DeFi Struggles to Recover from Curve Hack as Exploits Persist: Finance Redefined
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 DeFi ecosystem is currently grappling to regain stability after being hit by the Curve Finance hack. However, as the community tries to recover, a series of exploits continue to pose challenges within the DeFi space.
Last week, the DeFi protocol Steadefi fell victim to an ongoing exploit, further hindering the ecosystem’s recovery from the Curve crisis.
In response to the crisis, Binance, one of the leading cryptocurrency exchanges, has invested $5 million in the Curve token. This investment aims to manage the risks associated with the fluctuating value of the Curve token.
Binance Invests $5 Million in Curve Token to Address Hack Risks
Binance Labs, the venture arm of Binance, has made a strategic investment of $5 million in Curve Finance (CRV), the decentralized stablecoin trading platform. Curve Finance is currently the largest stableswap and second-largest decentralized exchange, with approximately $2.4 billion in total value locked and $215 million in daily trading volume.
Binance’s co-founder, Yi He, has expressed full support for the DEX, especially given the recent events that have impacted the protocol’s security.
Aptos Token Surges 11.6% After Partnership with Microsoft for AI-Blockchain Integration
Aptos (APT), the cryptocurrency powering the layer-1 Aptos Network, has experienced an approximately 11.6% increase in value following its collaboration with Microsoft. Through this partnership, Aptos aims to enhance the adoption of Web3 technologies in the banking and financial sectors.
Aptos plans to leverage Microsoft’s Azure OpenAI service to explore various innovations in asset tokenization, on-chain payments, and central bank digital currencies.
Base Network Launches Officially, Unleashing New Possibilities
Coinbase, the well-known cryptocurrency exchange, has officially launched its Base network. After an initial phase exclusively open to developers, the network is now ready to onboard users.
Several Web3 development teams have already announced the release of applications for Base. To celebrate the launch, the Base network team has scheduled a series of upcoming events.
Breaking: Steadefi Falls Victim to Ongoing Attack, Putting Funds at Risk
DeFi app Steadefi recently experienced an ongoing attack resulting in a loss of at least $334,000. In a social media post, the app’s development team stated that the attack has put all funds at risk. The app’s total value locked has significantly decreased due to the attack, as reported by DefiLlama.
The Steadefi team reached out to the attacker through an on-chain message. However, negotiations are still ongoing, and all funds remain at risk.
Overview of the DeFi Market
Over the past week, the total market value of DeFi experienced a bearish decline. While some tokens traded in the red, DeFi’s top 100 tokens by market capitalization had a mixed performance. The total value locked into DeFi protocols remained below $50 billion.
That wraps up our summary of the most impactful DeFi developments for this week. Stay tuned for more stories, insights, and education on the rapidly evolving DeFi space.
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