Binance Labs to Invest in CRV; Lifeline for Embattled DAO

Binance Labs, the venture capitalist and incubator division of the cryptocurrency exchange, is planning to to invest $5 million in CRV, the token of Curve DAO.

As part of the agreement, CRV will also be deployed on BNB Chain.

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

"Curve is the largest stableswap, and as a key protocol in DeFi it has contributed to the steady growth of the space in 2023. Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration. We view this cooperation as a starting point and look forward to working together to further propel the growth of the DeFi ecosystem."

Coinlive previously reported on how Curve DAO was affected by a reentrancy exploit nearly two weeks ago.

Since then, Curve Finance has managed to recover approximately three-quarters of the around $70 million that was drained from its liquidity pools.

The protocol has offered a bounty of $1.8 million, which represents roughly 10% of the outstanding funds, for any information that can help identify the exploiters.

Certain affected protocols, such as Alchemix, saw the stolen funds being returned by the exploiters or recovered through the efforts of white hat hackers.

Curve DAO has a Total Value Locked (TVL) of $2.4 billion according to DeFiLlama, stands as the second-largest exchange in the DeFi space and holds the title of the largest stableswap platform for decentralised participants.

What is Total Value Locked?

"Total Value Locked" (TVL) is a fundamental metric used in Decentralised Finance (DeFi).

It represents the total amount of assets (such as cryptocurrencies) that are currently locked or held within a specific DeFi protocol or platform.

TVL provides a measure of the overall activity and usage of a particular DeFi project.

As of the current moment, Curve Finance has yet to recover the assets from the CRV/ETH pools.