💣Balancer TVL Sheds $200M After Revealing $33M Could Be At Risk
Balancer v2's total value locked crashed from $747M to $551M in one day after disclosing a vulnerability placing liquidity pools holding $33M in assets at risk.
The surging socialfi dApp, Friend Tech, surpassed 100,000 users just two weeks after launching. However, some analysts are speculating Friend Tech's explosive growth may subside with the cessation of its airdrop campaign on Aug. 25.
USDC, the second-largest stablecoin, is undergoing a significant restructure following an investment from Coinbase in Circle, USDC's issuer. Centre, the consortium overseeing USDC governance, will now dissolve, with Circle assuming the entity's responsibilities moving forward.
And Yuga Labs, the team behind Bored Ape Yacht Club, will remove support for OpenSea from February 2024. The decision comes in protest of the NFT marketplace's decision to disable mandatory trading royalties for long-standing collections.
✍️ In today’s newsletter:
- Users pull $200M from Balancer following news of critical vulnerability
- Friend Tech's userbase spikes to six figures amid airdrop campaign
- USDC announces restructure following after Coinbase invests in Circle
- Yuga Labs to block OpenSea from February 2024
📈 Markets in last 24 hrs:
|S&P 500||$4,400||↗ 0.69%|
|Arch WEB3||0.74pts||↙ -2.19%|
|↳ FINANCE||0.79pts||↙ -2.02%|
|↳ INFRA||0.68pts||↙ -1.95%|
|↳ CONSUMER||0.88pts||↙ -3.2%|
Learn more about Arch Indices here.
THANKING OUR NEWSLETTER SPONSORS
| Newsletter continues below |
Welcome to a new era of Ethereum scalability. Build faster, more user-friendly Ethereum dapps with Linea's developer-ready zkEVM rollup. Explore 100s of partner creations and start your own journey today at linea.build
Davos Protocol seamlessly bridges traditional and decentralized finance, empowering access to robust yields via liquid staking tokens as collateral. Harness the power of our omnichain stablecoin, DUSD, and pioneer the future of financial inclusivity.
Balancer Discloses Critical Vulnerability With $33M At Risk
TLDR Balancer publicly revealed a critical vulnerability putting $33M worth of assets at risk on Aug. 21. The protocol urged users providing liquidity to its affected pools to withdraw their assets.
SO WHAT Users pulled nearly $200M from Balancer in 24 hours in response to the incident. The news comes three weeks after multiple DeFi protocols lost $70M to an exploit targeting Vyper, an Ethereum programming language.
Friend Tech Crosses 100,000 Users As Crypto Community Debates Its Longevity
TLDR More than 100,000 users have traded on Friend Tech, the surging socialfi platform on Base. The dApp's growth was supercharged by the launch of an airdrop campaign on Aug. 18.
SO WHAT Friend Tech's explosive rise has helped to propel Base, Coinbase's recently-launched Layer 2, to rank as Ethereum's top L2 by transation throughput. However, some analysts are tipping that Friend Tech will suffer a sharp decline in adoption when its rewards campaign expires.
.X is here.
Amid all the buzz about X, you may have spotted names like sandy.x being used across social media. The crypto community is quickly snapping up .x Web3 domains: more than than 230,000 .x domains have been minted through Unstoppable Domains.
Think of a .x domain as a domain with superpowers. Unlike traditional domains, they come with no annual or renewal fees, can be used to build a decentralized website or profile, and serve as a portable digital identity. You can also use a .x domain to replace your wallet address to send and receive crypto, login without a password, and much more.
Best of all, with no renewal fees, you never have to worry about losing your .x domain. Once you buy it, you own it for life. On the flip side, once your preferred name is registered, it’s gone forever – so be sure to get yours before someone else does.
You can secure your .x domain at Unstoppable Domains, starting at only $10.
Coinbase Invests In USDC Issuer Circle
TLDR Centre, the consortium overseeing USDC governance, will shut down following an investment from Coinbase into Circle, with Circle taking on Centre's responsibilities. Circle also announced that USDC will launch natively on six new chains from September through October.
SO WHAT Circle said it decided to dissolve Centre because of its deepened ties with Coinbase and the increasing regulatory clarity for crypto firms in the United States. USDC's expansion onto new chains also follows a 42% drop in its market cap since the start of 2023.
READ MORE: Coinbase Invests In USDC Issuer Circle
Yuga Labs To Block OpenSea After NFT Marketplace Abandons Royalty Enforcement
TLDR Yuga Labs, the controversial team behind several top NFT collections including Bored Ape Yacht Club, announced it will block OpenSea from listing its tokens starting February 2024. The moves protests OpenSea's recent decision to remove mandatory royalty fees for establish collections on the platform.
SO WHAT The move could deal a sizable blow to OpenSea's revenues, with Yuga Labs' NFTs driving $5B in all-time volume on the marketplace. Just three Yuga collections (BAYC, MAYC, and Otherdeed) combined are responsible for driving $100M worth of fees for OpenSea.
🔎 OUR REPORTERS ARE WATCHING
🔒 THE DEFIANT PREMIUM
“an industry must-read”
Become a premium subscriber today to read the whole post along with the rest of our subscriber-only content. Join 80k+ crypto innovators and get smart about DeFi and Web3. For just $15/month you’ll get:
- A weekly recap of the main DeFi and crypto news
- DeFi Alpha newsletter with the best yield opportunities
- A summary of our weekly podcast
- Exclusive access to Terminal beta
Plus you’ll be supporting independent financial journalism in crypto and helping us keep doing what we’re doing 😊