DeFi Herald: Nomad Lost Nearly $200M and TVL Up 24% in a Month

The decentralized finance (DeFi) sector continues to attract increased attention from cryptocurrenciesinvestors. ForkLog has collected the most important events and news of recent weeks in a digest.

The main indicators of the DeFi segment

Locked funds (TVL) inDeFi protocols fell to $67.97 billion. MakerDAO became the leader with $9.17 billion, while Lido ($8.75 billion) and AAVE ($7.6 billion) hold the second and third lines of the rating, respectively.

Data: DeFi Llama.

TVL in Ethereum applications fell to $39.92 billion. Over the past 30 days, the indicator has increased by 31% (on July 13, the value was $30.37 billion).

Data: DeFi Llama.

Trading volume on decentralized exchanges (DEX) over the past 30 days amounted to $58.6 billion. 

Uniswap continues to dominate the non-custodial exchange market, accounting for 70% of total turnover. The second DEX in terms of trading volume is Curve (10.1%), the third is Balancer (5.1%).

Chainalysis: damage from hacking of cross-chain protocols since the beginning of the year has reached $2 billion 

Since the beginning of the year, the amount of stolen funds as a result of 13 attacks on cross-chain protocols has reached $2 billion, according to Chainalysis analysts.

The share of attacks on bridges amounted to 69% of all funds stolen by attackers in 2022.

“As the transferred value increases throughcross-chain protocols are growing in their appeal in the eyes of hackers. This poses a serious threat to building trust in blockchain technology,” the experts noted.

In their opinion, the solution of a technical problemdesigning cross-chain protocols can only be a strict code audit, which will allow creating a library of reliable smart contracts as templates for other developers.

DeFi platform Oasis will block sanctioned addresses

As a result of the change in the “Terms of Service” of the Oasis platform, sanctioned wallets will not be able to access the project’s application at the front-end level.

Users will not be allowed to use Oasis.app to manage positions and withdraw funds.

The platform did not disclose what tools it uses to identify high-risk wallets. The developer under the pseudonym banteg suggested that Oasis, following Uniswap, turned to the services of TRM Labs.

According to the site, the protocol manages $3.42 billion worth of deposits, with transaction volume over the past 30 days totaling $4.6 billion.

Aave Community Approves Launch of Decentralized Stablecoin GHO

The Aave DeFi community has approved the launch of the USD-pegged decentralized stablecoin GHO in the ecosystem.

Over the course of three days of voting, Aave DAO participants contributed over 500,000 AAVE tokens to the Snapshot platform. The proposal received almost unanimous support. 

GHO is a redundantly collateralized stablecoin—the same model used in MakerDAO's DAI.

The collateral will be a “diversified set of crypto assets” backed by Aave. At the same time, users will continue to receive interest on tokens blocked as collateral.

Interest payments on loans in GHO will be transferred to the treasury of Aave DAO. The latter will take over the tool management functions.

Head of Integrations at Aave Mark Zellersaid that the timing of the launch of the stablecoin will depend on the results of the audits. He emphasized that the development team "puts security ahead of deployment speed."

Investing in DeFi

DeFi protocolInjective Protocolraised $40 million in a funding round with participation from billionaire Alan Howard's Brevan Howard Digital and Jump Crypto.

The funds raised will be used to develop the project's ecosystem and Web3 technologies.

The INJ token reacted to the news by rising to $2.4. At the time of writing, the asset has retraced to the $1.95 area.

Venture capital firm Lightspeed Venture Partners led the startup's Series A funding roundUnstoppable Financein the amount of 12.5 million euros ($12.8 million).

It also featured Speedinvest, Rockaway Blockchain Fund, Backed VC, Inflection, Discovery Ventures, Fabric Ventures, and Anagram.

The project is preparing to launch a non-custodial crypto wallet, DeFi Ultimate, with the ability to directly connect to yield protocols and decentralized exchanges. 

The proceeds will also be used to expand in the US market. According to the Unstoppable Finance team, there are over 300,000 pre-registrations on the waiting list.

Hacks and scams

August 2 cross-chain protocolNomadsuffered a hacker attack, as a result of which the attackers withdrew crypto assets worth about $200 million.

Her character allowed everyone to copyhacker's transaction and change the address for receiving funds to your own. Thus, both ordinary users and “white hat hackers” removed the cryptocurrency from the protocol.

By August 5, users returned $22 million (11% of stolen assets) to the Nomad storage address published after the attack.

More than 50% of the funds remain immobile in the wallets of hackers - they were offered a reward for the return of stolen assets.

On August 9, unknown persons compromised the frontend of the DeFi protocolCurve Finance. As a result, users lost assets worth $573,000.

The analysis showed that the server and provider infrastructures were not compromised. The root cause is still being sought.

On August 12, Binance CEO Changpeng Zhao reported that the attacker sent funds to the platform, after which the team froze and returned $450,000.

ERC-4626: how a new standard can revitalize the DeFi segment

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