The decentralized finance (DeFi) sector continues to attract heightened attention from cryptocurrency investors. ForkLog has assembled the most significant events and news from recent weeks in a digest.
Key metrics of the DeFi segment
Total value locked (TVL) in DeFi protocols fell to $41.94 billion. The leader was Lido with $15.1 billion, while MakerDAO ($6 billion) and AAVE ($5 billion) hold the second and third spots respectively.
TVL in Ethereum apps fell to $24.55 billion. The 30-day trading volume on decentralized exchanges (DEX) stood at $47.7 billion.
Uniswap continues to dominate the non-custodial exchange market — it accounts for 54.3% of total turnover. The second DEX by trading volume is PancakeSwap (14.6%), the third is Curve (11.3%).
Curve lost $61.7 million in the hack. The DEX returned 70% of funds
On July 30, an unknown attacked Curve Finance’s stablecoin pools, exploiting a vulnerability in the Vyper code. Initially total losses from the hack were estimated at $47 million. According to Defi Llama, the amount rose to $61.7 million.
The incident affected projects Alchemix, JPEG’d, MetronomeDAO, Ellipsis and deBridge. Due to the bug, more than 450 pools were at risk.
On August 4 the hacker partially returned funds, transferring assets worth over $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 reward of $1.85 million for identifying the hacker to bring him to court. The project team said the deadline for voluntary restitution had expired and that they were prepared to drop the pursuit if the stolen assets were fully returned.
On August 11 Curve announced the return of 70% of the funds. The team is investigating the remaining 30% and is working to determine the shares of each affected user “for proper distribution.”
DEX Cypher lost $1 million in a hack
An unknown hacker hacked the Solana-based decentralized exchange Cypher and withdrew around $1 million in crypto assets.
The team froze the protocol’s smart contracts and opened an investigation. The developers also invited the hacker to contact them to discuss the possibility of returning the funds.
Experts regard Cypher as one of the fastest-growing protocols in the Solana ecosystem. Partly this is due to a loyalty program that rewards users with points. Some speculate that this is a setup for an airdrop.
Uniswap integrates Coinbase’s Base Layer-2
The largest Ethereum exchange Uniswap integrated the Layer-2 Base network, supported by the leading American crypto company Coinbase.
Base is built on the OP Stack from Optimism. It operates as an Ethereum-scale rollups and aims to reduce transaction fees for participants in the Coinbase ecosystem and the DeFi sector.
On August 9, Coinbase opened the Base mainnet for public access. The network’s TVL reached $153 million, placing it ahead of StarkNet, which has been operating since 2021.
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