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Terra hits new record in total value locked ahead of 10% of LUNA supply burn

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Terra hits new record in total value locked ahead of 10% of LUNA supply burn


  • Terra money ecosystem got its first play-to-earn game Flokiverse that offers passive income to players.
  • Over 100 projects are lined up for launch on the Terra network, a new wave of TeFi.
  • Proposal 128, to initiate IBC on Terra, has passed; DeFi interchain highways for Cosmos ecosystem have arrived.

The Terra network has key updates lined up and expects over 100 projects on the blockchain. Proponents refer to the new projects as TeFi and share a bullish outlook on LUNA. 

Terra boosts interoperability with Cosmos ecosystem, increases UST utility

Terra’s Inter-Blockchain Communication (IBC) is now live. Protocol 128 allows sovereign chains to communicate with each other and enables interoperability with blockchains like Cosmos. Proponents expect the company’s stablecoin UST to witness a spike in utility and on-chain activity as it powers the transfer of tokens between blockchains that adopt the protocol. 

Ahead of IBC’s launch, Terra hit a key milestone by welcoming Wormhole to its network. The Wormhole cross-chain bridge enables Terra’s native assets to be transferred to Binance Smart Chain, Ethereum and Solana. The supply of UST is likely to expand and adjust to the growing cross-chain environments and asset interchange in the network. 

Total value locked on Terra has hit a high of $10.32 billion based on data from decentralized finance data aggregator “DeFi Llama.” The top 4 protocols on the network, Anchor, Lido, Mirror and Terraswap, contributed $9.62 billion and together, accounting for 93% of Terra’s TVL. 

Total value locked in Terra.

Terra ecosystem’s metaverse has its first play-to-earn game, “Flokiverse.” The game is based on an NFT-as-a-subscription-model. 

The game features 1020 planets, and the players are expected to earn by renting the planets to other players. With the rise in popularity of passive income generation through play-to-earn games, Flokiverse is set to further boost Terra network’s TVL. 

Interestingly, Do Kwon, Founder and CEO of Terraform Labs, revealed that proposal 44 would be upheld for burning 90 million LUNA (nearly 10% of the supply) in the community pool next week. The shortage in LUNA supply is likely to trigger a rally in the altcoin’s price. 

@Taner_Crypto, a cryptocurrency analyst and YouTuber, has evaluated the LUNA price trend. He predicted that the altcoin would hit a new all-time high if it survives the retracement at $45.19.

 



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Experts dissect what went wrong

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Experts dissect what went wrong



Decentralized finance protocols continue to be targeted by hackers, with Curve Finance becoming the latest platform to be compromised after a domain name system (DNS) hijacking incident.

The automated market maker warned users not to use the front end of its website on Tuesday after the incident was flagged online by a number of members of the wider cryptocurrency community.

While the exact attack mechanism is still under investigation, the consensus is that attackers managed to clone the Curve Finance website and rerouted the DNS server to the fake page. Users who attempted to make use of the platform then had their funds drained to a pool operated by the attackers.

Curve Finance managed to remedy the situation in a timely fashion, but attackers still managed to siphon what was originally estimated to be $537,000 worth of USD Coin (USDC) in the time it took to revert the hijacked domain. The platform believes its DNS server provider Iwantmyname was hacked, which allowed the subsequent events to unfold.

Cointelegraph reached out to blockchain analytics firm Elliptic to dissect how attackers managed to dupe unsuspecting Curve users. The team confirmed that a hacker had compromised Curve’s DNS, which led to malicious transactions being signed.

Related: Cross chains, beware: deBridge flags attempted phishing attack, suspects Lazarus Group

Elliptic estimates that 605,000 USDC and 6,500 Dai was stolen before Curve found and reverted the vulnerability. Utilizing its blockchain analytics tools, Elliptic then traced the stolen funds to a number of different exchanges, wallets and mixers.

The stolen funds were immediately converted to Ether (ETH) to avoid a potential USDC freeze, amounting to 363 ETH worth $615,000.

Interestingly, 27.7 ETH was laundered through the now United States Office of Foreign Assets Control-sanctioned Tornado Cash. 292 ETH was sent to the FixedFloat exchange and coin swap service. The platform managed to freeze 112 ETH and confirmed the movement of funds, according to an Elliptic spokesperson:

“We have been in contact with the exchange, which confirmed a further three addresses that the hacker withdrew funds into from the exchange (these were completed orders that FixedFloat were not able to freeze in time). These include 1 BTC address, 1 BSC Address and 1 LTC address.”

Elliptic is now monitoring these flagged addresses in addition to the original Ethereum-based addresses. A further 20 ETH was sent to a Binance hot wallet, and another 23 ETH was moved to an unknown exchange hot wallet.

Elliptic also cautioned the wider ecosystem of further incidents of this nature after identifying a listing on a darknet forum claiming to sell “fake landing pages” for hackers of compromised websites.

It is unclear whether this listing, which was discovered just a day before the Curve Finance DNS hijacking incident, was directly related, but Elliptic noted it highlights the methodologies used in these types of hacks.