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Curve Finance (CRV), a decentralized finance (DeFi) protocol, suffered a major security breach on July 30, 2023.
An unknown hacker exploited a vulnerability in the Vyper programming language used by some of Curve's pools and managed to steal $61 million worth of cryptocurrencies.
The attack also affected the price of Curve Finance's native token, Curve DAO Token (CRV), which is used for management and rewards, resulting in a sudden drop in price.
However, CRV holders may have some reason to be optimistic as the token is scheduled to suffer its fourth annual supply disruption today. According to Diligent Deer, a DeFi analytics platform, the CRV inflation rate will decrease by 15.9% annually, from about 532,000 CRV releases per day to about 448,000 CRVs.
CRV is reducing production by 15.9% on 13 August each year as part of its emissions program aimed at balancing the earnings of its first users and long-term supporters. Currently, the total amount of CRV is around 1.995 billion and approximately 712 million CRV are locked in various contracts for voting and prize-winning purposes.
According to the data, 60% of the total CRV tokens will have been issued by this month. However, since the emission rate of tokens decreases every year, the key opening rate will reach 90% in 2030 and 99% in 2040.
*Not investment advice.