Conic Finance Prepares for V2 Deployment After July Exploit

According to CoinDesk, decentralized finance (DeFi) protocol Conic Finance announced plans to deploy its upgraded version (v2) after an exploit in July. The protocol has undergone extensive auditing and review in preparation for the v2 deployment. Conic Finance's governance token CNC surged about 50% to $2.20 following the announcement. The platform enables liquidity providers to diversify exposure to multiple liquidity pools and earn yields on major DeFi platform Curve Finance through Omnipools. In two days, the protocol will hold voting on the list of supported Omnipool assets, whitelisted Curve pools for each Omnipool, and initial liquidity allocation weights. After the votes, a separate governance proposal regarding the v2 deployment will include new features, reimbursement schemes, and incentives. This follows a hacker attack on the protocol in July, which resulted in the loss of approximately 1,700 ETH, worth over $3.6 million at the time. The total value locked (TVL) on Conic recently fell to below $1 million from around $150 million before the attack. In July, Conic raised $1 million from Curve founder Michael Egorov to fund protocol development and upcoming auditing costs.