Curve Finance pledges reimbursement after exploit
Curve Finance, the decentralized finance (DeFi) protocol, has announced its commitment to reimbursing users affected by a recent hack, which resulted in $62 million in losses. The platform has stated that investigations are ongoing, with 79% of the stolen funds already returned. To ensure a fair distribution of resources, Curve Finance will assess each impacted user for reimbursement. The hack involved the exploitation of vulnerabilities in Curve Finance's Vyper compiler release history.
Zunami Protocol suffers stablecoin pool attack
Zunami Protocol, another DeFi platform, has suffered an attack on its stablecoin pools on Curve Finance. The protocol has advised users against purchasing its Zunami Ether (zETH) or Zunami USD (UZD) stablecoins as it investigates the potential exploit. The estimated loss from the attack is $2.1 million. Zunami Protocol reassured users that the collateral remains secure.
ConsenSys launches zkEVM Linea and bridges $26 million in ETH
Blockchain technology firm ConsenSys has completed the public launch of its zero-knowledge Ethereum Virtual Machine (zkEVM), Linea. The platform has already onboarded over 150 partners and bridged more than $26 million worth of Ether (ETH). Linea offers a layer-2 scaling solution, allowing developers to migrate existing decentralized applications (DApps) from Ethereum's mainnet or other scaling solutions. It aims to provide lower transaction costs and higher throughput for DApps in the Ethereum ecosystem.
SpiritSwap saved from shutdown through community resolution
SpiritSwap, a decentralized exchange (DEX) on the Fantom blockchain, has been saved from shutting down after its funds were stuck on the Multichain protocol. In a community vote, SpiritSwap users passed a resolution to transfer the project to Power, another platform based on Fantom. Power will contribute $200,000 USD Coin (USDC) to the SpiritSwap treasury. SpiritSwap had announced plans to wind down operations if no team could take over after the Multichain exploit drained its treasury.
DeFi market overview
Despite recent market turmoil, the total value locked in DeFi protocols experienced a bullish surge in the past week. However, a dip on Thursday erased some of the gains, leaving most tokens trading in the red. The total value locked into DeFi protocols reached $49.8 billion, the highest in five months.
Stay tuned for more DeFi updates next Friday!
