Major Curve Hack of $25M+ 🔻

GM. This is Degen Scoop. It’s Monday and July is just about over, here’s the scoop:

• Major Curve Hack of $25M+ 🔻

• Ethereum’s 8th Birthday 🎉

• Lawmakers Question App Store Policies ⚖️

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Vyper Issue Leads to $25M+ in Losses in Curve Pools

Yesterday was an eventful day in DeFi with $BALD minting millionaires on Base and subsequently millions being lost in a Curve hack. Various pools got hit by this hack including JPEG’D, Alchemix, Metronome DAO, and others. The issue was due to a vulnerability in a specific version of Vyper, so it appears most other pools are safe but an abundance of caution wouldn’t hurt.

Vyper was also able to chip in their thoughts:

The re-entry guards that would normally prevent re-entrancy attacks was prevented from operating in a normal fashion. While Curve is one of the most foundational protocols in the entirety of DeFi, yesterday was a reminder that this remains a nascent space with ever-present smart contract risk. The silver lining is that hacks like this help us learn and build more resilient systems.

Ethereum Turned Eight Yesterday

The first block ever mined on Ethereum was on July 30, 2015. It’s surreal to think this chain launched just eight short years ago considering the amount that has happened on-chain since then. Ethereum has comfortably sat at #2 in terms of market cap amongst cryptocurrencies while Bitcoin remains king in this respect.

The Ethereum white paper was first published by Vitalik Buterin back in 2014. As the most Lindy smart contract chain, we’ve seen plenty of Ethereum killers come and go while tourists attempt to vampire what has been created via the EVM. If we’ve learned anything in the past eight years, it’s that smart contracts are here to stay and they very well may define the future of finance.

Lawmakers Begin to Question Blockchain Related Policies on Apple’s App Store

Tim Cook, CEO of Apple, received a letter from lawmakers regarding its policies surrounding blockchain and NFTs. The main concern is that the current policies are viewed as prohibitive and may be stifling innovation. As an observer, the easiest reason to see why blockchain was blocked is that they can’t profit off on-chain transactions are are powerless to prevent on-chain activity.

With the ‘walled garden’ put into question, there may be hope that we see blockchain related tech reach the App Store in the near future. A level playing field without Apple as the de facto king of the App Store would help to allow innovation to persevere. At the time of this writing, Tim Cook has yet to address the letter sent to him.

Notable NFT Sales Over the Weekend:

Notable Threads You May Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.