DeFi Daily News,August 25th, 2020

1. According to news from the chain, the DeFi project YFValue (YFV) issued an announcement stating that the team found a loophole in the YFV pledge pool yesterday, and malicious participants used the loophole to reset the YFV timer in pledge separately. At present, a malicious participant is trying to blackmail the team. In this regard, the YFValue team made the following decisions: a. All stakeholders need to stop staking YFV in the current staking pool, and withdraw funds as soon as the timer allows. For this reason, Yfv Finance has now deleted the front-end UI; b. Destroy the current YFV staking pool in the next epoch (expected on August 28), which will be equivalent to destroying 15% of the supply. If the community wants a new staking pool, Yfv Finance will do it as soon as possible Develop a new migration plan; c. The team has developed a plan to rescue the funds trapped in the fund pool, but for security reasons, this will not be disclosed at this time; 4. The development fund (Dev fund, Approximately 300,000 YFV), to compensate community members affected by the second time. Chain Wen previously reported that Twitter user dryrunner posted a comment to warn users to withdraw funds from the DeFi project YFValue because there is a risk that about $170 million in funds in the agreement will be locked by the contract owner.

2. According to news from the chain, DeBank data shows that the total DeFi lock-up volume (TVL) exceeded USD 8 billion for the first time. The top five are Maker (US$1.4 billion), Aave (US$1.3 billion), Curve (US$1.2 billion), Synthetix (US$800 million) and yearn (US$790 million).

3. Currently in DeFi, two very promising projects have emerged, one is the oracle, and the other is the decentralized exchange. Although mining in August was very thrilling due to the floods, as the most upstream link in the entire industry chain, crypto miners also bear higher risks while enjoying high returns. Whether it is the ups and downs of the currency price market or the sudden disaster, there are always unpredictable accidents in the middle, but there are always some people willing to take risks. But it is their tireless pursuit of profit that has allowed the development of crypto mining to this day and has gradually become one of the business practices with global influence.

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