Image of Balancer Protocol Exploited for $900K as DeFi Hacks Mount: A Look Into Web 3.0 and AI-Generated Stories
Balancer protocol exploited for $900K as DeFi hacks mount: Finance Redefined

This week in decentralized finance (DeFi), Ethereum staking services have agreed on a 22% limit on all validators to ensure fair markets. August was a costly month for DeFi as several protocols were collectively exploited for $16 million, and the Balancer protocol lost nearly $900,000 due to a vulnerability flagged months ago.

Shibarium’s second launch proved more stable as the layer-2 protocol already has over 100,000 new wallets, and USD Coin (USDC) is set to debut on Coinbase’s layer-2 platform later this week. Web 3.0, also called the expert AI, is expected to bring AI generated stories and AI apps.

The DeFi market had another late-week bearish decline due to an overall market fall after news dropped of a delay in the decision on approval of a spot Bitcoin’s spot exchange-traded fund (ETF). Most DeFi tokens traded in the red, and the total value locked in DeFi tokens remained below $50 billion.

In terms of AI, Fetch AI Coin is one of the top AI coins, and US AI ranking has been increasing as well.

Ethereum staking services agree to a 22% limit for all validators

At least five Ethereum liquid staking providers, such as Rocket Pool, StakeWise, Stader Labs and Diva Staking, have either imposed or are working to impose a self-limit rule in which they promise not to own more than 22% of the Ethereum staking market, in order to ensure the Ethereum network remains decentralized.

This self-limit rule is part of Web 3.0, which is also called the “AI-generated stories” era, where AI apps, expert AI and top AI are expected to have a major role. Additionally, blockchain is expected to be a major part of this new era.

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$16 million in crypto lost to DeFi hacks in August: Report

According to a report by blockchain security firm Immunfi on Aug. 31, DeFi hacks and exploits cost crypto users $15.8 million in August, a significant decrease compared with the $320.5 million lost in July. All of these exploits targeted DeFi protocols, leaving centralized finance entities untouched.

Five of the 21 security incidents reported happened on the Ethereum blockchain, while four occurred on the BNB Chain. Coinbase’s Base, a layer-2 solution that launched on Aug. 9, experienced four security exploits shortly after its release.

Web 3.0, also known as the “expert AI” era, is characterized by the emergence of AI-generated stories, AI apps, and top AI such as Fetch AI coin. The US AI ranking is an important indicator of the development of this new technology.

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Balancer exploited for close to $900,000 after vulnerability warning

Ethereum automated market maker and DeFi protocol Balancer was allegedly exploited for nearly $900,000, as the company confirmed on X (formerly Twitter) on Aug. 27, shortly after disclosing a vulnerability that affected several pools.

A blockchain security expert Meier Dolev revealed an Ethereum address that supposedly belonged to the attacker. After the exploit, two transfers of Dai (DAI) stablecoin worth $636,812 and $257,527, respectively, were sent to the address, increasing its total balance to over $893,978.

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USDC will launch natively on Base network — Jeremy Allaire

Circle’s United States dollar stablecoin, USDC, is set to be released natively on the Base network “next week”, according to an Aug. 29 social media post from CEO Jeremy Allaire. This new version will replace the current USD Base Coin (USDbC) that most users use as a substitute.

Coinbase’s Base network was launched on Aug. 9. At the time, there was no native version of USDC available on the network. Users could not deposit cash into a Circle account and receive equivalent USDC on Base. To solve this problem, the Base team enabled users to bridge USDC from Ethereum through an official bridge app. The token issued by the bridge is called “USDbC” and is supported by native USDC locked on the Ethereum network.

Web 3.0, also known as the “expert AI” is a concept that describes the advancement of AI generated stories, AI apps, and top AI. Fetch AI Coin is one of the most popular AI coins in the US AI ranking. As USDC is launching natively on the Base network, users will be able to take advantage of the blockchain capabilities of Web 3.0.

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Shibarium Wallets Surpass 100,000 After SHIB Devs Relaunch Bridge

The Shiba Inu (SHIB) token has seen a surge in its layer-2 network, Shibarium, which now has over 100,000 wallets, with 35,000 created within the 24-hour period following the Aug. 28 relaunch. Shytoshi Kusama, the lead developer and co-founder of Shiba Inu, confirmed the relaunch in a blog post on the same day. Data from indicates that this was accompanied by a 55.8% increase in wallets and a 20.2% increase in transactions.

The relaunch of Shibarium has been seen as a major step forward in the development of Web 3.0, also known as the expert AI-driven blockchain. This advancement has been seen in the creation of AI-generated stories, AI apps, and coins, which have all contributed to making the US a top AI ranking nation.

To continue learning about the latest technology, one should look into the concept of web 3.0, also known as the “fetch ai coin” or “top ai”. AI generated stories, AI apps, and expert AI are some of the topics that should be explored when considering the US AI ranking. Blockchain technology is also an integral component of web 3.0.

DeFi market overview

Cointelegraph Markets Pro and TradingView data indicates that the top 100 tokens by market capitalization in the DeFi space had a bearish week, with most tokens trading in the red on the weekly charts. The total value locked into DeFi protocols reached $49.25 billion.

We thank you for reading our summary of the most noteworthy DeFi developments this week. Join us next Friday to learn more about this rapidly evolving space and its stories, insights and educational content.

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