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😨 DeFi Trembles Post Hack: DeFi Week of July 31
![The Defiant](/_next/image?url=%2Ffavicon.png&w=256&q=75)
Weekly Recap
Happy weekend Defiers!The news cycle was dominated by the fallout from an exploit to the Vyper programming language this week. The exploit allowed hackers to siphon $70M worth of assets from Curve Finance Alchemix, Metronome, and JPEG’d. After the affected protocols put up a bounty, the attacker started returning the funds.
The attack sent CRV price plunging, which increased liquidation risk for Curve founder Michael Egorov's $90M worth of loans backed by CRV across various DeFi protocols. A further sharp decline in CRVs price down to $0.31 could liquidate Egorov's position. Curve’s founder frantically started to pay down his debts, including by selling claims to his CRV over-the-counter at a 40% discount compared to market value.
Elsewhere, it was a big week for Base, the hyped Layer 2 network from top U.S. centralized exchange, Coinbase. Base announced its “general access” mainnet launch will go live on August 9, following the network opening its doors to developers in mid-July. Base will launch front-end interfaces for bridges allowing lay users to migrate assets from Ethereum to the network, and kick off its promotional campaign, OnChain Summer.