Decentralized
finance
(DeFi)
protocol
Conic
Finance
unveiled
plans
Tuesday
to
deploy
its
upgraded
version
(v2)
after
suffering
an
exploit
in
July.
“Over
the
past
four
months
Conic
has
undergone
extensive
auditing
and
review
in
preparation
of
v2
deployment,”
a
governance
post
reads.
“Now
that
all
audits
are
nearly
finalized
it’s
time
to
prepare
Conic
for
launch.”
The
protocol’s
governance
token
CNC
jumped
about
50%
to
$2.20
immediately
after
the
announcement,
CoinGecko
data
shows.
Conic
Finance
allows
liquidity
providers
to
diversify
exposure
to
multiple
liquidity
pools
and
earn
yields
on
major
DeFi
platform
Curve
Finance
via
so-called
Omnipools.
According
to
the
governance
post,
the
protocol
will
hold
voting
in
two
days
about
the
list
of
supported
Omnipool
assets,
whitelisted
Curve
pools
for
each
Omnipool
and
initial
liquidity
allocation
weights.
Once
the
votes
conclude,
a
separate
governance
proposal
about
the
v2
deployment
will
include
new
features,
reimbursement
schemes
and
incentives.
The
comeback
plan
follows
a
hacker
attack
on
the
protocol
in
July,
which
saw
roughly
1,700
ETH,
worth
over
$3.6
million
at
the
time,
drained
from
Conic’s
ETH
Omnipool
exploiting
a
“read-only
reentrancy”
bug.
The
total
value
locked
(TVL)
on
Conic
recently
dropped
to
below
$1
million
from
around
$150
million
before
the
attack,
according
to
DefiLlama
data.
Later
in
July,
Conic
raised
$1
million
from
Curve
founder
Michael
Egorov
to
fund
protocol
development
and
upcoming
auditing
costs.
