DeFi & L1L2 Weekly (30/08/2023)

Tether releases latest reserves reports, confirming a $3.3B liquidity buffer to maintain USDT’s stability. Aave suspends GHO minting to fix integration issue. Shibarium bridge token withdrawals are now live.

Aug 30, 2023

Weekly DeFi Index

This week’s market cap index was positive at +1.91%, while volume and volatility indices were negative at -19.04% and 40.66%, respectively. DeFi Index 30 Aug

Chart of the Week

Payment titan PayPal introduced its Paxos-issued stablecoin PYUSD earlier this month as a contender to existing stablecoins. It is fully backed by US Dollar deposits, short-term Treasuries and similar cash equivalents. 

Data from Price shows that PYUSD’s market cap has reached approximately US$43.2 million at the time of writing. Other recently launched stablecoins such as Aave’s GHO and Curve’s crvUSD have also gained substantial market capitalisation, standing at $23.4 million and $116.4 million respectively. Paypal USD Total Current Supply DeFi Index Token Performance TVL of Top Chains Top DEX by Chain

News Highlights

  • Tether’s latest reserves report disclosed that it currently maintains a $3.3 billion liquidity buffer, spread across 15 blockchain ecosystems, to ensure stability within the USDT ecosystem.
  • Minting new GHO stablecoins has been temporarily paused after a technical issue was identified in GHO’s integration with the Aave V3 GHO pool. A governance proposal has been submitted to fix the issue. Additionally, Aave confirmed that no funds are at risk and all other markets are operating as normal.
  • Token withdrawals from Shiba Inu’s Layer-2 Shibarium Network bridge are now available, following a public restart due to software bugs. The withdrawal process for SHIB, LEASH, and WETH will take anywhere from 45 minutes to three hours, while BONE withdrawals can take up to seven days.
  • DeFi liquidity protocol Balancer suffered an exploit after identifying a critical vulnerability in its “v2” pools last week. Blockchain security firm Beosin reported that the exploit was carried out through multiple flash loan attacks, with total losses reaching approximately $979,420.
  • Magnate Finance, a DeFi lending platform on Base, has reportedly initiated an exit scam, pulling $6.4 million worth of funds hours after some members of the community issued a preventive warning. The project team deleted its Telegram group and took down its website, then manipulated the price oracle of the protocol and removed all assets.

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