DeFi Frontier July 31, 2023

Welcome to this week's edition of the DeFi Frontier newsletter! As we delve into the latest developments within the decentralized finance landscape, it's important to acknowledge that the content may carry a somewhat somber tone. So, let's journey together through the highs and lows of the DeFi world in our summary. Just a quick reminder, we recently launched and introduced our landing page. Be sure to visit the site. Tribal.Finance 

DeFi News

DeFi Alert: $47 Million Exploited in Curve Finance Attack as Vulnerable Vyper Compiler Strikes Again

In the latest DeFi news, several stable pools on Curve Finance using Vyper were exploited on July 30, resulting in over $47 million in losses. Vulnerable versions of the Vyper compiler allowed reentrancy attacks, affecting various projects. The incident sparked panic across the DeFi ecosystem, leading to increased transaction activity and a decline in CRV token value. DeFi protocols have been increasingly targeted by attacks, with over $204 million swindled in Q2 2023 alone. Read More

DeFi Under Fire: Platforms Lose $39 Million in Exploits, Yet ZK-Proof Scaling Offers Hope

DeFi faced challenges as several platforms suffered exploits, resulting in almost $39 million in losses. Alphapo, Era Lend, and Conic Finance were among the affected platforms. Despite this, the DeFi ecosystem saw positive advancements in zero-knowledge-proof (ZK-proof) scaling solutions, with increasing interest in layer-2 technologies. In the DeFi market overview, the total value locked in DeFi protocols remained below $50 billion, despite a bullish surge in DeFi's top 100 tokens. Read More

 News

SEC's Power Play: Coinbase Asked to Halt Trading on All Cryptocurrencies Except Bitcoin Amidst Broader Control Over Crypto Industry

The SEC asked Coinbase to stop trading all cryptocurrencies except bitcoin before suing them. This move suggests the SEC wants more control over the crypto industry. If Coinbase had agreed, it could have set a precedent for other US crypto businesses to operate outside the law. Ether was not included in the SEC's case against Coinbase, and its regulatory status remains to be debated. SEC oversight could mean stricter rules for crypto exchanges. The SEC didn't comment on the potential impact of a Coinbase settlement. Read More

Tweet of the week

Elon Musk Unveils Twitter's Rebranding as X.com

Elon Musk has rebranded the Twitter platform as X.com, replacing the iconic bird logo with an "interim X logo." Musk tweeted about the change, stating that X.com now redirects to Twitter.com. The blue bird logo, which Twitter had been using for over a decade, is no longer featured. This rebranding comes amidst Twitter facing financial challenges and competition from platforms like Threads launched by Meta. Musk has made significant changes to the company since acquiring it in October 2022, including mass layoffs and controversial policy changes. The new venture faces challenges, with Twitter still experiencing negative cash flow due to a drop in advertising revenue. Musk emphasized his commitment to free speech and allowing all legal speech on the platform despite the change. The rebranding marks a fresh start for Twitter, now known as X. Read More

Worldcoin Launches: The Future of Identity Verification in the Age of AI

Worldcoin, the cryptocurrency and digital ID project led by OpenAI's Sam Altman, has launched after years of development. The project aims to verify users' identities by scanning their eyes, addressing the challenge of distinguishing between human and algorithm-generated content in the age of artificial intelligence. Worldcoin's eye-scanning "orb" gives users a unique digital identity, and the project also includes a cryptocurrency token and an app for transactions and transfers. Following a successful beta period with over 2 million users, Worldcoin plans to expand its eye-scanning operations to 35 cities across 20 countries. The project has received some criticism for privacy concerns and the use of biometric data.

Learning Den

In this week’s learning Den, we will switch it up. We will be exploring Web3 Instead of DeFi Terms and Meanings This Week. Article