DeFi Exploits Result in Losses of Over $16 Million in August
In August, DeFi protocols suffered losses of over $16 million due to various exploits and vulnerabilities. EthereumEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. More staking services have agreed to impose a 22% limit on all validators to ensure a fair market. Balancer protocol, a popular automated market maker and DeFi protocol, was exploited for close to $900,000 after a vulnerability warning. Additionally, Shibarium, a layer-2 network for the Shiba Inu token, has surpassed 100,000 wallets after its relaunch. USD Coin (USDC) is set to debut on Coinbase’s layer-2 platform, Base, later this week.
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