The DeFi landscape is grappling with a series of challenges, as it strives to recover from the aftermath of the Curve Finance hack.
While containment efforts are underway, a fresh wave of vulnerabilities emerged within the past week.
Steadefi, a prominent DeFi protocol, finds itself ensnared in an ongoing exploit, compounding the industry’s woes amid the ongoing recovery from the Curve crisis.
In a bid to mitigate risks associated with the Curve token price, Binance stepped in by injecting $5 million into the Curve token, subsequent to the hacker’s partial fund return.
This move aims to stabilize the ecosystem and shore up confidence.
Meanwhile, Aptos, the driving force behind the layer-1 Aptos Network, has solidified a partnership with tech giant Microsoft.
This collaboration is set to catalyze the adoption of Web3 solutions across financial institutions. The Aptos token witnessed an impressive surge, soaring by double digits on the back of this association.
Breaking new ground, Coinbase has accomplished a significant milestone. It has introduced Base, a decentralized layer-2 platform, marking a historic move as the first publicly listed company to venture into this domain.
This development has piqued substantial interest from the DeFi community.
Binance Labs, the investment arm of Binance exchange, made waves by investing $5 million into Curve Finance (CRV), the token underpinning the decentralized stablecoin trading platform.
The platform boasts the distinction of being the largest stableswap and second-largest DEX, currently holding about $2.4 billion in total locked value.
Aptos Network, empowered by the synergy with Microsoft, is on a growth trajectory, recording an impressive 11.6% surge.
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This collaboration harnesses Microsoft’s AI tools to expedite the adoption of Web3 in the realm of banking and finance.
The integration with Microsoft’s Azure OpenAI service will drive innovation in asset tokenization, on-chain payments, and central bank digital currencies.
Coinbase’s Base network has transitioned from an exclusive builder phase to a user onboarding phase, signaling a major milestone.
Several Web3 development teams have capitalized on this opportunity, unveiling apps for the Base network.
The launch has been accompanied by a calendar of celebratory events to commemorate this achievement.
The DeFi ecosystem experienced a setback with the exploitation of Steadefi, resulting in a loss of approximately $334,000.
The development team conveyed the gravity of the situation, stating that all funds are presently at risk. The incident has caused a decline in the app’s total locked value, as confirmed by DefiLlama data.
As the DeFi market faced bearish headwinds over the past week, the top 100 DeFi tokens by market capitalization exhibited a mixed performance, with most tokens experiencing losses.
Despite the challenges, the total value locked in DeFi protocols remained below the $50 billion mark, reflecting the sector’s resilience amid adversity.
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