{"id":332191,"date":"2023-08-02T15:00:04","date_gmt":"2023-08-02T09:30:04","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=332191"},"modified":"2023-08-02T13:23:05","modified_gmt":"2023-08-02T07:53:05","slug":"ethereum-defi-ecosystem-bears-the-brunt-of-curve-hack","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-defi-ecosystem-bears-the-brunt-of-curve-hack\/","title":{"rendered":"Ethereum DeFi ecosystem bears the brunt of Curve hack"},"content":{"rendered":"<ul>\n<li><em>Aave has seen a double-digit decline in TVL since Curve&#8217;s hack on 30 July.<\/em><\/li>\n<li><em>Low demand for its AAVE token since then has also pushed down the alt&#8217;s value\u00a0<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Leading Layer 1 network Ethereum [ETH] has not been immune to the cascading effects of Curve Finance&#8217;s <a href=\"http:\/\/ambcrypto.com\/curve-finance-loses-millions-as-hackers-exploit-the-vyper-bug-heres-a-rundown\/\" target=\"_blank\" rel=\"noopener\">exploit<\/a> on 30 July. Data from on-chain analytics platform IntoTheBlock revealed an 8% decline in the total value of assets locked (TVL) across decentralized finance (DeFi) protocols housed within the chain.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Total Value Locked (TVL) in <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\">#Ethereum<\/a> DeFi has fallen by almost 8% since Sunday. The decline, likely triggered by the uncertainty following the <a href=\"https:\/\/twitter.com\/hashtag\/Curve?src=hash&amp;ref_src=twsrc%5Etfw\">#Curve<\/a> attack, represents a sharp decrease. To put this in context, the decrease amounts to $3.55B, with Curve&#39;s TVL on ETH comprising\u2026 <a href=\"https:\/\/t.co\/lZXWwvBfWQ\">pic.twitter.com\/lZXWwvBfWQ<\/a><\/p>\n<p>&mdash; Sentora (@SentoraHQ) <a href=\"https:\/\/twitter.com\/SentoraHQ\/status\/1686359219459518464?ref_src=twsrc%5Etfw\">August 1, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Apart from Curve Finance [CRV], Aave [AAVE] was the only other protocol in the top 10 list of DeFi protocols on Ethereum that suffered a TVL drop since the hack. According to data from <a href=\"https:\/\/defillama.com\/protocol\/aave\" target=\"_blank\" rel=\"noopener\">DefiLlama<\/a>, the lending protocol\u2019s TVL has fallen by 13% in the last three days.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/aave-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">AAVE Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The TVL drop can be attributed to an increase in liquidity exit in the past few days due to Aave\u2019s exposure to the Curve hack. Prior to the hack, Curve\u2019s founder Michael Egorov had used some of his CRV tokens (representing over 45% of the token\u2019s circulating supply) as collateral to borrow from various lending protocols, with the largest loan taken from Aave.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Mich confirming hacker got the large CRV pool.<\/p>\n<p>That&#39;s probably enough CRV to push Mich&#39;s $100M+ of CRV into liquidation on Aave, Inverse and Abracadabra if its not absorbed.<\/p>\n<p>This is going to be nasty for those protocols and for Curve.<\/p>\n<p>Can rebuild but possibly brace for impact <a href=\"https:\/\/t.co\/5LHPE8jXxt\">https:\/\/t.co\/5LHPE8jXxt<\/a><\/p>\n<p>&mdash; Adam Cochran (adamscochran.eth) (@adamscochran) <a href=\"https:\/\/twitter.com\/adamscochran\/status\/1685735584344506368?ref_src=twsrc%5Etfw\">July 30, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">With Egorov\u2019s collaterals at risk of liquidation as CRV\u2019s value dropped in the past few days, liquidity providers have begun to exit Aave to hedge against any domino effect of this event.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, on its recently deployed <a href=\"https:\/\/app.aave.com\/markets\/?marketName=proto_mainnet_v3\" target=\"_blank\" rel=\"noopener\">Aave V3 iteration<\/a> on the Ethereum network, the value of deposits has declined in the past few days. As of 22 July, the market size was $2.24 billion. As of this writing, it was less than $10 million in previously-provided liquidity.\u00a0<\/span><\/p>\n<h4><b>AAVE buyers stay their hands<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">An assessment of AAVE\u2019s price movement on a daily chart revealed a decline in the token\u2019s accumulation since the hack. Buying pressure immediately declined following the hack, and AAVE sellers regained control.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Per readings from the altcoin\u2019s Directional Movement Index (DMI), AAVE sellers displaced its buyers during intraday trading hours on 30 July and have since been in control.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This indicator measures trend strength and identifies trend reversals. It consists of the positive directional movement index (green), the negative directional movement index (red), and the average directional movement index (yellow).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At press time, the negative directional movement index at 24.13 rested above the positive directional movement index at 19.78. The metric indicated that sellers\u2019 strength exceeded the buyers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, since the hack, AAVE\u2019s Awesome Oscillator has been marked with red histogram bars that are positioned below the zero-center line. This indicator is often used to track the market\u2019s momentum. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">When it returns to red bars that are below the center line, it suggests bearish market conditions. Many traders interpret it as a signal to go short as they expect the asset\u2019s price to decline further.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 AAVEs worth today?<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Likewise, at the time of writing, AAVE\u2019s key momentum indicators were positioned below their respective neutral lines. This indicated a steady decline in the alt\u2019s accumulation.\u00a0<\/span><\/p>\n<figure id=\"attachment_332192\" aria-describedby=\"caption-attachment-332192\" style=\"width: 2308px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/AAVEUSDT_2023-08-02_08-04-13.png\"><img decoding=\"async\" class=\"size-full wp-image-332192\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/AAVEUSDT_2023-08-02_08-04-13.png\" alt=\"\" width=\"2308\" height=\"1174\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/AAVEUSDT_2023-08-02_08-04-13.png 2308w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/AAVEUSDT_2023-08-02_08-04-13-300x153.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/AAVEUSDT_2023-08-02_08-04-13-1024x521.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/AAVEUSDT_2023-08-02_08-04-13-768x391.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/AAVEUSDT_2023-08-02_08-04-13-1536x781.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/AAVEUSDT_2023-08-02_08-04-13-2048x1042.png 2048w\" sizes=\"(max-width: 2308px) 100vw, 2308px\" \/><\/a><figcaption id=\"caption-attachment-332192\" class=\"wp-caption-text\">Source: AAVE\/USDT on TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Since the hack, AAVE\u2019s price has fallen by 15%. At press time, it traded at $63.57, data from <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/aave\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\"> revealed.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Aave&#8217;s TVL takes a hit as the market grapples with the aftermath of Curve&#8217;s exploit. <\/p>\n","protected":false},"author":64,"featured_media":332202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,950,32,66,3,4,20],"tags":[],"class_list":["post-332191","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-defi","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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