Welcome to Finance Redefined, your weekly dose of important decentralized finance (DeFi) insights — a publication crafted to convey you probably the most vital developments from the previous week.
The DeFi ecosystem is but to recuperate from the disaster introduced on by the Curve Finance hack, and though the problem appears contained, one other set of exploits hit the DeFi ecosystem this previous week.
DeFi protocol Steadefi is the most recent sufferer of an ongoing exploit because the ecosystem was nonetheless recovering from the Curve disaster.
Binance got here ahead to take a position $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 grew to become the primary publicly listed firm to launch a decentralized layer-2 platform known as Base, which has already attracted vital curiosity from the DeFi group.
Binance invests $5 million in Curve token as hacker partially returns funds
Binance Labs, the enterprise arm of cryptocurrency trade Binance, has invested $5 million in Curve Finance (CRV), the namesake token of the decentralized stablecoin buying and selling platform.
“Curve is the most important stableswap and second-largest DEX [decentralized exchange], with roughly $2.4 billion in whole worth locked and $215 million in every day quantity on the time of writing,” Binance Labs stated within the Aug. 10 announcement. Yi He, Binance’s co-founder and head of Binance Labs, stated the agency is pledging its full assist to the DEX “given current occasions which have impacted the protocol.”
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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 asserting it’s going to 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 stated in an Aug. 9 assertion.
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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” part. The community is now able to onboard customers, in keeping with an Aug. 9 announcement from the staff.
A number of Web3 improvement groups have concurrently introduced that they’re releasing apps for Base, and the community’s staff has launched a schedule of upcoming occasions to rejoice its launch.
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Breaking: ‘All funds are in danger’ — Steadefi exploited in ongoing assault
DeFi app Steadefi was exploited for at the very least $334,000 on Aug. 7 in an ongoing assault. The app’s improvement staff stated in a social media publish that the assault presently “places all funds in danger.” The app’s whole worth locked has plummeted because of the assault, in keeping with knowledge from DefiLlama.
The Steadefi staff posted a message to X (previously Twitter) stating: “NOTICE: Steadefi has been exploited and all funds are presently in danger.” The staff 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 knowledge reveals a number of giant inflows on the Avalanche chain got here into this handle, starting at 4:41 pm UTC on Aug. 7.
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DeFi market overview
DeFi’s whole market worth noticed a bearish decline previously week. Information from Cointelegraph Markets Professional and TradingView reveals that DeFi’s high 100 tokens by market capitalization had a combined week, with most tokens buying and selling within the pink. The overall worth locked into DeFi protocols remained under $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 area.
