Yearn Finance Suffers Flash Loan Attack, $11M Lost – February 5

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $37,583

Bitcoin price has traded flat over the last 24 hours, as price continues to range around the $37,000 mark.

Top-20 altcoins have had mixed results over the past day of trading, as Ethereum drops 1%, XRP rises 8%, and Cardano gains 15%..

Top Stories for February 5, 2021 πŸ”₯

πŸ‘‰ Yearn Finance Suffers Flash Loan Attack, $11M Lost

Yearn Finance’s DAI vault has been attacked in a flash loan attack, resulting in more than $11 million being drained from the pool.

The attacker managed to manipulate the price of Dai used by the vault, using a flash loan from DeFi protocol Aave to fund the exploit to get away with $2.8 million of the funds.

πŸ‘‰ Ethereum Price To Sales Ratio Dropping, Despite High Tx Costs

Crypto investor Ryan Sean Adams has made a popular case for Ethereum, defying criticism about high transaction costs on the network.

Adams pointed out that using a price-to-sales model, Ethereum is actually getting cheaper, rather than ore expensive.

The model considers the high gas fees to be a positive factor, treating them as revenue and indicates that ETH may be undervalued.

πŸ‘‰ On-Chain Stablecoin Volume Passes $300B In January

The volume of stablecoin transactions within blockchains have grown significantly since December last year, as January sees more than $308 billion worth of stablecoins change hands on-chain.

Almost two-thirds came from Tether (USDT), while USDC volumes came in at $63 billion worth. In comparison, total on-chain stablecoin volume in December 2020 was just $178 billion.