Binance Labs invests $5M in Curve DAO Token following $60M July hack

Binance Labs said connected Aug. 10 that it has invested $5 cardinal successful Curve DAO Token (CRV) successful an effort to bolster the DeFi level pursuing an attack.

Yi He, Co-Founder of Binance and Head of Binance Labs, said:

“Given the caller events that person impacted the protocol, Binance Labs has offered our afloat enactment to Curve done our concern and strategical collaboration.”

Though Binance Labs did not specifically sanction the events mentioned above, its statement implicitly refers to a caller onslaught connected Curve Finance. That incidental took spot connected July 30 and resulted successful the theft of astatine slightest $60 million. Curve Finance regained immoderate of those funds starting connected Aug. 5 aft it offered a reward bounty to the attacker. As of Aug. 7, the level had recovered 73% of its stolen funds.

Binance Labs additionally suggested that the collaboration volition let Curve to deploy connected the Binance-associated blockchain BNB Chain. Curve presently operates connected 12 blockchains, and this statement volition broader its availability further.

Binance besides drew attraction to Curve’s beardown marketplace position, noting its debased fees and slippage arsenic good arsenic its dominance among DeFi platforms. It said that Curve is the largest “stable swap,” referring to Curve’s absorption connected stablecoin trading.

Curve besides ranks highly extracurricular of that niche. According to existent information from Defillama, Curve is the seventh largest DeFi level wide based connected its full worth locked (TVL). The magnitude of crypto locked successful Curve presently stands astatine $2.4 billion.

CRV token powers Curve Finance

Binance Labs acknowledged that the Curve token (CRV) has galore uses, emphasizing that it acts arsenic an inducement for liquidity providers and governance participants. It noted that the token different “powers the Curve ecosystem.”

Binance’s speech is 1 of the largest markets for CRV token trading. Its CRV/USDT trading brace accounted for 18% of CRV trading measurement connected Aug. 10, according to CoinGecko data. Binance besides offers a fig of different trading pairs featuring the token, which somewhat raises its stock of CRV’s wide trading volume.

CRV is the 81st largest cryptocurrency and saw regular trading volumes of $102 cardinal astatine the clip of writing. Its worth is up 1.6% implicit 24 hours amidst a mostly unchangeable market.

The station Binance Labs invests $5M successful Curve DAO Token pursuing $60M July hack appeared archetypal connected CryptoSlate.