The DeFi ecosystem on the new Aptos blockchain is growing. Let's check out the top platforms for swapping, liquid staking and lending.
Aptos TVL Linked to $APT Price Rise
The Aptos blockchain has been on fire in 2023, with the value of its native coin $APT nearly hitting $20 last week and its market cap now sitting at more than $2.7 billion, making it one of the top 30 largest cryptocurrencies.
Concurrent with the rise of $APT, the blockchain’s Total Value Locked (TVL) has also increased in terms of U.S. dollars and now sits at more than $75 million, according to DefiLlama.
However, in terms of $APT, the chain’s TVL peaked on Dec. 30 at 17.54 million $APT and has since dropped sharply to the current 4.4 million $APT.
Let’s take a look at some of the top Decentralized Finance (DeFi) protocols on Aptos:
Decentralized Exchanges
1. PancakeSwap
- TVL: $37.1 million
- 7-Day Change: +15%
- 1-Month Change: +36%
- Notes: The dominant BNB Chain DEX has taken Aptos by storm, accounting for nearly half of the chain’s TVL in all.
2. AUX Exchange
- TVL: $11.8 million
- 7-Day Change: +2%
- 1-Month Change: -36%
- Notes: AUX has retained its position as the top Aptos-native DEX, but its share of the chain’s TVL has suffered with PancakeSwap’s rise.
3. LiquidSwap
- TVL: $9.1 million
- 7-Day Change: +6%
- 1-Month Change: +10%
- Notes: LiquidSwap was the first Automated Market Maker on Aptos, and its TVL has held fairly steady since November.
Liquid Staking
1. Tortuga
- TVL: $10.7 million
- 7-Day Change: +25%
- 1-Month Change: +243%
- Notes: Tortuga and rival liquid staking platform Ditto were popular protocols since the first airdrop of APT coins, when there were no decentralized cross-chain connections and limited DeFi utility. Tortuga assumed and so far retains the position of dominant liquid staking platform on Aptos.
2. Ditto
- TVL: $2.3 million
- 7-Day Change: -4%
- 1-Month Change: +140%
- Notes: While Ditto is a distant second to Tortuga, it has also seen a significant rise in TVL along with the increase in the value of $APT.
Lending
1. Abel Finance
- TVL: $1.8 million
- 7-Day Change: +56%
- 1-Month Change: +57,899%
- Notes: Abel Finance, which is forked from Compound, is a relatively new entrant that has seen tremendous growth in TVL in the second half of January, both in terms of USD and $APT.
2. Aries Markets
- TVL: $1.4 million
- 7-Day Change: +39%
- 1-Month Change: +122%
- Notes: The TVL of Aries Markets has risen steadily since the debut of Aptos in terms of USD. However, in terms of $APT, the lending platform’s TVL crested around the beginning of 2023, although it has steadied somewhat in the past two weeks.
What is Aptos:
Aptos is a new, independent project focused on delivering the safest and most production-ready Layer 1 blockchain in the world. The team includes the original creators, researchers, designers, and builders of Diem, the blockchain that was first built to serve this purpose.
Where to find Aptos Labs:
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Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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