DeFi tries to recover from Curve hack, but exploits continue: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.
The DeFi ecosystem is yet to recover from the crisis brought on by the Curve Finance hack, and even though the issue seems contained, another set of exploits hit the DeFi ecosystem this past week.
DeFi protocol Steadefi is the latest victim of an ongoing exploit as the ecosystem was still recovering from the Curve crisis.
Binance came forward to invest $5 million in the Curve token as the hacker partially returned the funds to manage the risk associated with the Curve token price.
In other news, Aptos has partnered with Microsoft to collaborate on multiple Web3 solutions, helping its token soar in double digits. Coinbase became the first publicly listed company to launch a decentralized layer-2 platform called Base, which has already attracted significant interest from the DeFi community.
Binance Labs, the venture arm of cryptocurrency exchange Binance, has invested $5 million in Curve Finance (CRV), the namesake token of the decentralized stablecoin trading platform.
“Curve is the largest stableswap and second-largest DEX [decentralized exchange], with approximately $2.4 billion in total value locked and $215 million in daily volume at the time of writing,” Binance Labs said in the Aug. 10 announcement. Yi He, Binance’s co-founder and head of Binance Labs, said the firm is pledging its full support to the DEX “given recent events that have impacted the protocol.”
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Aptos (APT), the cryptocurrency powering the layer-1 Aptos Network, is up approximately 11.6% since announcing it will leverage Microsoft’s suite of artificial
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