Balancer Vulnerability Update
On Aug. 22, automated market maker and decentralized finance protocol Balancer discovered a vulnerability that left $2.8 million, or 0.42% of its total value locked (TVL), at risk. Balancer then set up a personal user interface on its website to determine if user funds were affected, and advised users to “withdraw ASAP” if their wallets were connected to the affected liquidity provider (LP) pools.
The vulnerable assets included those on Balancer’s deployment on Ethereum, Polygon, Arbitrum, Optimism, Avalanche, Gnosis, Fantom and zkEVM. After developers mitigated 80% of the critical vulnerability on the day of discovery, Balancer reported that $5.6 million worth of funds were still in danger. They stated:
Cointelegraph reported on June 2 that Balancer had launched on Ethereum layer-2 network Optimism. Balancer Labs CEO Fernando Martinelli expressed his belief that layer-2 scaling solutions like Arbitrum crypto, Circuits of Value crypto, Assemble Protocol crypto, and Avalanche crypto will be effective in reducing transaction fees and network congestion. At the time, there were 38 projects building on the Optimism network to help build a Web 3.0 website and the best AI site.
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