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

The Defiant

The Defiant Daily

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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:

TickerValue24h
BTC$26,161↗ 0.21%
ETH$1,682↗ 0.79%
S&P 500$4,400↗ 0.69%
GOLD$1,893↙ -0.38%
Arch WEB30.74pts↙ -2.19%
↳ FINANCE0.79pts↙ -2.02%
↳ INFRA0.68pts↙ -1.95%
↳ CONSUMER0.88pts↙ -3.2%
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🎬 WATCH

Watch our video on the explosive rise of Friend Tech. And check out our podcast with Jon Hillis , the creator of Cabin, a network protocol for remote workers.

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DeFi

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.

READ MORE: Balancer Discloses Critical Vulnerability With $33M At Risk

DeFi

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.

READ MORE: Friend Tech Crosses 100,000 Users As Crypto Community Debates Its Longevity

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Stablecoins

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

DeFi

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.

READ MORE: Yuga Labs To Block OpenSea After NFT Marketplace Abandons Royalty Enforcement

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