DeFi Roundup: Collaborative Frameworks, Hacks, Tools, and Relaunches Shape the Week
Summary:
Developers of Base and Optimism protocols collaborate on a revenue and governance sharing framework, while new evidence emerges in the $1.5 billion Multichain hack. Quantstamp introduces a tool to detect flash loan attack vulnerabilities, and Shiba Inu's Ethereum layer 2, Shibarium, gears up for a relaunch. The DeFi market sees a minor dip in total value locked but remains volatile. Stay updated on the latest DeFi developments.
Developers of Base and Optimism protocols have collaborated to create a framework allowing for revenue and governance sharing. This move aims to prevent the centralization of Base, with Coinbase, the parent company of Base, also committing to a set of principles to maintain neutrality. The announcement was made through separate blog posts on August 24 by Optimism Collective, Base, and Coinbase.
A recent investigation into the $1.5 billion Multichain hack has uncovered new evidence, shedding light on the exploit and the difficulties faced by its victims. The CEO of Multichain, along with the core team, was arrested by Chinese authorities, reportedly as part of an anti-money laundering operation. The arrest and the seizure of Multichain funds raise further questions about the situation.
Quantstamp, a blockchain security provider, has introduced a new tool to detect vulnerabilities in DeFi protocols related to flash loan attacks. Known as Economic Exploit Analysis, this automated service enhances Quantstamp's audits and can identify attack vectors in a client's code, providing an added layer of security. The tool is compatible with any Ethereum Virtual Machine (EVM)-based blockchain.
Shiba Inu's Ethereum layer 2 network, Shibarium, is preparing for a relaunch following technical issues during its initial public launch. The team behind Shibarium has expressed confidence in the platform's performance, stating that it only needs to be made public. After a successful two-day test in private mode, Shibarium is expected to be available to the public soon.
In the DeFi market, the total value locked in DeFi protocols remained stable compared to the previous week, with a minor decrease of approximately $70 million. While the week started on a bullish note for DeFi tokens, a late Thursday dip resulted in most tokens trading in the red on the weekly charts. The total value locked in DeFi now stands at around $49.1 billion.
We hope you found this week's summary of the most significant DeFi developments insightful. Join us next Friday for more stories, insights, and education on this rapidly evolving space.
Published At
8/25/2023 7:25:00 PM
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