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  • Curve finance solves exploits

Curve finance solves exploits

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news – a newsletter designed to bring you significant developments over the past week.

Last week, cross-bridge protocols became the focus of DeFi discussions as a new report showed RenBridge was used to launder $540 million in stolen funds. Curve Finance, on the other hand, resolved its site exploit and asked users to revoke all recent contracts.

Interlay, a London-based blockchain company, has launched a Bitcoin (BTC)-based cross-chain bridge on Polkadot named interBTC (iBTC), DeFi platform says sanctioned addresses will no longer be able to access the app .

The majority of the top 100 DeFi tokens saw a further surge in bullish momentum along with the rest of the market, with several of the tokens seeing double-digit gains on the weekly charts.

Curve Finance fixes site exploits and asks users to revoke any recent contracts

On August 9, automated market maker Curve Finance took to Twitter to warn users of an exploit on its site. The team behind the protocol noted that the issue, which appeared to be a malicious actor attack, affected the service’s name server and interface.

Curve said via Twitter that its exchange – which is a separate product – did not appear to be affected by the attack, as it uses a different domain name system (DNS) provider.

Inter-chain bridge RenBridge laundered $540 million in hacked proceeds: Elliptic

Cross-chain bridges have been the target of more than a few hacks this year, but new data from blockchain analytics provider Elliptic alleges one was used to launder more than half a billion dollars in crypto assets ill-gotten.

According to a new report, crypto bridge RenBridge has facilitated the laundering of at least $540 million in proceeds of crime since 2020 through a process known as chain hopping – converting one form of cryptocurrency to another and moving it across multiple blockchains.

Interlay Launches Trustless Stablecoin BTC Bridge on Polkadot

Interlay, a London-based blockchain company, has launched a BTC-based cross-chain bridge on Polkadot. Named interBTC (iBTC), the bridge enables the use of Bitcoin on non-native blockchains for DeFi, cross-chain transfers, and non-fungible tokens (NFTs), among other things.

interBTC operates as a BTC-backed stablecoin, secured by a decentralized network of oversized vaults, which Interlay claims resembles MakerDAO’s Dai (DAI) token, a stablecoin on the Ethereum blockchain.

DeFi Oasis platform will block wallet addresses deemed risky

According to a new Discord community post from August 11, the DeFi platform indicates that sanctioned addresses will no longer be able to access the app.

As a result of the change to the Terms of Service, wallets flagged as high risk are prohibited from using to manage positions or withdraw funds. Instead, such a category of users must interact directly with the relevant underlying protocol where the funds are stored or find another service.

DeFi market overview

Analytical data reveals that the total value locked in DeFi registered an increase of $5 billion compared to last week, posting a value of $68.94 billion. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a bullish week, with several tokens posting double-digit gains.

Ankr (ANKR) was the biggest gainer in the top 100, registering a 48% increase over the past week, followed by Avalanche (AVAX) with a 20% increase. Oasis Network (ROSE) saw its prices increase by 18%, and Chainlink (LINK) was up 16% on the weekly chart.

Thanks for reading our roundup of this week’s most impactful DeFi developments. Join us next Friday for more stories, ideas and education in this dynamically evolving space.

*This article was originally published in Cointelegraph

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