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The decentralized finance (DeFi) space has grown up within the last several years enough that every time there’s something hot going on. Last week was no exception in that matter. The broader DeFi space witnessed multiple instances from hacks to reimbursements to project deployment to potential venture of projects and much more.
DeFi Platform Curve Finance Heading For Damage Control
One of the prominent news around the DeFi space is the hacks and exploits it saw in the last several weeks. The most addressed among them all is undoubtedly the Curve Finance exploit where the DeFi protocol stated to reimburse people affected by the mishap.
The exploiters took advantage of flaws in the protocol’s Vyper compiler and managed to get away with $62 Million worth of assets. However, Curve reported that it recovered up to 79% of the stolen funds. The platform added to preparing to assess the impact of the incident on the users and intends to reimburse them.
One More Curve-Based DeFi Protocol Compromised
Curve Finance should have taken relief after the incident but another incident took place over the protocol. DeFi platform Zunami protocol over Curve was reported compromised on August 14th, 2023. The platform announced it on the social media platform X (formerly Twitter) and confirmed the attack.
In addition, Zunami suggested users refrain from purchasing Zunami Ether (zETH) or Zunamy USD (UZD) stablecoins.
The Curve Finance-based pools dubbed ‘zStables’ fell prey to the attack and it compromised about $2.1 Million worth of assets, according to blockchain security firm PeckShield.
Optimism DeFi Protocol Exactly Attacked, Lost $7M+
Analysis of on-chain data indicates that approximately 4,323.6 Ether, which equates to nearly $7.3 million at the present time, was taken from Exactly Protocol through a breach. The attackers subsequently moved 1,490 ETH using the Across Protocol and transferred another 2,832.92 ETH to the Ethereum network using the Optimism Bridge.
Exactly protocol operates as a cryptocurrency lending platform on the Optimism network. Although initial reports suggested a theft of over 7,160 ETH, valued at around $12 Million, these figures were subsequently adjusted downward. The attacker specifically focused on the DebtManager periphery contract, as indicated by the protocol.
ConsenSys Ethereum Scaling Rollup Sees $26M Worth ETH Bridge
ConsenSys has successfully launched Linea, its Ethereum scaling rollup solution. This initiative has attracted the participation of over 150 partners and has facilitated the bridging of over $26 Million worth of ETH so far.
In July 2023, Linea was launched with a group of chosen partners who were integrated into the alpha mainnet. This launch enabled developers to transfer their existing decentralized applications (DApps) from Ethereum’s mainnet or other scaling solutions.
PayPal May Venture to DeFi with PYUSD
The payment settlement company PayPal launched its native stablecoin PYUSD as one deeper step in the crypto space. During the launch, the company noted that stablecoin would facilitate the general services to be used for payment purposes and buying other crypto assets over the platform, etc.
But there are hints that the payment giant could step into the DeFi space with its stablecoin.
Jose Fernandes da Ponte, senior vice president of blockchain, crypto, and digital currencies in the company, stated in an interview for the PYUSD stablecoin to be available on crypto exchanges and push for compatibility with DeFi protocols.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
