Velachain Halts Layer-1 Network After Balancer Security Breach

The blockchain platform suspended operations to address a security exploit impacting Balancer, a decentralized finance protocol.

Summary

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Terms & Concepts
  • Layer-1 network: A base blockchain protocol, such as Ethereum or Bitcoin, that operates independently and handles all transactions directly on its main chain.
  • Balancer: A decentralized finance (DeFi) protocol that allows users to create and manage automated market maker pools for crypto asset trading.
  • Security exploit: A malicious use of a vulnerability in software or systems to gain unauthorized access or cause disruptions.