Curve Finance to reimburse users, another DeFi hack, and ConsenSys launches L2: Finance Redefined

Welcome to Finance Redefined, your weekly dose of important decentralized financing (DeFi) insights– a newsletter crafted to bring you the most significant advancements from the previous week.Over 2 weeks after Curve Finances numerous pool exploits, the DeFi procedure has guaranteed the hack victims that it is evaluating each impacted user for repayment. This follows the exploiter returned 73% of the taken funds.The DeFi community moved beyond the Curve predicament only to face another set of exploits this previous week, with Zunami Protocol seeing its stablecoins pools exploited, leading to a bottom line of over $2 million. However, the week was likewise filled with positive developments as ConsenSys completed the general public launch of its zero-knowledge Ethereum Virtual Machine (zkEVM), Linea, with $26 million worth of Ether (ETH) bridged.In another advancement, Fantom-based decentralized exchange SpiritSwap was saved from its shutdown at the last moment through a community resolution.Curve Finance pledges to repay users after $62 million hackCurve Finance has formally stated its intention to repay users affected by its recent hack, which resulted in $62 million in losses. According to an X (formerly Twitter) post from its official account, continuous investigations are yielding development, with around 79% of the funds successfully recuperated. The platform likewise stated it would assess each affected user for reimbursement.This assessment aims to ensure an equitable distribution of resources. The event on July 30 included destructive stars exploiting vulnerabilities within the release history of Curve Finances Vyper compiler.Continue readingZunami Protocol validates stablecoin pools assaulted, $2.1 million loss estimatedDecentralized financing procedure Zunami Protocol has actually recommended users not to purchase any of its Zunami Ether (zETH) or Zunami USD (UZD) stablecoins after experiencing an attack on its “zStables” swimming pools on Curve Finance.On Aug. 13, Zunami confirmed on X that its stablecoin pools had actually come across an attack, including that collateral stays safe as it starts an investigation into the possible make use of. Continue reading$26 million ETH bridged: ConsenSys finishes public launch of zkEVM LineaConsenSys has actually completed the launch of its Ethereum scaling rollup Linea, onboarding over 150 partners and bridging more than $26 million in ETH to date.Linea went cope with choose partners onboarded to the alpha mainnet in July 2023, allowing developers to migrate existing decentralized applications (DApps) from Ethereums mainnet or other scaling solutions. The zkEVM is a layer-2 scaling option that offers lower transaction expenses and higher throughput for DApps in the Ethereum ecosystem.Continue readingFantom DEX saved at the l lth hour following a planned shutdownSpiritSwap, a decentralized exchange (DEX) on Fantom, will no longer shut its doors in September after its treasury funds were stuck on the struggling cross-chain protocol Multichain. In an Aug. 16 community vote, SpiritSwap users passed a resolution to transfer the project to Power, a fellow nonfungible token platform and DEX based on Fantom. Power will release 200,000 USD Coin (USDC) into the SpiritSwap treasury.On Aug. 9, SpiritSwap stated it would unwind operations by Sept. 1 if it might not discover a team to take over after the Multichain exploit drained its entire treasury. Interestingly, Power was likewise exposed to the Multichain mess however only suffered “little” losses, as its treasury assets were not bridged to Multichain. Continue readingDeFi market overviewDespite the late market chaos, DeFis overall value locked in DeFi protocols saw a bullish surge in the past week. Information from Cointelegraph Markets Pro and TradingView reveals that DeFis top 100 tokens by market capitalization had a bullish week; nevertheless, the late Thursday dip removed the gains, leaving most tokens trading in red on the weekly charts. The total value locked into DeFi procedures touched $49.8 billion for the first time in 5 months.Thanks for reading our summary of this weeks most impactful DeFi developments. Join us next Friday for more stories, insights and education concerning this dynamically advancing area.