Kyber Network Exploited: Multi-Chain DEX Aggregator Suffers $47 Million Loss
Last week was a big one for the world of DeFi, with several major developments taking place across the industry. From the surge in total value locked (TVL) to the launch of new products and platforms, there was plenty of action to follow. Here’s a roundup of some of the key highlights from the past week.
TVL Surges Higher Across All Chains
The week saw a notable surge in total value locked (TVL) across all chains, coinciding with the overall market uptrend as the ETF decision draws closer. Notable outperformers included zero-knowledge rollup (ZK-rollup) ZkSync, which saw a substantial jump of 40%. Other smaller outperformers included fellow ZK-rollup StarkNet and alt L1 chain Sui, which saw increases of around 12%. The surge in TVL is indicative of growing interest and investment in the DeFi space.
Traditional Vs. Crypto Investing
Over at Alpha Central, 0xKun discussed the challenges of applying traditional investing frameworks in the world of crypto, emphasizing the need for adaptability and a deep understanding of the unique dynamics of crypto markets. The discussion highlighted the difficulties in applying traditional value and growth investing mindsets to a rapidly evolving and highly volatile market like crypto.
Ethereum: Kyber Network Exploited
The multi-chain DEX aggregator, Kyber Network, suffered a major blow after being exploited for a whopping $47 million across five chains, including Ethereum, Arbitrum, Optimism, Polygon, and Base. The breach occurred through Kyber Network’s concentrated liquidity solution, Kyber Elastic, resulting in significant losses.
New Product Launches and Updates
Several new product launches and updates were also announced during the past week. Money market protocol, Sturdy, introduced Sturdy V2, while lending protocol Beta Finance deployed Beta Finance Omni, bringing new features and updates to their platforms.
L2s: The Arbitrum Frontier
Dopex, a options protocol, partnered with multiple platforms to launch the Arbitrum Frontier, a DeFi-powered quest campaign, offering participants the opportunity to earn rewards and NFTs through various protocols.
Solana: More Bridging Options Unlocked
The multi-chain bridging protocol, Synapse, expanded its support to the Solana ecosystem, enabling seamless transfers of assets between Ethereum and Solana.
BNB Smart Chain: CAKE Tokenomics Revamp
PancakeSwap, a top DEX on Binance Smart Chain, announced plans for a revamp of the tokenomics for the CAKE token, with the introduction of vote-escrow mechanisms and gauge voting.
Another Week, Another Airdrop
Cosmos liquid staking protocol, Stride Zone, revealed plans for a 250,000 STRD token airdrop, while NFT trading platform Blur concluded its Blur Season 2 airdrop and commenced Blur Season 3.
Tweet of the Week
In a major industry development, Binance CEO, CZ, stepped down from his position after six years, ushering in a new era for the leading crypto exchange.
As the DeFi space continues to evolve, it’s important for investors and enthusiasts to stay updated on the latest developments and trends. With so much happening in the world of DeFi, the coming weeks are sure to bring even more excitement and opportunities for growth.
I’m a cryptocurrency and blockchain technology journalist. My work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and VentureBeat. I’ve been a respected voice in the cryptocurrency community and my insights into the industry have helped shape its development.
