DeFi & L1L2 Weekly (09/08/2023)

PayPal to issue a new stablecoin in the US.Tether unveils new software to improve Bitcoin mining.Cypher Protocol suffered an exploit with close to US$1 million in losses.

Aug 09, 2023
DeFi Weekly

Weekly DeFi Index

This week’s market cap index, volume index and volatility index were all negative at -2.61%, -8.68% and -11.54%, respectively.

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Chart of the Week

DAI stablecoin deposits on the MakerDAO protocol have surged as the interest rate for the Dai Savings Rate (DSR) reached 8%. The MakerDAO community approved a temporary increase in annual returns for depositing DAI into the protocol. Since the activation of the Enhanced Dai Savings Rate (EDSR) proposal on 4 August, the total amount of DAI deposited in the DSR contract has skyrocketed by 164% to reach 891 million DAI. The total supply of DAI has also increased by 13% from US$4.44 billion to $5.02 billion.

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News Highlights

  • PayPal is launching a new stablecoin called PYUSD that will be pegged to the US dollar and based on the Ethereum blockchain. PayPal users in the US can transfer PYUSD between PayPal and supported external digital wallets. The stablecoin will be issued by Paxos Trust Company. 
  • Stablecoin issuer Tether unveiled new mining software to improve the efficiency and capacity of Bitcoin mining operations. The software is designed to facilitate the transmission of commands and signals to mining hardware, including WhatsMiner, AvalonMiner, and Antminer.
  • Cypher Protocol, a DeFi platform based on Solana, recently suffered an exploit that resulted in the loss of nearly $1 million and the freezing of its smart contracts. The exploit was caused by a code vulnerability, allowing an attacker to generate unlimited tokens and disrupting the contract’s functionality.
  • Steadefi, a DeFi leveraged yield aggregator, has been targeted in an ongoing attack, resulting in a loss of at least $334,000. The attacker gained access to the private key of the team’s deployer wallet, enabling them to perform owner-only functions such as allowing any wallet to borrow available funds from the lending vaults.
  • Curve Finance has reportedly recovered 73% of the funds stolen in a recent hack. Over $18 million in stolen funds are remaining, with Curve opening up the bounty to the public last Sunday night.

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Research and Insights Team


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