Conic Finance's CNC Token Skyrockets 50% Post-Hack, Signals DeFi Comeback

• Conic Finance to Launch Version 2 Following Security Breach
• Token Value Surge Following Announcement
• Conic Finance's Omnipools
• Upcoming Governance Decisions
• Recovering from the July Attack
• Subsequent Fundraising Efforts

Conic Finance to Launch Version 2 Following Security Breach

Conic Finance, a decentralized finance (DeFi) protocol, announced its plans on Tuesday to release its second version (v2) after an exploit occurred in July. Following a rigorous four-month period of auditing and review, all audits are nearly complete, setting the stage for the imminent deployment of Conic Finance v2.

Token Value Surge Following Announcement

Following the announcement, the protocol's governance token CNC saw a sharp rise of about 50% in value, reaching $2.20 according to data provided by CoinGecko.

Conic Finance's Omnipools

Conic Finance enables liquidity providers to distribute their exposure across multiple liquidity pools. This allows for yield earning on the prominent DeFi platform, Curve Finance, via the usage of Omnipools.

Upcoming Governance Decisions

In the coming two days, Conic's protocol will hold a voting session regarding the roster of supported Omnipool assets, the whitelisted Curve pools corresponding to each Omnipool, and the initial allocation weights for liquidity. Following the conclusion of voting, a separate governance proposal concerning the deployment of v2 will outline new features, reimbursement strategies, and incentives.

Recovering from the July Attack

The protocol faced a significant security breach in July, leading to the draining of approximately 1,700 ETH, valued at over $3.6 million at that time, from Conic's ETH Omnipool due to a read-only reentrancy bug. As a result, the total value locked (TVL) in Conic plummeted from nearly $150 million to under $1 million, as per data from DefiLlama.

Subsequent Fundraising Efforts

In the aftermath of the attack, Conic Finance secured a $1 million investment from Curve's founder Michael Egorov. These funds were directed towards the further development of the protocol and the associated auditing costs.

Edited by Jonathan Stoker