💣Balancer TVL Sheds $200M After Revealing $33M Could Be At Risk

GM Defiers!

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