December 28, 2020: $sUSD + $renBTC spike on SIP-97/103 + $COVER rugging ✨💨
Here are today’s trends to watch from Curve Market Cap:
The $sUSD pool continues its impressive run since $SNX got listed on Coinbase. The pool scraped $50MM volume twice over the past week. The Synthetix team just released the Shaula release enabling SIP-97/103 protocols, allowing users of the network the ability to use renBTC and sUSD as collateral. Perhaps relatedly, the $renBTC pool has also seen large volumes of late:
Although Curve was not exposed, the DeFi world is reeling from the Cover Protocol rugging this morning. A hacker minted over a quintillion coins and withdrew the funds, although they seemingly returned the funds shortly thereafter. In the frenzy to withdraw $COVER, gas prices spiked at nearly 300 gwei. It’s a great reminder of the risks in DeFi, and that you should always DYOR and consult with financial experts, and never rely on amazing Substack newsletters. Here are a few early analyses of the exploit:
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