Welcome to Finance Redefined, your weekly dose of important decentralized finance (DeFi) insights — a publication crafted to convey you probably the most important developments from the previous week.
The DeFi ecosystem is but to get better from the disaster introduced on by the Curve Finance hack, and regardless that the difficulty appears contained, one other set of exploits hit the DeFi ecosystem this previous week.
DeFi protocol Steadefi is the newest sufferer of an ongoing exploit because the ecosystem was nonetheless recovering from the Curve disaster.
Binance got here ahead to speculate $5 million within the Curve token because the hacker partially returned the funds to handle the chance related to the Curve token worth.
In different information, Aptos has partnered with Microsoft to collaborate on a number of Web3 options, serving to its token soar in double digits. Coinbase turned the primary publicly listed firm to launch a decentralized layer-2 platform referred to as Base, which has already attracted important curiosity from the DeFi group.
Binance invests $5 million in Curve token as hacker partially returns funds
Binance Labs, the enterprise arm of cryptocurrency change Binance, has invested $5 million in Curve Finance (CRV), the namesake token of the decentralized stablecoin buying and selling platform.
“Curve is the biggest stableswap and second-largest DEX [decentralized exchange], with roughly $2.4 billion in whole worth locked and $215 million in day by day quantity on the time of writing,” Binance Labs stated within the Aug. 10 announcement. Yi He, Binance’s co-founder and head of Binance Labs, stated the agency is pledging its full assist to the DEX “given latest occasions which have impacted the protocol.”
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Aptos token rises 11.6% after Microsoft deal to marry AI with blockchain
Aptos (APT), the cryptocurrency powering the layer-1 Aptos Community, is up roughly 11.6% since saying it is going to leverage Microsoft’s suite of synthetic intelligence instruments to advance Web3 adoption amongst banks and monetary enterprises.
This shall be achieved by enabling the Aptos Community to faucet into Microsoft’s Azure OpenAI service to discover improvements in asset tokenization, on-chain funds and central financial institution digital currencies, Aptos stated in an Aug. 9 assertion.
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Base community has formally launched: Right here’s how it may be used
Coinbase’s Base community has formally launched after spending a number of weeks in an “open for builders solely” section. The community is now able to onboard customers, in line with an Aug. 9 announcement from the group.
A number of Web3 growth groups have concurrently introduced that they’re releasing apps for Base, and the community’s group has launched a schedule of upcoming occasions to have a good time its launch.
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Breaking: ‘All funds are in danger’ — Steadefi exploited in ongoing assault
DeFi app Steadefi was exploited for a minimum of $334,000 on Aug. 7 in an ongoing assault. The app’s growth group stated in a social media put up that the assault presently “places all funds in danger.” The app’s whole worth locked has plummeted as a result of assault, in line with knowledge from DefiLlama.
The Steadefi group posted a message to X (previously Twitter) stating: “NOTICE: Steadefi has been exploited and all funds are presently in danger.” The group additionally confirmed that an on-chain message had been despatched to handle 0x9cf71F2ff126B9743319B60d2D873F0E508810dc on Ethereum in an try to barter with the attacker. Blockchain knowledge reveals a number of massive inflows on the Avalanche chain got here into this handle, starting at 4:41 pm UTC on Aug. 7.
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DeFi market overview
DeFi’s whole market worth noticed a bearish decline previously week. Knowledge from Cointelegraph Markets Professional and TradingView reveals that DeFi’s prime 100 tokens by market capitalization had a combined week, with most tokens buying and selling within the purple. The whole worth locked into DeFi protocols remained beneath $50 billion.
Thanks for studying our abstract of this week’s most impactful DeFi developments. Be a part of us subsequent Friday for extra tales, insights and schooling concerning this dynamically advancing house.
