DeFi Herald: TVL Up 15% in a Month, Curve Announces Stablecoin

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 grew to $88.67 billion. MakerDAO became the leader with $8.6 billion, while Lido ($7.45 billion) and AAVE ($6.56 billion) hold the second and third lines of the rating, respectively.

Data: DeFi Llama.

TVL in Ethereum applications rose to $57.03 billion. Over the past 30 days, the indicator has increased by 24% (on June 30, the value was $46.11 billion).

Data: DeFi Llama.

Trading volume on decentralized exchanges (DEX) over the past 30 days amounted to $56.5 billion. 

Uniswap continues to dominate the non-custodial exchange market, accounting for 66.6% of total turnover. The second DEX in terms of trading volume is Curve (12.2%), the third is DODO (6%).

Curve Finance will launch its own stablecoin

Decentralized exchange Curve Finance is preparing to launch its own stablecoin. According to the founder of the project, Mikhail Egorov, the "stable coin" will have super-collateral.

He declined to reveal further details.

The prospect of launching a stablecoin caused a strong reaction among the holders of the CRV token. The asset soared 20% per day.

Lido Finance team will launch liquid staking in L2 solutions for Ethereum

The Lido Finance team announced the launch of the Ethereum 2.0 liquid staking service on Layer 2 (L2) scaling networks.

“For users, this means staking with lower fees and access to a new set of decentralized applications to increase profitability,” the developers wrote.

The project team emphasized that it would not be limiteda separate L2 solution. The service will be launched “in all sufficiently verified second-level networks with demonstrated economic activity.” They plan to start with Arbitrum and Optimism.

The number of decentralized applications in the Polygon network exceeded 19,000

The developers of the Polygon Ethereum network of second-level solutions reported on the project’s achievements in the first half of 2022 and talked about plans for the next six months.

By July, the number of decentralized applications running on the network reached 19,000, the average monthly number of transactions was 90 million, and the total number of smart contract creators exceeded 153,000.

The project has paid out $2 million in hackathon rewards and grants through the Gitcoin platform.

The project created a free online school Polygon Academy and expanded the capabilities of PolygonDAO.

Investing in DeFi

Decentralized trading platformhashflowclosed a Series A financing round of $25 million. The company's valuation reached $400 million.

Coinbase became the participants of the investment roundVentures, Kraken Ventures, Electric Capital, Dragonfly Capital Partners, LedgerPrime, Jump Crypto, Wintermute Trading, GSR, Kronos Research, Altonomy, Fabric Ventures, Evernew Capital and others.

The funds raised will be used to “continue scaling regardless of market conditions.”

Founded in 2021, Hasfhlow plans to launch on the Solana blockchain and offer structured products before the end of 2022.

Network of decentralized oraclesEmpiric Networkbased on its layer 2 scaling solution, StarkNet raised $7 million in a seed round of funding.

It was led by Variant and featured data partners Alameda, CMT Digital, Flow Traders, FTX and Gemini, the StarkNet team behind StarkWare, and a number of other companies and angels.

Empiric noted that blockchain oraclesnecessary to provide smart contracts with external data. Traditional oracles are centralized and use a self-contained infrastructure that produces the final result without the possibility of verification.

The proceeds will be used to hire new employees.

Hacks and scams

On July 23, an unknown person withdrew about $6 million in digital assets from the treasury of a decentralized streaming platformAudius.

The attacker modified the smart contract configuration and initialized a malicious management proposal.

According to security specialistcompany CertiK, an unknown person modified the configuration of the platform’s smart contract, which allowed him to assign the status of “guardian” to his address and change the voting period.  

After that, the attacker posted a project management proposal that involved the transfer of 18 million AUDIO to a third-party wallet, and voted in his favor.

At the time of the attack, the market value of the stolen goodsassets was about $6 million, but due to strong price slippage, the hacker sold them for 705 ETH (~$1.14 million). According to Etherscan, the attacker transferred funds to the Tornado Cash mixer address. 

PeckShield analysts noted that an unknown person managed to gain access to the Audius treasury due to the “inconsistency” of individual elements of the project’s storage management system. 

Yield farming protocol powered by SolanaNirvana Financewas attacked using an instant loan. The attackers withdrew digital assets worth $3.49 million from the project’s treasury.

Representatives of Nirvana Finance turned to the hacker with a request to return the funds and switch to the status of a white hacker. The project offered to leave $300,000 for the identified vulnerability.

According to the statement, the developers were able to locate the attacker's wallet on an unnamed centralized platform and are now working to identify it.

According to block explorer Solana.fm, the hackers used an instant loan on the Solend platform of 10 million USDC to manipulate the protocol's price oracle.

The funds allowed them to issue a large number of utility tokens of the ANA project, the value of which as a result of these actions exceeded $10 million.

Also on ForkLog:

• The Marsbase OTC platform has added support for over 1,000 tokens.
• The Lido community has rejected the sale of 10 million LDOs to Dragonfly Capital.
• Curve Finance has applied for a 1 million OP grant from Optimism.

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