DeFi Herald: TVL Up 15% in a Month, Curve Announces Stablecoin

DeFi Herald: TVL Up 15% in a Month, Curve Announces Stablecoin

DeFi Newsletter: TVL is up 15% in a month, and Curve announced a stablecoin

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.

Key indicators of the DeFi segment

The amount of blocked funds (TVL) in DeFi protocols has grown to $88.67 billion. The leader is MakerDAO with $8.6 billion, while Lido ($7.45 billion) and AAVE ($6.56 billion) hold the second and third places respectively.

DeFi Newsletter: TVL is up 15% in a month, and Curve announced a stablecoin

Data: DeFi Llama.

TVL in Ethereum applications has grown to $57.03 billion. Over the past 30 days, the indicator has increased by 24% (on June 30, the value was $46.11 billion).

DeFi Newsletter: TVL is up 15% in a month, and Curve announced a stablecoin

Data: DeFi Llama.

Decentralized exchange (DEX) trading volume totaled $56.5 billion over the past 30 days 

Uniswap continues to dominate the non-custodial exchange market, accounting for 66.6% of total turnover. The second DEX in terms of trading volume is Curve (12.2%), the third is DODO (6%).

Curve Finance will launch its own stablecoin

Decentralized exchange Curve Finance is preparing to launch its own stablecoin. According to the founder of the project, Mikhail Yegorov, the stablecoin will have super-collateral.

He declined to disclose further details.

The prospect of launching a stablecoin caused a strong reaction among CRV token holders. The asset soared 20% in a day.

The Lido Finance team will launch liquid staking in L2 solutions for Ethereum

The Lido Finance team announced the launch of Ethereum 2.0 liquid staking service on Layer 2 (L2) scaling networks.

“For users, this means staking with lower fees and access to a new set of decentralized applications for increasing profitability,” the developers wrote.

The project team emphasized that they would not limit themselves to a separate L2 solution. The service will be launched “in all sufficiently verified second-level networks with demonstrated economic activity.” They plan to start with Arbitrum and Optimism.

The number of decentralized applications in the Polygon network has exceeded 19,000

The developers of the Polygon Ethereum network of second-tier solutions reported on the achievements of the project for the first half of 2022 and talked about plans for the next six months.

By July, the number of decentralized applications running on the network reached 19,000, the average monthly number of transactions was 90 million, and the total number of smart contract creators exceeded 153,000.

The project has paid out $2 million in hackathon rewards and grants through the Gitcoin platform.

The project created a free online school, Polygon Academy, and expanded the capabilities of PolygonDAO.

DeFi Investments

Decentralized Trading Platform Hashflow Closes $25M Series A Funding Raises Company Valuation to $400M

The participants of the investment round are Coinbase Ventures, Kraken Ventures, Electric Capital, Dragonfly Capital Partners, LedgerPrime, Jump Crypto, Wintermute Trading, GSR, Kronos Research, Altonomy, Fabric Ventures, Evernew Capital and others.

The funds raised will go to “continue to scale regardless of market conditions.”

Founded in 2021, Hasfhlow plans to launch on the Solana blockchain and offer structured products before the end of 2022.

Decentralized oracle network Empiric NetworkStarkNet raises $7 million seed funding round based on Tier 2 scaling solution.

Led by Variant, data partners Alameda, CMT Digital, Flow Traders, FTX and Gemini, StarkWare team behind StarkNet , a number of other companies and business angels.

Empiric noted that blockchain oracles are necessary to provide smart contracts with external data. Traditional oracles are centralized and use an autonomous infrastructure that produces the final result without the possibility of verification.

Raised funds will be used to hire new employees.

Hacks and scams

On July 23, an unknown person withdrew about $6 million in digital assets from the treasury of the Audius decentralized streaming platform.

An attacker changed the smart contract configuration and initialized a malicious management proposal.< /p>

According to security firm CertiK, an unidentified individual modified the platform's smart contract configuration, allowing him to assign his address “trustee” status and change the voting period.  

After that, the attacker posted a proposal to manage the project , which involved the transfer of 18 million AUDIO to a third-party wallet, and voted in his favor.

At the time of the attack, the market value of the stolen assets was about $6 million, but due to strong price slippage, the hacker sold them for 705 ETH (~$1.14 million). According to Etherscan, the attacker transferred funds to the address of the Tornado Cash mixer. 

PeckShield analysts noted that an unknown person managed to access the Audius treasury due to “inconsistencies” in certain elements of the project's storage management system. 

The Solana Nirvana Finance yield farming protocol was attacked using an instant loan. Attackers withdrew digital assets worth $3.49 million from the project treasury.

Representatives of Nirvana Finance turned to the hacker with a request to return the funds and switch to the status of a white hacker. The project offered to leave $300,000 for the identified vulnerability.

According to the statement, the developers managed to find the attacker's wallet on an unnamed centralized platform, and are now working to identify it.

According to the Solana block explorer. fm, the hackers used an instant loan on the Solend platform of 10 million USDC to manipulate the price oracle of the protocol.

The funds allowed them to issue a large number of utility tokens of the ANA project, the value of which as a result of these actions exceeded $10 million.< /p>

Also on ForkLog:

  • Marsbase OTC marketplace adds support for over 1000 tokens.
  • The Lido community has rejected the sale of 10 million LDOs to Dragonfly Capital.
  • Curve Finance has applied for a 1 million OP grant from Optimism.

Read ForkLog bitcoin news on our Telegram for cryptocurrency news, rates and analytics.