME Ether Futures Index using ether futures contracts.

Find more information here. 

Solana Surges 20% Post-Firedancer Testnet Launch

Solana's SOL token has recorded significant gains lately reaching $46, its highest point since August 2022. This uptick coincides with the launch of Firedancer, a solution aimed at resolving Solana's network outage problems. In 2022, the platform faced 14 outages, but in 2023, it has demonstrated improved uptime, with just one major outage in February.

Learn more in the article.