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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.