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A Curve Finance hack sparked a sharp sell-off, and while DeFi traders stepped in to support CRV, the possibility of a contagion-level event remains. On July 30, Curve Finance, a decentralized exchange on Ethereum, suffered a hack due to a vulnerability in certain pools built using the Vyper programming language. The price of CRV dropped 20.91% on the day of the hack, falling to a two-month low of $0.58. On the next day, the decline in CRV continued to drop toward a seven-month low at $0.48 amid fears of liquid ation risks of hefty loans worth $100 million taken by Curve Finance founder Micheal Egorov against CRV as collateral. However, positive development with partial repayment of loans and significant negative bets in the derivatives market suggest that CRV may rally in the short term. The DeFi community comes to save CRV On Aug. 1, Egorov sold 39.25 million CRV tokens for stablecoins to a number of notable DeFi investors like Justin Sun, Machi Big Brother and DWF Labs for a total...

Terra Luna Classic (LUNC) developers have submitted a joint governance proposal to the community and validators that will introduce liquid staking derivatives with the Quicksilver network. The proposal incorporates multiple interchain account (ICA) host message types for integrating QuickSilver. It has garnered positive feedback from the LUNC community, paving the way for potential advancements in the token’s ecosystem. Titled “Allow Various ICA Host Message Types (For QuickSilver),” the proposal was presented to Commonwealth by developer Parker Lowe, who also took to Twitter to generate awareness and gather community attention. https://t.co/z3TvAoGm5s Be ready to vote in a week for a governance proposal! — Parker Lowe (@ParkerLowe47985) June 24, 2023 The document bears the signatures of influential figures in the LUNC community, including Fragwuerdig, Parker Lowe, Rexxaurus, Ohhbilbobaggins, and LuncBurnArmy. It has so far received overwhelmingly positive feedback, wit...