In the wake of the recent cyber exploit on Cure liquidity pools, DeFi markets are plunged in a haze of uncertainty. The exploit, which saw a staggering $47m heist, revealed vulnerable Vyper smart contracts managing liquidity pools. The aftermath has considerably lampooned a number of cryptocurrencies, including staking protocol Aave registering a -16.25% downward slope. This has led to spreading speculation, with some critics predicting, ‘Aave is on the road to oblivion’.
Among the most battered is NFT lending protocol JPEG’d, with more than one-third of its total value ($11m) lost in the exploit. Aave has not been spared either, its pressure compounded by Tron Founder Justin Sun’s $52.5m stablecoin withdrawal, intended to boost Curve.
Recent Aave charts depict a downward trajectory, hanging at $63.17, reflecting a 24-hour change of -3.7%. It is important to note that prior sell-offs forced the price through key technical supports, posing a threat of a complete meltdown to lower trendline support.
However, an oversold signal is indicated in Aave’s RSI that stands at 36.9, offering a scant silver lining. The MACD barely confirms this possibility, though, hinting at a strong bearish divergence.
Herein lies the tussle: on the upside, Aave aims at reclaiming the 200DMA of $73.25 (+16.34%); conversely, a fall to lower trendline support at $47.20 is a real threat, thus coin’s risk: reward ratio hangs at a skimpy 0.65.
In an interesting twist, smart investors have been redirecting to an offbeat project dubbed Green Crypto Chimpanzee. By implementing environmental sustainability and wildlife conservation into blockchain technology, Chimpzee offers a potential new approach to crypto investing. Within its structure, features such as an online shop, an NFT marketplace, the Zero Tolerance Game, and a unique NFT passport system offer users diverse income streams and contribute to green initiatives.
Chimpzee has just reached a considerable milestone in its presale of $CHMPZ tokens. The stakes are inviting, with discounted tokens and a bonus for each investor contributing to the “Save Black Jaguar” campaign, a crusade aiming to raise $1.5m for the endangered species’ conservation.
In conclusion, the consequences of the Curve exploit have generated a challenging outlook for DeFi markets. Even as Aave faces a harsh reality, newer projects adopting innovative approaches such as the Green Crypto Chimpanzee are creating alternative platforms for investment — a realm seeking to balance economic rewards and environmental responsibility.
Source: Cryptonews
