Explore today's top crypto news with Aave's GHO stablecoin proposal, Microsoft-Axelar partnership, and major DeFi exploits & launches.
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AAVE GHO Stablecoin Proposal Live

AAVE GHO Stablecoin Proposal Live

Date:
Jul 12, 2023
| Issue
#
58

Good morning, Datawallet Daily followers! Here's to another day ahead, packed with all the information you need from our esteemed newsletter.  As always, today’s drop will cover these key daily news items:

  • AAVE GHO stablecoin proposal is live
  • Microsoft teams up with Axelar
  • Multichain hack could be an inside job - onchain analysis
  • OpeanSea scammers charged for $450K theft
  • Rodeo Finance exploited again

AAVE GHO stablecoin proposal live for mainnet launch

In the upcoming Aave Improvement Proposal (AIP), the Aave DAO is set to vote on the introduction of GHO, an Aave native stablecoin, into Ethereum Mainnet. The plan is for the Aave V3 Ethereum Facilitator and FlashMinter Facilitator to initially support this stablecoin, if the AIP gets approved.

The motivation behind the GHO launch lies in months of rigorous testing on Ethereum's Goerli Testnet and numerous discussions within the Aave community. This initiative seeks to make stablecoin borrowing on the Aave Protocol more competitive, while simultaneously generating additional revenue for the Aave DAO. All interest payments made on GHO borrows will go directly to the DAO treasury.

The proposal introduces the concept of 'Facilitators', entities that can generate and burn GHO tokens. At the start, the Aave V3 Ethereum Pool and FlashMinter will act as facilitators, with parameters set via community discussion and voting.

In conclusion, if the AIP is approved, it will mark a new era for the Aave ecosystem and the Aave DAO, propelling the introduction of a decentralized financial framework managed by the community itself.

Microsoft teams up with Axelar

Microsoft is partnering with Axelar in an effort to develop a layer for data integration and interoperability. The intention is to facilitate the provision of blockchain access points, with an expressed interest in propelling the use of blockchain technologies further.

Axelar, supported by Coinbase Ventures, Binance, and Galaxy among others, serves as an interoperability network facilitating safe cross-chain interactions in Web3. Axelar's co-founder, Sergey Gorbunov, revealed that the company has been actively establishing connections with numerous public blockchains and streamlining the experiences of developers and users.

Speaking to Blockworks, Gorbunov expressed his belief in the necessity of linking several private blockchains. He emphasized the importance of ensuring that assets can be securely and trustlessly issued across traditional Web2 and Web3 stacks. He sees this as an opportunity for Axelar to broaden its distribution to a plethora of corporate or enterprise clients seeking solutions for asset issuance.

Multichain hack could be an inside job - onchain analysis

Last week, Multichain, a platform that enables cross-chain transactions, experienced unauthorized withdrawals amounting to $130 million, which caused the suspension of its services. As a response to this, the protocol recommended its users to revoke all contract approvals.

Chainalysis, in a report on Monday, referred to the exploit as "one of the most significant crypto hacks in history" and suggested that it could be an inside job.

OpeanSea scammers charged for $450K theft

The U.S. Attorney's Office declared on Monday that a man has been charged for allegedly stealing cryptocurrencies and non-fungible tokens (NFTs) valued at $450,000. The United States Attorney for the Southern District of New York issued the indictment, accusing Soufiane Oulahyane, a citizen of Morocco, of running a deceptive website resembling the well-known NFT marketplace, OpenSea, with the intention of illicitly accessing digital assets and NFTs. This form of cybercrime is often referred to as "spoofing."

Rodeo Finance exploited again

Rodeo Finance, a decentralized finance (DeFi) protocol based on Arbitrum, suffered a loss of $1.53 million due to an exploit on July 11. A code vulnerability in its Oracle was used to exploit the DeFi protocol, resulting in a loss of over 810 Ether.

Blockchain analysis company PeckShield revealed data indicating that the perpetrator subsequently transferred the purloined funds from Arbitrum to Ethereum and exchanged 285 ETH for unshETH. The offender then staked the ETH on Eth2.

Other breaking news

Wrapping up

Today, we spotlighted Aave's DAO's proposal for a native stablecoin, GHO, Microsoft's collaboration with Axelar for blockchain integration, and Chainalysis's report suggesting the recent Multichain hack may be an inside job. Meanwhile, OpenSea's scammer faced charges for a significant theft, and Rodeo Finance encountered another exploit. In addition, we announced several launches and upgrades in the DeFi sphere. Stay tuned for more tomorrow.