Ethereum

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
The <a href="https://u.today/crv-deposits-and-withdrawals-suspended-on-two-major-exchanges" rel="noopener noreferrer nofollow">attack and woes</a> of popular decentralized finance (DeFi) protocol Curve Finance have far-ranging negative implications, affecting more blockchains in the Web3.0 ecosystem. Ethereum is a leading victim of this hack as the Layer 1 network has <a href="https://twitter.com/intotheblock/status/1686359219459518464" rel="noopener noreferrer nofollow">seen a major plunge</a> of about 8% in its total value locked (TVL) in the few days since the Curve attack went mainstream. 
As data from IntoTheBlock (ITB) shows, the TVL slipped from $43.82 billion on Sunday, July 30, to the $40.2 billion it is currently pegged at at this time. 
<blockquote class="twitter-tweet"> 
 Total Value Locked (TVL) in <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> DeFi has fallen by almost 8% since Sunday. The decline, likely triggered by the uncertainty following the <a href="https://twitter.com/hashtag/Curve?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Curve</a> attack, represents a sharp decrease. To put this in context, the decrease amounts to $3.55B, with Curve's TVL on ETH comprising… <a href="https://t.co/lZXWwvBfWQ" rel="noopener noreferrer nofollow">pic.twitter.com/lZXWwvBfWQ</a>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1686359219459518464?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 1, 2023</a> 
</blockquote> 
Curve, prior to its exploit, was ranked as one of the top Ethereum-based stablecoin exchanges. Curve Finance occupies a pivotal niche on Ethereum and helps to drive robust liquidity, one that now appears to be significantly threatened by the hack. The 8% slump in TVL can be attributed to Curve, seeing as the protocol is one of the dominant trading venues on the Ethereum blockchain. 
Per the dollar valuation, the TVL decrease on Ethereum is pegged at around $3.55 billion as the TVL of Curve slipped to new lows on the protocol. 
<h2 id="major-setback-for-ethereum">Major setback for Ethereum?</h2> 
While the exploit of Curve Finance is a major setback for the DeFi protocol community, it is not a major challenge for Ethereum in itself. 
Ethereum is branded as <a href="https://u.today/how-many-ethereum-eth-addresses-show-real-activity-you-would-be-surprised" rel="noopener noreferrer nofollow">one of the most vibrant</a> smart contracts in terms of the decentralized applications resident on it, and whatever happens to Curve, other protocols will be able to fill in the gap in no time. As a frontline proof-of-stake (PoS) blockchain, Ethereum is constantly pushing for ecosystem expansion, a trend that is notably being <a href="https://u.today/polygon-matic-nailwal-zkevm-launch-changes-world-forever" rel="noopener noreferrer nofollow">spearheaded</a> by the tons of Layer 2 networks surrounding it. 
The confluence of all of these protocols are bound to help boost the liquidity of Ethereum and help return its TVL to prior levels.

Ethereum (ETH) Might Be Biggest Victim of Curve Attack, Here's How

Съдържание

U_Today

Други статии, публикувани на 1.08.2023 г.

XRP Price Slides Below $0.7; While it Gears up to Take on a Major Move

FED Member Bostic Made a Previously Unannounced Surprise Speech: Will There Be a Rate Hike in Sep...

Could Uniswap (UNI) Take Advantage of Curve Finance’s (CRV) Fall?

Exciting Updates on Footprint Data API - Free to Use!

Chainlink (LINK) Price Prediction 2024, 2025, 2026-2030

SEC Orders Coinbase to Delist All Assets Except Bitcoin

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!