August 4, 2023: TGIF 🎉🥳
Flywheel news turns positive to close the week
After a rough week, it’s exciting to crack open a beverage of your choice and celebrate the action.
The pendulum has swung back in the other direction, and news from the flywheel is finally turning good again. A quick roundup…
The Hack
As we publish (late due to so many developments!) there appears to be a swath of funds being returned.
The pETH attacker has sent the entirety of funds to an address. It’s currently unconfirmed that this is an address controlled by JPEG’d, but since they had been in dialogue it’s a good sign.
The Alchemix attacker is also returning funds, and this one presents fodder for grabbing some popcorn and watching it unfold.
Since there may well be more developments after we publish, we recommend following this live thread which has been covering the updates all morning:
TriCRV
The new TriCRV pool continues to grow rapidly.
With over $4MM in liquidity, it’s very soon going to become the primary source of $CRV on-chain liquidity.
It remains to be seen what happens with the CRV/ETH hacker — some of the funds were initially recovered by a white hat hacker, but another portion remains outstanding.
At the moment the hacker might have trouble escaping through a CEX given the high profile nature of the hack, and DEX liquidity is too small to get a sizeable return. One could imagine a cartoonish scenario where the TriCRV pool grows big enough to become exit liquidity for the hacker though…
Curve Buying
In a move likely being spun by death spiral000rs as bearish, everybody wants to buy cheap $CRV!
Not to mention protocols debating buying up the cheap $CRV through governance forums.
The Curve Wars may see occasional truces, but they never really stop though, do they?
AAVE
We’d been assured by bears that AAVE was too stupid to manage their own highly successful protocol and was on the brink of collapse.
Oh… maybe AAVE survives? Well, surely <insert generic stablecoin FUD>! There’s no use case!
FRAX v3
Here comes Frax v3!
If you missed the details, Frax founder Sam Kazemian stopped by Leviathan News this morning to provide all the details. Highly recommended!
f(x) Protocol
The f(x) protocol hit mainnet, marking Aladdin DAO’s third successful launch. Their psuedo-stable is not precisely a stablecoin, holding about 10% of ETH’s volatility, but if these APRs sustain we doubt anybody will mind too much.
Vyper
The Vyper community was hit at point-blank range by the hack, but we firmly believe the community will bounce back stronger than ever before.
We had the opportunity to discuss this and much more with the blokes from Blocmates, take a look!
