EasyFi loses $ 80 million

UniSwap sets a new record for Decentralized Finance (DeFi) and the compound fork EasyFi loses $ 80 million due to a hack. That and more in the DeFi monitor.

Decentralized finance has grown tremendously in the past few months, and the overall size of the market topped the historic $ 100 billion mark just a few weeks ago. However, the young sector has suffered a major setback this week. The value of assets managed by DeFi protocols on Ethereum (Total Value Locked) has fallen from a record $ 62.42 billion to $ 54.4 billion at press time.

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The decline of 12.85 percent in total can mainly be attributed to the decline in the price of Ethereum and Bitcoin. That’s because these two cryptocurrencies are responsible for most of the capital tied up in DeFi protocols are responsible. Still, it’s worth noting that the 12.85 percent drop on a weekly basis was relatively small compared to the drop in Ethereum (-9.79%) and Bitcoin (-21.19%). This is probably due to the fact that DeFi protocols now also manage an enormous amount of stablecoins. For example, four of the Top five liquidity pools on UniSwap Stablecoins. As a result, the volatility of the crypto markets has less and less influence on the total value locked indicator in decentralized finance.

10 billion US dollars: UniSwap sets a new record

The decentralized exchange (DEX) UniSwap (UNI) has set a new record. Hayden Adams, creator of the largest Ethereum DEX, announced on April 20 that UNI’s weekly trading volume exceeded $ 10 billion for the first time.

The DeFi project succeeded in growing steadily despite the extremely high Ethereum transaction costs. At the time of going to press, a single swap on the DEX costs loudly etherscan.io $ 38.51.

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If the growth of the decentralized trading platform continues in the future, Hayden Adams believes it is possible that the exchange will be able to crack a trading volume of more than 500 billion US dollars this year. For comparison: Coinbase has had a trading volume of almost since the beginning of the year Recorded $ 400 billion. While Coinbase is still well ahead of UniSwap as one of the largest crypto exchanges in the world, it is still remarkable how much UniSwap has grown. You should also keep in mind that UniSwap was only founded in 2018. Coinbase, on the other hand, has been active in the crypto sector since 2012.

Compound fork loses $ 80 million

EasyFi (EASY) is a fork of Compound, one of the largest lending platforms on Ethereum. Last Monday, EasyFi was the victim of a multimillion dollar hack. In one Blog post announced the CEO and founder of EasyFi, Ankitt Gaur, that a hacker had stolen 2.98 million EASY tokens. At the time, these had an equivalent value of almost 75 million US dollars. By gaining access to the project’s admin key, the hacker was able to remove the tokens from the developer’s MetaMask wallet – but that’s not all.

With the help of the admin key, the hacker was also able to steal money from EasyFi’s liquidity pools. As a result, he looted another six million US dollars. The admin key allows you to be able to make changes to a DeFi protocol without authorization. Usually, developers of DeFi protocols therefore only use it in extreme emergencies. The EASY token has lost over 76 percent of its value since the hack and is trading at $ 10.44 at the time of going to press.

The EasyFi Hack is the biggest DeFi hack the sector has seen so far. It even surpasses the DeFi exploit of the BSC project “Meerkat”, in which a total of 31 million US dollars were lost.