☠️Over $70M Drained From Curve Pools
The DeFi space is reeling after an exploit saw over $70M drained from multiple Curve pools. Meanwhile, 99-year old Vera Molnár's generative NFT collection saw massive demand from collectors, and Securitize is moving to tokenize shares in a Spanish real estate investment trust.
We'll also delve into the proposed EIP-6968 upgrade, which could revolutionize the way dApps earn revenue on Layer 2. And don't miss our thrilling tale of anonymous blockchain sleuths unearthing hidden wallets tied to Terraform Labs.
✍️ In today’s newsletter:
- Vyper compiler bug sees Curve pools exploited
- Collectors snap up Vera Molnár’s generative NFTs
- Tokenized REIT shares are coming to Avalanche
- Proposed EIP-6968 introduces 'Contract Secured Revenue'
- Blockchain sleuths find $160M in alleged Terra wallets
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Over $70M Stolen From Multiple DeFi Protocols Due To Vyper Code Bug
TLDR Hackers exploited vulnerabilities in the Vyper smart contract language, resulting in over $70 million in losses from DeFi protocols like Curve, Alchemix, and JPEG'd. Curve DAO's CRV token dropped 15% drop, and DeFi lenders withdrew funds, causing borrowing fees to spike. Concerns have been raised about Curve founder Michael Egorov's large loans against his CRV holdings.
SO WHAT The incident serves as yet another wake-up call for both users and protocol developers to prioritize security measures at all levels of the software stack. For DeFi users and investors, it is essential to stay vigilant and exercise caution when participating in DeFi platforms. Diversifying assets across different protocols and staying informed about potential risks can help mitigate losses.
DeCommas Introduces Mission Control API for Web3 Developers.
DeCommas has been building Web3 and DeFi products since 2021, launching products like defi Strategies, cross-chain swap, portfolio-tracking and recently the revolutionary “Pathfinder feature”. In order to realize these tools a tremendous web3 toolstack has been developed. Today, DeCommas is announcing it’s making these tools available to Web3 builders across the globe!
DeCommas’ “Mission Control API” is a developers toolstack that offers a wide range of capabilities web3-, web3-curious and web2 developers build a multitude of web3 applications and features, such as portfolio trackers, web3 searchbars, asset swap features and activity feeds.
With response times under 250ms and a free tier allowing for up to 10,000,000 Computing Units the API is both the fastest and the most cost-efficient option available
Get free access, read documentation or learn more about Mission Control here: https://build.decommas.io/
Collectors Snap Up Vera Molnár’s Generative NFTs
TLDR Generative art pioneer Vera Molnár released an NFT collection called "Themes and Variations" in collaboration with Martin Grasser, the creator of Twitter's blue bird logo, on Sotheby's Metaverse digital art platform. Originally priced at 1.23 ETH, the NFTs have seen significant secondary market activity with sales reaching as high as 17.99 ETH.
SO WHAT The strong demand for the collection demonstrates that certain NFT projects can still command interest and high prices, even in a market that has experienced a general downturn. This indicates that there is continued demand for unique and influential digital art with historical significance.
Securitize Launches Tokenized Spanish REIT Shares
TLDR Securitize, a company specializing in tokenizing traditional securities, is issuing tokenized shares for the Mancipi S.A. real estate investment trust (REIT) in Spain. The goal is to raise 150 million EUR for the REIT, which focuses on commercial real estate in the healthcare sector.
SO WHAT This move aligns with the growing trend of web3 projects exploring opportunities in the tokenization of real-world assets. Bank of America predicts that traditional asset tokenization could become a $16T industry in 15 years.
Proposed Ethereum Upgrade Could Allow Layer 2 Developers To Share Fee Revenue
TLDR Ethereum developers propose EIP-6968, an upgrade enabling popular dApps on Layer 2 to earn a share of transaction fees through "contract secured revenue" (CSR). This could fund dApp development and incentivize developers to join the network.
SO WHAT By creating a new potentially lucrative revenue stream, Ethereum developers hope to attract more projects to build on Layer 2, fostering innovation and enhancing the overall scalability and efficiency of the Ethereum ecosystem.
Arkham Bounty Unearths $160M In Alleged Terra Wallets
TLDR Anonymous investigators on Arkham Intel Exchange have found previously undisclosed wallets holding over $160 million in digital assets tied to Terraform Labs and its founder, Do Kwon.
SO WHAT The Luna Foundation Guard's claim of possessing only 313 BTC in reserve is contradicted by the newly-discovered wallets containing over 5,200 BTC.