In the wake of July’s unprecedented wave of decentralized finance (defi) breaches, including Curve Finance’s staggering $62 million exploit, the defi economy has plummeted into a gloomy state. Hovering perilously close to dipping beneath the $40 billion threshold, the total value locked (TVL) in defi hangs on by a thread. Concurrently, the market of defi tokens has endured a sharp 12.55% decline in value in just the span of a single day.
Decentralized Finance’s Dark Summer: Hacks, Scams, and Lower Token Values
Decentralized finance (defi) endured a chaotic summer, culminating in July 2023 as a nightmarish month filled with exploits, hacks, and scams, according to an X post published by Certik. Adding to the turmoil, the defi community watched in dismay as Curve Finance fell victim to a $62 million hack, owing to a security vulnerability in Curve’s liquidity pools that manifested on July 30th, 2023.
At this juncture, the defi token economy’s valuation stands at a precarious $4
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