Wormhole reclaims $1B TVL, Hedera’s $408M development fund: Finance Redefined

Wormhole reached a peak TVL of $3.8 billion shortly before the collapse of the Terra ecosystem and the onset of the crypto winter.

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.

The past week in DeFi saw major market developments right from the Wormhole reclaiming  $1 billion total value locked in the bridge nearly two years after the infamous hack. On the other hand Hedera Governing Council 

The top-100 DeFi tokens had a bearish week owing to the wider market bearish momentum as majority of the tokens traded in red on the weekly charts.

Hedera network approves $408 million of HBAR for ecosystem growth

The Hedera Global Governing Council, which oversees the Hedera network, has approved allocating 4.86 billion of the network’s native token, Hedera (HBAR), worth roughly $408 million, for further development and advanced decentralized governance.

In a blog post, the council said the lion’s share of the funds, 4.248 billion HBAR, will be directed toward existing initiatives, including the HBAR Foundation, the Hashgraph Association and the DLT Science Foundation.