Chart of The Day: Oasis TVL Plunges due to a Potential EVODefi Exploit
TVL on Oasis Network, a privacy-enabled layer-1 blockchain built using the Cosmos SDK plunged -46% in the last 24 hours due to stablecoin depegs on the blockchain.
The depegging seems to stem from the undercollateralization of EVODefi bridge assets. A report shows that the bridge protocol has minted more USDC and USDT on the Oasis blockchain than there is backing it on the origin chain.
