Curve Founder’s $140M CRV Liquidation

• Curve founder gets CRV liquidated.

• Zapper introduces Zapper Protocol.

• Beaconcha.in V2 beta dashboard.

• UwU suffers a second exploit.

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Curve Founder Michael Egorov faced the liquidation of his CRV-backed loans across several lending protocols. Arkham data reveals that his $140 million in CRV tokens were liquidated across five protocols, resulting in millions in bad debt. Egorov committed to pay back the bad debt in full. CRV's price is down over 20% in the past 24 hours, reaching a low of about $0.24 during the liquidation. Uniswap founder Hayden Adams commented on the event, noting that the liquidation was inevitable and that Egorov “is smart enough to know that.” In July 2023, Egorov sold a substantial amount of CRV in OTC transactions to top up his collateral and prevent a liquidation event at the time. Aave previously adjusted parameters for CRV collateral to prevent the risk of bad debt.

Zapper, a DeFi portfolio aggregator, introduced the Zapper Protocol, a new layer designed to facilitate the interpretation and contextualization of onchain data. The protocol aims to make blockchain data human-readable and accessible. Zapper built indexing templates that standardize the indexing process, allowing anyone to interpret data without requiring coding skills. Zapper released two initial components: Event Interpreters, which convert complex blockchain transactions into readable formats, and Position Interpreters, which add missing positions or balances to addresses. Zapper also introduced $ZAP, its native utility token that will incentivize data interpretations and facilitate payments for data access, set to launch in Q4 2024.

The Beaconcha.in block explorer launched its V2 beta dashboard for tracking validator performance on the Holesky testnet. The new dashboard supports tracking for up to 100,000 validators and provides real-time data, custom validator groups, and validator efficiency metrics that evaluate performance based on attestation, block proposal, and sync committee histories. The dashboard also features a slot visualizer and provides a detailed rewards breakdown per epoch. Operators can also generate shareable links for their dashboards.

UwU Lend, a DeFi lending protocol on Ethereum mainnet, has been hit by a second attack, resulting in an additional loss of $3.7 million. UwU suffered an exploit earlier this week that drained $20 million from the protocol. Unlike the first, today’s attack did not stem from an oracle issue. UwU reportedly addressed previous vulnerabilities before unpausing operations. The protocol is now offering a public bounty of $5 million to anyone who can find and identify the exploiter.

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