Ethereum

Curve DAO Token

● Exploit on Curve Finance led to a significant fallout across various DeFi protocols, with losses estimated to be over $50 million.● Llama and Chaos Labs proposed changes to the Ethereum Aave v2 Liquidity Pool, suggesting disabling borrowing while maintaining the ability to deposit assets.● The exploit triggered panic across the DeFi ecosystem, leading to a decline in Curve DAO (CRV) value and a $2.3 billion drop in the total value locked (TVL) across the DeFi ecosystem.Llama and Chaos Labs have <a href="https://app.aave.com/governance/proposal/125/" rel="noopener noreferrer nofollow">proposed</a> a series of changes to the Ethereum Aave v2 Liquidity Pool. The proposal, an alternative to <a href="https://google.aip.dev/121" rel="noopener noreferrer nofollow">AIP-121</a>, a proposal aimed at enhancing transparency and accountability, suggests disabling borrowing while maintaining the ability to deposit assets across the majority of reserves. This initiative aims to mitigate the risk profile across many higher volatile assets following the contraction of liquidity across markets.This proposal was triggered by a significant exploit on the Curve Finance stablecoin lending platform, which led to substantial fallout across various protocols. The <a href="https://twitter.com/CurveFinance/status/1685693202722848768?s&#61;20" rel="noopener noreferrer nofollow">attack</a>, executed on July 30, resulted in losses estimated to be over $50 million. It was carried out across several stable pools running older versions of the Vyper smart contract programming language.Curve Finance, a DeFi protocol that facilitates the decentralized exchange of stablecoins within Ethereum, alerted its users to the exploit. It was revealed that a number of stable pools using Vyper 0.2.15 had been compromised due to a malfunctioning reentrancy lock. However, Curve Finance assured its users that its crvUSD stablecoin pools remained unaffected.Read full article at <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Cr</a><a href="https://cryptotale.org/defi-ecosystem-rocked-by-curve-finance-exploit-leads-to-borrowing-changes/" rel="noopener noreferrer nofollow">yptoTale.</a>

DeFi Ecosystem Rocked by Curve Finance Exploit, Leads to Borrowing Changes

CryptoTale

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