How Brave Binance Is, Investing $5 Million In This Token!

<p>&nbsp;“Is Binance investing because it is confident in this crypto?”</p><p><br /></p><p>Binance Labs, the venture capital arm of cryptocurrency exchange Binance has invested $5 million in Curve (CRV), a digital asset founded by the decentralized stablecoin trading platform Curve Finance.</p><p><br /></p><p>According to Binance Labs yesterday, Curve Finance is the largest stableswap* and the second largest for a decentralized exchange (DEX), where its total value locked (TVL) has $2.4 billion while the daily volume is $215 million.</p><p><br /></p><p>*Automated market maker (AMM) that focuses on stablecoin exchanges with minimal slippage and more efficient trading for liquidity providers</p><p><br /></p><p>The string, Yi He, co-founder of Binance and head of Binane Labs said that they will fully support the DEX despite the recent exploitation issue that has affected Curve Finance.</p><p><br /></p><p><br /></p><p>But in exchange for the following investment, Curve Finance needs to use BNB Smart Chain, which is a protocol operating on multiple chains that was originally based on Ethereum (ETH) and functions as a DeFi developer with several hundred pools used.</p><p><br /></p><p>Curve Finance on July 30, 2023 has suffered a loss of $73.5 million from the stable pool** following the re-entry weakness in the programming language.</p><p><br /></p><p>**Pools that hold assets at the same price</p><p><br /></p><p>Then on August 4, 2023, the hacker behind the following exploit sent a message to the Alchemix and Curve teams saying that they returned the funds not out of fear of being caught but because they didn't want to damage the project.</p><p><br /></p><p>After the message, 75% or around $52.3 million of the stolen digital assets were returned to Curve Finance by the hackers but because the full amount was not returned, the platform is offering a $1.85 million reward to anyone who identifies the attackers.</p><p><br /></p><p>After surpassing $0.70 on August 5, 2023, the price of CRV has steadily declined to reach $0.60 in the last 24 hours.</p>