Welcome to Finance Redefined, your weekly dose of important decentralized finance (DeFi) insights — a publication crafted to carry you essentially the most important developments from the previous week.
The DeFi ecosystem is but to get well from the disaster introduced on by the Curve Finance hack, and although the problem appears contained, one other set of exploits hit the DeFi ecosystem this previous week.
DeFi protocol Steadefi is the newest sufferer of an ongoing exploit because the ecosystem was nonetheless recovering from the Curve disaster.
Binance got here ahead to speculate $5 million within the Curve token because the hacker partially returned the funds to handle the danger related to the Curve token worth.
In different information, Aptos has partnered with Microsoft to collaborate on a number of Web3 options, serving to its token soar in double digits. Coinbase turned the primary publicly listed firm to launch a decentralized layer-2 platform referred to as Base, which has already attracted important curiosity from the DeFi neighborhood.
Binance invests $5 million in Curve token as hacker partially returns funds
Binance Labs, the enterprise arm of cryptocurrency alternate Binance, has invested $5 million in Curve Finance (CRV), the namesake token of the decentralized stablecoin buying and selling platform.
“Curve is the biggest stableswap and second-largest DEX [decentralized exchange], with roughly $2.4 billion in complete worth locked and $215 million in day by day quantity on the time of writing,” Binance Labs mentioned within the Aug. 10 announcement. Yi He, Binance’s co-founder and head of Binance Labs, mentioned the agency is pledging its full assist to the DEX “given latest occasions which have impacted the protocol.”
Aptos token rises 11.6% after Microsoft deal to marry AI with blockchain
Aptos (APT), the cryptocurrency powering the layer-1 Aptos Community, is up roughly 11.6% since saying it’ll leverage Microsoft’s suite of synthetic intelligence instruments to advance Web3 adoption amongst banks and monetary enterprises.
This might be achieved by enabling the Aptos Community to faucet into Microsoft’s Azure OpenAI service to discover improvements in asset tokenization, on-chain funds and central financial institution digital currencies, Aptos mentioned in an Aug. 9 assertion.
Base community has formally launched: Right here’s how it may be used
Coinbase’s Base community has formally launched after spending just a few weeks in an “open for builders solely” section. The community is now able to onboard customers, based on an Aug. 9 announcement from the group.
A number of Web3 growth groups have concurrently introduced that they’re releasing apps for Base, and the community’s group has launched a schedule of upcoming occasions to have fun its launch.
Breaking: ‘All funds are in danger’ — Steadefi exploited in ongoing assault
DeFi app Steadefi was exploited for no less than $334,000 on Aug. 7 in an ongoing assault. The app’s growth group mentioned in a social media submit that the assault presently “places all funds in danger.” The app’s complete worth locked has plummeted as a result of assault, based on information from DefiLlama.
The Steadefi group posted a message to X (previously Twitter) stating: “NOTICE: Steadefi has been exploited and all funds are presently in danger.” The group additionally confirmed that an on-chain message had been despatched to deal with 0x9cf71F2ff126B9743319B60d2D873F0E508810dc on Ethereum in an try to barter with the attacker. Blockchain information reveals a number of giant inflows on the Avalanche chain got here into this deal with, starting at 4:41 pm UTC on Aug. 7.
DeFi market overview
DeFi’s complete market worth noticed a bearish decline up to now week. Knowledge from Cointelegraph Markets Professional and TradingView reveals that DeFi’s prime 100 tokens by market capitalization had a combined week, with most tokens buying and selling within the pink. The whole worth locked into DeFi protocols remained beneath $50 billion.
Thanks for studying our abstract of this week’s most impactful DeFi developments. Be part of us subsequent Friday for extra tales, insights and schooling concerning this dynamically advancing house.
