Another week of DeFi hacks, but ZK-proof development heats up: Finance Redefined

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Welcome to Finance Redefined, your play dose of indispensable decentralized concern (DeFi) insights — a newsletter crafted to bring you the astir important developments from the past week.

The past week successful DeFi was dominated by exploits and hacks, with 3 DeFi platforms losing astir $39 million. Alphapo’s blistery wallets were exploited for implicit $32 million, Era Lend was drained for $3.4 million, and the decentralized concern protocol Conic Finance was exploited for astir $3.5 million.

In amended news, the DeFi ecosystem was buzzing with developments successful zero-knowledge-proof (ZK-proof) scaling solutions arsenic the layer-2 assemblage heats up contempt the carnivore market.

The exploits and bearish marketplace information took their toll connected DeFi protocols, with the full worth locked successful DeFi protocols seeing a important driblet implicit the past week.

Alphapo blistery wallets hacked for implicit $31 million

Crypto outgo level Alphapo had astir $31 cardinal drained from its Ether (ETH), TRON (TRX) and Bitcoin (BTC) blistery wallets, information experts reported connected July 22. Since the magnitude of Bitcoin stolen is uncertain, the figures whitethorn beryllium adjacent higher.

According to on-chain sleuth ZachXBT, the funds person been stolen connected the Ethereum network, past swapped for ETH earlier being bridged to the Avalanche and Bitcoin blockchains. DeDotFi’s information squad said a leak of backstage keys whitethorn person caused the hack. Investigations are inactive successful progress.

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Era Lend connected zkSync exploited for $3.4 cardinal successful reentrancy attack

The lending zkSync lending app, Era Lend, has been exploited for $3.4 cardinal successful crypto, according to a July 25 study from blockchain information steadfast CertiK. The attacker utilized a “read-only reentrancy attack” to drain the funds, which is an onslaught that interrupts a multistep process and past causes it to proceed aft a malicious enactment has been performed. Specifically, a “read-only” reentrancy does not update the authorities of a contract.

According to the report, the attacker drained funds successful 2 transactions utilizing the externally owned relationship 0xf1D076c9Be4533086f967e14EE6aFf204D5ECE7a. The attacker relied connected a vulnerability successful “the callback and _updateReserves function” to manipulate a declaration into reporting aged values that had not yet been updated.

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Zero-knowledge tech improvement heats up amid carnivore market

ZK-proofs are cryptographic methods allowing 1 enactment to beryllium to different enactment that thing is existent without revealing immoderate delicate underlying backstage information. The exertion has been a blistery taxable of treatment among crypto veterans successful caller times. On July 19, astatine the zkDay lawsuit — portion of the Ethereum Community Conference successful Paris — implicit 2,000 attendees arrived astatine a tiny venue by Rue l’Aubrac to drawback a glimpse of the latest ZK projects connected display. P0x Labs, the developer down ZK protocol Manta Network, adjacent announced a $25 cardinal raise during the event.

Currently, the exertion is playing a captious relation successful powering layer-2 scaling solutions. By computing a elemental cryptographic impervious connected furniture 2, transactions tin beryllium finalized astir instantly, and the grounds is sent backmost to the underlying blockchain arsenic a succinct proof. At the aforesaid time, ZK-proofs tin alteration backstage transactions that bash not relay delicate accusation to observers.

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Optimism transaction volumes surpass Abitrum’s for the archetypal clip successful six months

The Optimism web has surpassed Arbitrum successful transaction measurement for the archetypal clip successful six months, according to July 27 information from blockchain analytics level Artemis. Both networks are Ethereum furniture 2s that usage optimistic rollup technology, which compresses and batches transactions earlier submitting them to Ethereum, perchance lowering transaction fees.

Volume connected Optimism fell down Arbitrum successful January, arsenic play 1 of its “quest” diagnostic ended. However, it recovered the apical spot connected July 25 arsenic Worldcoin launched.

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DeFi marketplace overview

DeFi’s full marketplace worth saw a bullish surge aft 3 bearish weeks. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s apical 100 tokens by marketplace capitalization had a bullish week, with astir tokens trading successful the green. The full worth locked successful DeFi protocols remained beneath $50 billion.

Thanks for speechmaking our summary of this week’s astir impactful DeFi developments. Join america adjacent Friday for much stories, insights and acquisition regarding this dynamically advancing space.

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