TVL continued to fall, Curve returned 70% of stolen funds


The decentralized finance (DeFi) sector continues to attract increased attention from cryptocurrency investors. ForkLog has collected the most important events and news of recent weeks in a digest.

The main indicators of the DeFi segment

The volume of funds blocked (TVL) in DeFi protocols fell to $41.94 billion. Lido became the leader with $15.1 billion, while MakerDAO ($6 billion) and AAVE ($5 billion) hold the second and third lines of the rating, respectively.

Data: DeFi Llama.

TVL in Ethereum applications fell to $24.55 billion. Decentralized exchange (DEX) trading volume over the past 30 days was $47.7 billion.

Uniswap continues to dominate the non-custodial exchange market, accounting for 54.3% of total turnover. The second DEX in terms of trading volume is PancakeSwap (14.6%), the third is Curve (11.3%).

Curve lost $61.7 million in the hack. DEX returned 70% of funds

On July 30, an unknown person attacked Curve Finance’s stablecoin pools using a vulnerability in the Vyper code. Initially, the total losses from the hack were estimated at $47 million. According to Defi Llama, the amount increased to $61.7 million.

The incident affected Alchemix, JPEG’d, MetronomeDAO, Ellipsis and deBridge projects. More than 450 pools were at risk due to the bug.

On August 4, the hacker partially returned the funds by transferring assets worth more than $20 million to the JPEG’d and Alchemix projects. The attacker received the promised reward of 10% of the amount.

On August 6, Curve offered a $1.85 million reward for identifying the hacker in order to bring him to justice. The project team announced the expiration of the deadline for the voluntary return of funds and the readiness to abandon prosecution in the event of a full refund of the stolen assets.

On August 11, Curve announced a 70% refund. The team is investigating the remaining 30% and is working to determine the proportion of each impacted user “with a view to proper distribution.”

DEX Cypher lost $1 million in a hack

An unknown person hacked the Cypher decentralized exchange based on Solana and withdrew about $1 million in cryptocurrencies.

The team froze the protocol’s smart contracts and launched an investigation. The developers also invited the hacker to get in touch to discuss the possibility of a refund.

Experts consider Cypher one of the fastest growing protocols in the Solana ecosystem. This is partly due to the loyalty program, which rewards users with points. Some speculate that this is in preparation for the airdrop.

Uniswap integrates Base L2 network from Coinbase

The largest Ethereum-exchange Uniswap has integrated the second level solution Base, supported by the leading American cryptocurrency company Coinbase.

Base is built on top of Optimism’s OP Stack software stack. It operates as an Ethereum rollup network and aims to reduce transaction fees for members of the Coinbase and DeFi ecosystem.

On August 9, Coinbase opened the Base mainnet to the public. The network’s TVL reached $153 million, it outperformed StarkNet, which has been operating since 2021, in this indicator.

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