Tag: Crv

Wintermute Seeks $1.98M YFI Loan from Yearn DAO

by Blockchain News

Wintermute Trading has approached the Yearn community with a proposal for a 12-month loan of 350 YFI, equivalent to $1.98 million, from the DAO’s treasury. The loan, if sanctioned, would carry a 0.10% interest rate, payable at the term’s conclusion.

As part of their ongoing collaboration with Yearn, Wintermute plans to allocate up to 3M CRV ($1.4M) to purchase yCRV. They will subsequently deploy these assets to the yCRV-CRV Curve pool (lp-yCRV V2) on Yearn for at least 12 months. This initiative aims to rebalance the pool, currently at a 59%/41% yCRV/CRV ratio, enhance the yCRV peg, and augment the pool’s liquidity.

The DeFi sector recently grappled with challenges, notably a bug in certain Vyper versions, leading to a significant liquidity reduction for CRV. This caused concerns within the Aave community due to CRV’s price drop. Wintermute Trading, having been involved in OTC trades across DeFi, now seeks to deploy some CRV tokens on platforms like Yearn.

Established in 2017 by three Optiver veterans, Wintermute Trading is a leading crypto-native algorithmic trading firm. They’ve traded over $3T since their inception, expanding their footprint across 80+ exchanges.

The borrowed YFI will be strictly used for trading. Wintermute also intends to deploy yCRV tokens to the yCRV-CRV pool on Yearn for a minimum of 12 months. A 3/4 multisig will be set up, ensuring transactions require at least one signature from a Yearn contributor.

At the 12-month term’s end, Wintermute commits to returning the full 350 YFI loan amount with the 0.10% interest to the DAO’s treasury. If the Yearn DAO greenlights the proposal, the 350 YFI will be transferred to Wintermute’s specified address, followed by the establishment of a 3/4 multisig.

The Yearn community now faces a pivotal decision: to approve or decline Wintermute’s proposal.

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Curve Finance Announces Refund Plan Following $62 Million Hack

by Blockchain News

Decentralized finance (DeFi) platform Curve Finance has announced its plan to refund users affected by the recent attack that resulted in a loss of $62 million. The incident, which occurred on July 30, 2023, involved a malicious hacker exploiting security vulnerabilities in Curve Finance’s Vyper compiler, specifically targeting versions 0.2.15 to 0.3.0.

Exploiting a Security Vulnerability

The attacker’s skillful manipulation of these vulnerabilities led to the targeting of pools including CRV/ETH, alETH/ETH, msETH/ETH, and pETH/ETH, as well as three pools on the Layer-2 scaling network Arbitrum. Experts in the field have emphasized that detecting these security vulnerabilities required a significant amount of skill and resources. One contributor to Viper even stated that the attack was likely planned weeks before execution.

Recovery and Refund

According to official posts from Curve Finance’s account, ongoing investigations have made progress, and approximately 79% of the funds have been successfully recovered as of August 11, 2023. The platform also announced that it will evaluate each affected user for refunds to ensure the fair distribution of resources.

In a surprising turn of events, 10% of the stolen assets were offered as a reward to the responsible person behind the attack, and upon accepting this offer, the hacker started refunding the funds. According to on-chain data from Etherscan, the total value of the refunded funds reached 4,821 Ethereum, equivalent to approximately $8,891,578.

Impact on Curve Finance

The attack has had a profound impact on Curve Finance. Data from DefiLlama revealed that the total value of assets locked (TVL) on Curve Finance has dropped to its lowest level in two years, standing at $2.83 billion at the time of writing. This represents a 24% drop since the exploit on July 30.

Furthermore, trading volume on Curve totaled $100 million as of August 10, down from $143 million prior to the hack. Activity on one of Curve’s leading pools, ETH/stETH LP, has dwindled since the hack, with trading volume reduced around 70% in the last two weeks.

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Curve Finance and the Vyper Vulnerability: A Technical Post-Mortem Report

by Blockchain News

On July 30, 2023, multiple Curve.Fi liquidity pools were exploited due to a latent vulnerability in the Vyper compiler, specifically in versions 0.2.15, 0.2.16, and 0.3.0, resulting in approximately $70 million in losses. This caused panic within the DeFi community.

The hacks led to a 5% decline in CRV, Curve’s native token, and triggered fears of contagion effects for some DeFi protocols. The lending protocol AAVE appeared to be at risk due to a massive borrow position secured by CRV token collateral.

This report provides a deep-dive into the Vyper compiler’s vulnerability, its root cause, and the lessons learned from the incident.

What is Vyper?

Vyper is a contract-oriented, domain-specific, pythonic programming language targeting the Ethereum Virtual Machine (EVM). Its main goals include simplicity, pythonicity, security, and auditability.

Re-Entrancy: A Widespread Web 3.0 Problem

Re-entrancy is a common problem in blockchain programs. It occurs when the control flow of a contract is relinquished to another invoked program, allowing the invoked contract to re-enter the original caller while it is frozen.

Solutions

The ecosystem has developed two ways to combat re-entrancy attacks: the Checks-Effects-Interactions (CEI) pattern and re-entrancy guards. Vyper introduced a re-entrancy guard at the language level via the special `@nonreentrant` function decorator.

Vyper Vulnerability Historical Timeline

The @nonreentrant` decorators were introduced in the v0.1.0-beta.9 release of Vyper, offering flexibility by allowing a key to be set.

Beginning in 2018, the Vyper compiler started a multi-year effort to refactor its architecture. This culminated in 2023 with PR#3390.

PR#2308 and PR#2379 were part of efforts to make storage allocation smarter and avoid corruption. However, these updates introduced bugs, leading to the “yanking” of v0.2.13 and v0.2.14 releases.

Issue #2393 revealed that re-entrancy guard tests were failing in v0.2.14, leading to an overlap in storage.

The v0.2.15 release attempted to fix the corruption but introduced a vulnerability where all `@nonreentrant` decorators within a Vyper contract would utilize a unique storage offset regardless of their key.

The vulnerability went undetected for a 4-month period between July 21, 2021, and November 30, 2021.

The v0.3.1 release resolved the vulnerability through two different PRs, PR#2439 and PR#2514.

Vulnerability Summary

Versions Affected: v0.2.15, v0.2.16, v0.3.0

Root Cause: Improper remediations to re-entrancy guard data corruption issues introduced in v0.2.13

Vulnerability in Brief:** Cross-function re-entrancy is possible on all contracts compiled with the susceptible versions.

The Vyper team has outlined several practical steps to improve the correctness of smart contracts compiled with Vyper, including improved testing, providing developers with better tools, tighter feedback with protocols, and focusing on securing past releases.

New security-related initiatives within and beyond the Vyper team include:

1. A short-term, competitive audit in partnership with Codehawks

2. Bug bounty programs in partnership with Immunefi

3. The Vyper Security Alliance

4. Collaboration with multiple audit firms

5. Expansion of the team, including a dedicated security engineering role

6. Collaboration with existing security toolkits

7. Design of a language specification

The Vyper team’s commitment to learning from this incident and implementing these initiatives reflects their dedication to making Vyper a rock-solid and secure smart contract language and compiler project.

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Curve Finance CEO Michael Egorov and Spouse Acquire Two Melbourne Mansions, Amassing an Impressive 5663 Square Metre Estate

by Blockchain News

In an unprecedented move showcasing a hefty investment in Australia’s property market, Curve Finance(CRV) CEO Michael Egorov and his wife Anna have made a grand purchase in the heart of Melbourne, according to Financial Review. They’ve managed to acquire not one, but two stately mansions, amalgamating an impressive landholding of 5663 square metres.

The significant size of their newly consolidated property underscores the Egorov’s bullish stance on Melbourne’s luxury housing market. The financial details of the acquisitions have not been made public, but given the premium location and the large combined land size, the transaction is likely to be one of the highest this year in Melbourne’s high-end property sector.

As one of the leading figures in the decentralized finance industry, Egorov’s recent real estate acquisitions have gained significant attention. Curve Finance, the firm that Egorov heads, is a prominent player in the cryptocurrency sector. It is known for its decentralized exchange for stablecoin trading, which has grown in popularity among crypto traders worldwide.

This move may fuel speculation about whether the Egorov’s see the Australian property market as a safe investment haven amid the volatility of the cryptocurrency world. Alternatively, their purchase could signal a potential interest in exploring more real estate-based blockchain initiatives.

Melbourne’s property market has been a hotspot for high-profile buyers in recent years, particularly from international investors. The city is renowned for its quality of life, making it an attractive destination for affluent individuals and families worldwide. The Egorov’s recent acquisitions add to a list of illustrious investors in Melbourne’s thriving real estate scene. Further details about the purchased properties, including their exact location, architectural features, and the couple’s plans for their new landholding, remain undisclosed.

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Closely Followed Trader Says Bitcoin (BTC) Relief Rally Likely, Highlights What’s Next for Curve (CRV)

by Dailyhodl

One popular crypto analyst thinks Bitcoin (BTC) is on the verge of a rebound while plotting paths for two altcoins.

The pseudonymous analyst known as Credible Crypto tells his 300,700 Twitter followers that BTC might hit one more local low before surging back to $40,000 “in the coming days.”

“Then comes the big monthly close.”

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Source: CredibleCrypto/Twitter

Bitcoin is trading at $36,833.16 at time of writing, up 0.33% in the past 24 hours.

Credible Crypto also expects the decentralized finance (DeFi) altcoin Curve DAO Token (CRV) to rebound.

“Repeated sweeps of our lows into weekly demand/support is nice to see. We have just printed a classic bullish div on the daily, would expect to see relief to $4-$4.50 soon.

That is also the region that we MUST reclaim to confirm that our bottom is in.”

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Source: CredibleCrypto/Twitter

CRV is the governance token of stablecoin-focused decentralized exchange Curve Finance. The 85th-ranked crypto asset by market cap is trading at $2.90 at time of writing, down nearly 3% in the past 24 hours.

Credible Crypto notes that HBAR, the native token for the decentralized public network Hedera Hashgraph, has displayed some interesting price action like CRV.

“HBAR on its first major breakout from its own accumulation range (like CRV). We broke out and hit .07 then immediately dumped back to .03 before going 11x.

Crypto is volatile. If you’ve been here for a few months you know this.

If you can’t handle volatility, don’t buy crypto.”

HBAR, the 35th-ranked crypto asset by market cap, is trading at $0.210971 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Top Crypto Analyst Says This DeFi Altcoin Is Primed for a 10x Rally

by Dailyhodl

Pseudonymous analyst Credible Crypto believes one decentralized finance (DeFi) altcoin could surge up to 10x.

The analyst tells his 296,500 Twitter followers that he’s not worried about the short-term price action for Curve Dao Token (CRV), the governance token of stablecoin-focused decentralized exchange Curve Finance.

Explains Credible Crypto,

“I’ve been talking about it since it was under $3. Even at $4.67, it’s still a great price. In fact, I bought more at $5.

I don’t care what happens on the day-to-day – HTF chart is bullish and I’m loading up at $5 and under and will sell for no less than 5-10x.”

In early January, the crypto analyst called CRV the “most asymmetric risk-reward coin in the space.”

“A combination of the charts, fundamentals and the ability to earn 50% APR while you wait for price appreciation is something that is incredibly hard to find in this space.”

CRV is trading at $4.22 at time of writing, down more than 12.6% over the past week.

Credible Crypto also thinks Bitcoin (BTC) is near its bottom, with the leading crypto asset trading at $42,114.66 at time of writing, down nearly 3.5% from where it was priced one week ago.

The trader says $45,500-47,500 should act as Bitcoin’s next key area of resistance if its price starts to move back upwards.

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Top Crypto Analyst Predicts Rally to New All-Time Highs for Curve (CRV), Says One Mid-Cap Altcoin Looks Fantastic

by Dailyhodl

A closely followed crypto strategist and the trader is predicting Curve (CRV) will surge to record highs while saying that a mid-cap altcoin looks bullish.

Pseudonymous crypto analyst Credible tells his 289,800 Twitter followers that Curve, the governance token of decentralized exchange Curve Finance, looks strong after taking out a key resistance area around $6.

“At current prices, CRV is the most asymmetric risk-reward coin in the space right now, in my opinion. A combination of the charts, fundamentals and the ability to earn 50% APR [annual percentage yield] while you wait for price appreciation is something that is incredibly hard to find in this space.

CRV has completely recovered from the drop after bouncing in my target zone. We will be in price discovery soon. I’ll see you all at double digits…”

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Source: Credible/Twitter

At time of writing, Curve is trading at $6.12. A move to $10 suggests a potential upside of over 63%.

Credible is also keeping a close watch on decentralized public network Hedera Hashgraph (HBAR). According to the crypto analyst, HBAR is poised for at least a 25% increase from its current price of $0.32.

“HBAR looks fantastic.

We bounced beautifully off the support zone I first marked off nearly two weeks ago.

As I said in that post, my expectation is that we are headed to $0.40+ on this relief rally.

Let’s go HBAR-barians.”

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Source: Credible/Twitter

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Polygon (MATIC), Curve (CRV) and Two Additional Altcoins Primed for 10X Gains This Year, According to Analyst Jason Pizzino

by Dailyhodl

A popular crypto strategist says that four altcoins, including Polygon (MATIC) and Curve (CRV), have the potential to print 10x gains this year while the broader crypto markets trade sideways.

In a new strategy session, Jason Pizzino tells his 254,00 YouTube subscribers that blockchain scaling solution Polygon is still in a bull trend despite its ongoing pullback from the all-time high of $2.92.

“If no one’s speaking about it because the price is going down, generally that’s the time you want to be looking to enter a position…

So I still see this as a bull market: higher lows, that’s pretty straightforward. Fifty percent [Fibonacci] level about $2.20.”

Another coin on the trader’s list is CRV, the governance token of stablecoin-focused decentralized exchange Curve Finance.

“Curve is at a total value locked of $24 billion and so you’ve got the market cap against the total value locked is 0.1. So, market cap about $2.4 billion, total value locked: $24 billion.

I think there’s going to be a big catchup game here as well to value Curve closer to the value locked on Curve at the moment.”

Next up is Sushi (SUSHI), the governance token of decentralized exchange SushiSwap. According to Pizzino, Sushi’s relatively small market valuation puts it in a position to generate exponential gains.

“Sushi is a $1 billion market cap, fully diluted at $2 billion. So for a 10x, $10 billion seems reasonable…

And when these things get going, we don’t know where they stop. They just keep going.”

Pizzino adds that Sushi is currently pulling back and that his entry points are between $6 and $7.50.

The fourth crypto asset is Yearn.Finance (YFI), a decentralized finance platform that powers an automated yield farming strategy. Pizzino says YFI’s fundamentals look solid while the technicals flash signs of strength.

“The total value locked also looking good: $5.7 billion with a market cap of $1.4 [billion]…

We’re starting to see higher lows form as well.”

The crypto analyst adds that he sees YFI hitting $100,000 before BTC reaches the six-figure milestone.

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Ethereum-Based Altcoin Set for Major Breakout As 2022 Begins, Predicts Crypto Analyst Michaël van de Poppe

by Dailyhodl

Popular cryptocurrency analyst and trader Michaël van de Poppe thinks one decentralized finance (DeFi) altcoin built on Ethereum (ETH) is primed for a breakout at the beginning of 2022.

Eight Global, Van de Poppe’s crypto education platform, notes in a new tweet that the Curve DAO Token (CRV) is currently printing a bullish market structure.

“CRV has a beautiful chart and is currently one of the better-looking coins. The USDT pair is making higher lows and higher highs, and it looks like it will make another attempt to break through the 1.618 fib level.”

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Source: Eight Global/Twitter

CRV is the governance token for Curve Finance, a decentralized exchange for stablecoins that aims to ensure minimal slippage by attracting deep liquidity. The 74th-ranked crypto asset by market cap is trading at $5.43 at time of writing and is up 2.6% in the past 24 hours.

Van de Poppe’s target at $8.35 for CRV suggests that the coin has a potential upside of over 53% from its current price.

The crypto analyst also says in a new YouTube video that he’s still bullish on crypto overall.

“I’m still assuming that we are into a lengthening cycle which is going to cause a longer run on the markets to be happening in the coming year. As you know, I’m quite bullish on the markets.” 

The crypto analyst, however, says that Bitcoin (BTC) needs to clear $49,400 for him to be bullish in the short-term on the top crypto asset again.

BTC is trading at $46,512.87 at time of writing and is down 2.43% in the past 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Here’s What Next for Algorand, Chainlink, The Sandbox and Two Additional Altcoins, According to Crypto Analyst Michaël van de Poppe

by Dailyhodl

Michaël van de Poppe is plotting the price direction of the altcoins Algorand (ALGO), The Sandbox (SAND), Chainlink (LINK), Curve DAO Token (CRV) and Swipe (SXP).

In a new video, the crypto analyst tells his 158,000 YouTube subscribers that Algorand is entering into a period where traders should ideally place their money at bottom price levels to make the most of swing trade opportunities.

“What is the level that I preferably want to see Algorand breakthrough?

That’s this entire block that we have here at $1.75.

If that one breaks, we can clearly see continuation happening on the markets as right now we are facing resistance.

After a beautiful bounce, you can see that we are already up approximately 30% to 35% and if we break through this one, the next resistance point that we can actually attack is the area around $2.10 to $2.25.”

Van de Poppe says that SAND offers a great day trade opportunity at the retest level of around $5.25.

“If the area around $5.10 is lost, a re-test at $3.95 or perhaps even $3 is most likely going to take place.”

The analyst also identifies the potential entry points for CRV, which is currently facing resistance at around $6.

“I would definitely be looking at entry points around $4.50 as the first one and if we do make a break above $6.10,  I think you want to buy that flip as well targeting $8 or targeting even potentially around $10.”

For Chainlink, he says traders could start building their positions between $13.86 and $16.71.

“Crucial break for this one is to break through $23.50.

If that one breaks, the next test is going to be $35 and then we’re most likely getting ourselves in a new upwards trend.”

As for Swipe, van de Poppe says that the crucial resistance level that the coin has to break is at around $2.20.

“If that one breaks, you know that you could be looking at a potential level to flip where you can start building your positions, but when you’re looking at the structure in this case, I think you clearly want to wait until we get a re-test happening around  $1.70.”

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Bitcoin (BTC) $ 26,284.04 1.19%
Ethereum (ETH) $ 1,588.78 0.15%
Litecoin (LTC) $ 64.43 0.36%
Bitcoin Cash (BCH) $ 210.47 1.10%