🔒Aave Freezes Assets To Guard Against Security Vulnerability

GM Defiers!

The top DeFi lending protocol, Aave, froze many of its markets after identifying a security vulnerability affecting pools offering fixed-interest borrowing. AAVE holders are now voting on a governance proposal to resume normal operations in roughly one week.

Arbitrum governance backed a proposal to introduce a staking mechanism for ARB holders. Voting is also ongoing for a closely contested proposal pushing for the launch of an "Arbitrum Coalition" tasked with research and development.

Bank of England published stablecoin regulation set to take effect next year. Stablecoin issuers will be subject to the central bank's oversight and will need permission to operate in the U.K.

A new NFT collection inspired by a Simpsons episode parodying the non-fungibles sector quickly sold out. The NFTs cost $19 each to mint and are now trading at a $300 floor price.

Cardano announced it will adopt Polkadot's Substrate technology to underpin its upcoming "partner chain" initiative, Input Output Global. The pivot seeks to revamp Cardano from single chain into an ecosystem of multiple networks.

Multiple attendees of Yuga Labs' ApeFest conference reported suffering burns to their skin and eyes due to excessive exposure to ultraviolet lighting. The incident gave new meaning to the cryptocurrency trope of Bitcoin maximalists donning "laser eyes."

Plus, check out our deep dive into the emerging SocialFi sector!

✍️ In today’s newsletter:

• Aave freezes markets to patch vulneraility
• Arbitrum to introduce staking mechanism
• Arbitrum Council proposal divides community
• U.K. central bank publishes stablecoin guidance
• Simpsons-inspired NFTs sell out
• ApeFest attendees suffer UV exposure
• Cardano borrows Polkadot tech
• Everything you need to know about SocialFi

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