Decentralized finance (DeFi) protocol Conic Finance has announced its return after a cyber attack following a security breach in July. An updated version named Conic v2 is set to be released. Earlier this year, the protocol experienced a downturn and underwent strict auditing and review processes for four months to strengthen security measures and improve overall functionality.
The announcement of the release of Conic Finance v2 generated excitement in the market, and the price of the protocol’s governance token, CNC, increased by approximately 50%, reaching $2.23.
The increase in the price of the CNC cryptocurrency highlights the positive perception among investors and the crypto community regarding Conic’s commitment to addressing security vulnerabilities and offering an enhanced DeFi experience.
Conic Finance stands out by offering liquidity providers the opportunity to diversify their exposures across various liquidity pools. Users can earn returns through the innovative Omnipools on the major DeFi platform Curve Finance.
The upcoming launch of Conic v2 introduces an additional layer of governance. A voting process will be initiated to finalize the list of supported Omnipool assets, determine Curve pools for each Omnipool, and allocate initial liquidity weights. The following governance proposal for the v2 distribution will offer new features, repayment plans, and incentives.
Following the discovery of a “read-only reentrancy” error by a hacker in Conic’s ETH Omnipool in July, which led to the theft of 1,700 ETH worth $3.6 million at the time, Conic Finance is determined to rebuild its resilience. Conic’s Total Value Locked (TVL), which was nearly $150 million before the attack, temporarily dropped below $1 million after the incident. However, it is preparing to recover with the upcoming Conic v2 deployment.