DeFi
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The decentralized finance (DeFi) sector continues to attract increased attention from cryptocurrency investors. ForkLog has collected the most important events and news of recent weeks in a digest.
The main indicators of the DeFi segment
The volume of funds blocked (TVL) in DeFi protocols increased to $49.08 billion. Lido became the leader with $10.46 billion, while MakerDAO ($7.65 billion) and AAVE ($5.6 billion) hold the second and third lines of the rating, respectively. .
Data: DeFi Llama.
TVL in Ethereum applications rose to $28.93 billion. Over the past 30 days, the indicator has increased by 1% (February 25, the value was $28.68 billion).
Data: DeFi Llama.
Decentralized exchange (DEX) trading volume totaled $127.6 billion over the past 30 days.
Uniswap continues to dominate the non-custodial exchange market, accounting for 64.6% of total turnover. The second DEX in terms of trading volume is SushiSwap (10.3%), the third is PancakeSwap (7.1%).
Euler Finance hacked for $196 million
On March 13, Euler Finance’s DeFi protocol was hacked. The damage amounted to more than $196 million.
Allegedly, the hacker used the “instant loans” option on the platform by posting unsecured collateral. Due to an error in the smart contract, he was able to liquidate the debt and withdraw the funds.
On March 14, the Euler Finance team disabled the vulnerable EToken module, blocking deposits. Representatives of the project also contacted the hacker and offered him a reward for returning the stolen funds.
On March 15, the attacker was required to return 90% of the stolen funds. Since there was no response, the company posted a $1 million reward for any information leading to the burglar’s arrest.
The hacker later sent ~$2.5 million worth of cryptocurrency to the Tornado Cash mixer. Lookonchain analysts also reported that the attacker moved 100 ETH to the address of the Lazarus Group associated with the attack on the Ronin network in March 2022.
On March 21, the hacker contacted the developers of the project via on-chain messages and offered to “establish a secure connection and come to an agreement.” Euler representatives expressed readiness to listen to his wishes.
In a few days, the EUL token collapsed from $6.5 to $1.6. At the time of writing, the asset is trading at $2.75 with a capitalization of $45 million, according to CoinGecko.
The DeFi Llama team forked the project
On March 19, the developer of the DeFi analytical platform Llama under the pseudonym 0xngmi, on behalf of the team, announced the launch of a fork of the project called llama.fi.
The reason he called disagreement with the decision to issue a platform token, which was made by “the person who controls the Twitter account and the defillama domain.”
“There is an ongoing attempt to launch a token that does not represent us. We do not want to be associated with this, ”said the developer.
In response, the owner of the llamaintern account, who identified himself as a DeFi Llama intern, spoke out:
“0xngmi and several team members have gone scammers. They are actively seeking to take over the Defillama IP address and community by incorrectly claiming that the rightful owner is carrying out a hostile takeover.”
Some community members sided with DeFi Llama founders Charlie Watkins and Ben Houser. yEarn.finance founder Andre Cronje wrote:
“It’s easy to stick to an ideology when you’re not paying your bills. Charlie has been financing all expenses for many years [проекта] out of your pocket, it’s not cheap.”
According to him, Watkins’ idea to issue a token is “not greed, but an attempt to achieve sustainability.”
“We’ll see how long they last without free money. Soon they will start looking for funding or add advertising, ”Cronje said.
Web3 developer AnonBuilder noted that paying bills does not cancel the work of the team.
“What he [основатель] wants to stop the depletion of funds, does not mean his right to put the entire project at risk,” he added.
Hayden Adams, the founder of Uniswap, recalled that the project of the platform for DeFi dashboards about three years ago began as a fork of the information platform of the largest DEX. He noted that he had to get the founders to stop using the original system of operational support.
On March 20, the DeFi Llama team announced that there were no plans to issue a token, which led to an internal conflict with the advent of a fork of the analytical platform.
“The DeFi Llama team would like to apologize for the events that unfolded yesterday as a result of ineffective communication and misunderstandings within the team,” the post reads.
At the time of writing, the llama.fi domain automatically redirects to the original platform.
“We would like to put what happened behind us. The LLAMA token is not currently planned, and any airdrops will be discussed with the community, as well as every important decision,” the team assured.
The platform team emphasized that they intend to follow a more transparent policy in order to avoid a repetition of events. All departments behind the project, LlamaCorp, will continue to work together on it.
$120,000 in Ethereum stolen from PeopleDAO via Google Spreadsheet
On March 6, the PeopleDAO community, created to acquire a rare copy of the US Constitution, was hacked. The damage amounted to 76.5 ETH ($120,000).
As it became known, PeopleDAO’s accounting department mistakenly posted a link to a Google spreadsheet with a monthly payment form on a public Discord channel. The document has edit permissions. An unknown person entered the address of his wallet and the amount of payment in the amount of 76.5 ETH into it, after which he made this line invisible.
“Teamleads did not find the hidden line when rechecking. The data file from the table was then sent to the CSV Airdrop tool on the Safe platform for reward distribution. The validators also did not notice the malicious transfer,” explained the PeopleDAO team.
Subsequently, the hacker transferred 69.2 ETH to the HitBTC exchange and 7.3 ETH to Binance. Both trading platforms along with law enforcement have been notified of the incident.
PeopleDAO is also conducting an internal investigation with blockchain security experts ZachXBT and SlowMist. The community offered the hacker a cashback reward of 10% of the stolen amount. At the time of writing, he has not responded to the offer.
Separately, the team will improve accounting and train validators to work with multi-signatures.
Also on ForkLog:
- DWF Labs invests $20 million in DeFi protocol Synthetix.
- Bitcoin decentralized exchange Alex raises $2.5 million
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