The news about a critical exploit on the BNB Chain was announced by the Binance team with all withdrawals and deposits suspended on the network. It was 6th Oct when the Binance blockchain paused temporarily due to a cross chain bridge exploit.
The official announcement of the temporary pause was made through the twitter account of Binance. Binance gave an update that the blockchain was "under maintenance" suspending all withdrawals & deposits.
The exploit was seen as connected with a cross-chain bridge on BSC Token Hub. A deep insight to the matter has uncovered that 2 million BNB worth roughly $566 million has been taken. Out of that, around $7 million worth has previously been frozen, yet the attacker is trying to bridge the assets from BSC onto the Ethereum, Fantom, and Arbitrum blockchains.
That such a little amount of assets were stolen highlighted the potential gain of BNB's gamble to pause the chain instead of risking more resources getting away. Blockchains are purportedly decentralized intended to work beyond the impulse of solitary entities: you shouldn't simply flip an off switch.
Venus Protocol Reaction:
Venture protocol reacted in a tweet regarding the whole exploitation matter. They stated that: “Venus Protocol experienced NO EXPLOIT and funds are SAFE! The possible BNB threat actor has used the Venus platform to open an over collateralized position of app. $254M and borrow app. $147.5M against 900K BNB Tokens deposited.”
They also stated that:
“There are 2 options next:
*The borrower refunds hir/her loans, liquidity returns to the protocol immediately and APY drops back to normal.
*He/She doesn't refund and disappear with the borrowed stablecoins = the account will accumulate interest and slowly get liquidated.”
Crypto Community Reaction on Exploit:
A lot of people were shocked on this exploit and was questioning the security of BNB blockchain. While on the other side, many were seeing it as a misfortune event as many hacking were incidents taking place in the recent days and they were saying that it’s just the hacker’s luck to break into the BNB chain.
In all this chaos, several node providers played essential part in handling the chance of a more regrettable exploit. Tether likewise added to avoiding additional misfortunes by blacklisting the exploiter's address.
At long last, in the early hours of 7th October, BNB chain stated that it was making progress toward restoring the chain within an hour and as per the updates, the restoring of the chain will guarantee that the hacker has no access to the chain.
This article is going to be very for the entire crypto community members. Users and decentralized protocols can exchange ERC-20 tokens (DAI to USDC for example) through Curve Finance with low fees and low slippage. It can also be the reason behind making money for liquidity providers. Keep reading the article to know more details.
About Curve Finance:
Curve is a DeFi's leading AMM (Automated Market Maker) through which hundreds of liquidity pools have been launched and incentivized by Curve's DAO. Users rely on Curve's proprietary formulas to provide high liquidity, low slippage along with low fee transactions among ERC-20 tokens.
In the simplest terms, curve finance is like an exchange. It let the users and other decentralized protocols exchange ERC-20 tokens (DAI to USDC for example) through it with low fees and low slippage. Unlike exchanges that match a buyer and a seller, Curve uses liquidity pools. To achieve successful exchange volume, Curve needs a high volume of liquidity (tokens) and therefore offers rewards to liquidity providers.
And you know what? There are some additional benefits of using it as well. Like, curve is non-custodial, meaning the Curve developers do not have access to your tokens. Curve pools are also non-upgradable, so you can have confidence that the logic protecting your funds can never change. This simply means that you don’t need to worry at all about the security while using curve as an exchange.
Introducing $CRV:
$CRV is the governance token of Curve Finance with time-weighted voting and value accrual mechanisms which was launched on the 13th of August 2020. The main purposes of the Curve DAO token are to incentivize liquidity providers on the Curve Finance platform as well as getting as many users involved as possible in the governance of the protocol.
Liquidity providers on the Curve platform receive $CRV for providing liquidity. This ensures the protocol continues offering low fees and extremely low slippage
CRV can now be staked (locked) to receive trading fees from the Curve protocol. A community-lead proposal introduced a 50% admin fee on all trading fees. Those fees are collected and used to buy 3CRV, the LP token for the TriPool, which are then distributed to veCRV holders.
Supply
The total supply of 3.03b is distributed as such:
62% to community liquidity providers
30% to shareholders (team and investors) with 2-4 years vesting
3% to employees with 2 years vesting
5% to the community reserve
The initial supply of around 1.3b (~43%) is distributed as such:
5% to pre-CRV liquidity providers with 1 year vesting
30% to shareholders (team and investors) with 2-4 years vesting
3% to employees with 2 years vesting
5% to the community reserve
A Multi-chain Network:
Curve exists across several chains, with several more planned. Curve's primary chain will always be Ethereum, but other side chains have advantages including speed and cost. In order to use Curve on other chains, you must typically send your funds from Ethereum to the sidechain using the chain's bridge.
In order to use Curve on chains other than Ethereum, you will need to bridge funds to the sidechain. The Curve token can be bridged across some chains, but does not always have full functionality. Staking of $CRV for veCRV must be done on Ethereum. Rewards voting for cross-chain gauges occur on Ethereum.
To know more about the amazing project, you all can go through their socials given below.
