JPMorgan says Curve contagion contained, but DeFi ‘shrinking or stalling’ | Headlines | News | CoinMarketCap
08/04/2023 00:10
The contagion from the recent Curve Finance attack to the decentralized finance (DeFi) ecosystem appears to have been contained, according to …
The Block6 minutes ago
Ethereum
Terra
Published on August 03, 2023 17:02 GMT+00:00edited on August 03, 2023 17:04 GMT+00:00
The contagion from the recent Curve Finance attack to the decentralized finance (DeFi) ecosystem appears to have been contained, according to JPMorgan.
"While the decline in the CRV token price caused some contagion to DeFi platforms using CRV as collateral, the fallout has been contained so far," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a report today. "However, the overall DeFi ecosystem remains in shrinking or stalling mode."
Curve Finance suffered an exploit on Sunday that tanked the price of its native CRV token and put over $100 million worth of loans belonging to its founder Michael Egorov at risk of being liquidated. Egorov took multiple loans on various DeFi lending platforms, where he used CRV as collateral and mostly received stablecoins. The liquidation of …