The DeFi ecosystem is struggling due to the Curve Finance exploit and fears of bad loans against the CRV token.
decentralized finance The $47 million Curve Finance exploit on July 30 had a domino effect on the DeFi ecosystem, mainly due to the $100 million loan taken out by the Curve founder against the platform’s native Curve DAO token. Several lending protocols have rushed in with new governance proposals to minimize CRV exposure risks as the token price fluctuates. On Aug. 3, the native stablecoin of the ecosystem crvUSD depegged due to market conditions.
The Curve crisis also had a negative impact on the price of the DeFi tokens, with a majority trading in the red on the weekly charts.Several stable pools on Curve Finance using Vyper were exploited on July 30, with losses reaching over $47 million. According to Vyper, its 0.2.15, 0.2.16 and 0.3.0 versions are vulnerable to malfunctioning reentrancy locks.
The CRV price collapsed on the DeFi market due to the significant draining of several pools; however, it was eventually saved by the centralized exchange price feed. CRV hit $0.086 on decentralized exchanges but traded at $0.60 on centralized exchanges , preventing the token’s price from collapsing to zero.
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