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DeFi Ecosystem Faces Curveball as CRV Exposure Risk Emerges: Finance Redefined

DeFi Ecosystem Faces Curveball as CRV Exposure Risk Emerges: Finance Redefined

Most DeFi tokens traded in the red on weekly charts due to the Curve Finance exploit, which resulted in a $47 million loss. The exploit had a domino effect on the DeFi ecosystem, leading to new governance proposals from lending protocols to minimize exposure risks. The native stablecoin of the ecosystem, crvUSD, depegged due to market conditions. The exploit also had a negative impact on the price of DeFi tokens. Several stable pools on Curve Finance were exploited due to a vulnerability in the Vyper software. The CRV price collapsed but was saved by the centralized exchange price feed. The founder of Curve Finance has taken out loans backed by 47% of the circulating supply of CRV, raising concerns about a potential dump. The native stablecoin, crvUSD, briefly depegged but regained its peg to the USD. Overall, the DeFi market saw a decline in total market value, with most tokens trading in the red.

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