Crypto token CNC price jumps 50% as DeFi platform Conic Finance plans to return after hack

Decentralized finance (DeFi) protocol Conic Finance on Tuesday unveiled plans to deploy its updated version (v2) following an exploit in July.

“Over the last four months, Conic has undergone extensive audits and reviews in preparation for the deployment of version 2,” it said in a governance post. “Now that all testing is almost complete, it is time to prepare Conic for launch.”

The protocol's governance token CNC rose about 50% to $2.20 immediately following the announcement, data from CoinGecko shows.

Conic Finance allows liquidity providers to diversify their exposure across multiple liquidity pools and generate income via so-called omnipools on the major DeFi platform Curve Finance.

According to the governance post, the protocol will vote in two days on the list of supported omnipool assets, the whitelisted curve pools for each omnipool, and the initial liquidity allocation weighting. Once votes are complete, a separate governance proposal for v2 deployment will include new features, reimbursement systems and incentives.

The comeback plan follows a hacking attack on the protocol in July, in which around 1,700 ETH, then worth over $3.6 million, were withdrawn from Conic's ETH Omnipool using a “read-only reentrancy” -Bug was exploited. According to DefiLlama data, the total value lock (TVL) on Conic recently fell from around $150 million before the attack to under $1 million.

Later in July, Conic raised $1 million from Curve founder Michael Egorov to fund protocol development and upcoming audit costs.

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