Topic: 💰 DeFi - Decentralized Finance ⛓ - page 4. (Read 11041 times)

SafeDollar ‘stablecoin’ drops to $0 following $248 million DeFi exploit on Polygon
SafeDollar (SDO) stablecoin proved to be anything but stable today as its price collapsed on the heels of an alleged cyberattack.

The price of SafeDollar (SDO), an algorithmic decentralized finance (DeFi) stablecoin based on the Polygon (MATIC) blockchain, has plummeted to literally zero as a result of what appears to be a massive multi-million exploit today.

While details are yet scarce, block explorer Polygonscan shows that 202 million USDC and 46 million USDT stablecoins were suddenly drained from SDO’s smart contract today—worth around $248 million in total.

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Notably, this is not even the first time SDO was exploited. Just a week ago, SafeDollar developers published a “Postmortem Analysis” about an exploit that resulted in the loss of the protocol’s 9,959 SDS tokens—worth around $95,000 at the time.
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Um die 100% gibts fürs LPing. Sind aber auch Coins, die ich ohnehin halten will (Stables, Polygon, Link, ETH)

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Some stablecoins like USDC say they are 100% fiat-backed, while others, like USDT, are backed by a basket of assets — including unsecured debt — with cash only as a tiny portion. Others, like Dai, are backed by crypto assets. Then there are algorithmic stablecoins like Iron that have a multi-token collateral mechanism using time-locked smart contracts to maintain price stability.

In the case of Iron Finance, USDC and TITAN were used as collateral on Polygon and BUSD and STEEL on the Binance Smart Chain. Basically, the price of TITAN goes up when new IRON tokens are minted, and the peg becomes less stable when the price of TITAN falls, like what unfortunately happened on June 16. The price of IRON has dropped from its US$1 peg and is now trading for just US$0.77 as of publishing time, according to CoinGecko.

Iron Finance says the crash was not a rug pull — a malicious tactic where crypto developers abandon the project and run away with investors’ money — but poor tokenomics resulting in “the world’s first large-scale crypto bank run.” The project detailed the sequence of events that unfolded in a post-mortem blog post:

June 16, around 10 a.m. UTC: Iron Finance “noticed some whales began to remove liquidity from IRON/USDC, then sold TITAN to IRON and then IRON to USDC directly to liquidity pools instead of redeeming IRON, which caused the IRON price off-peg. TITAN dropped from 65$ to 30$ in 2 hours, which later recovered in 1 hour to 52$ and IRON fully recovered its peg.”

June 16, around 3 p.m. UTC, “a few big holders started selling again. This time, after they started, a lot of users panicked and started to redeem IRON and sell their TITAN. Because of how the 10mins TWAP oracle works, TITAN spot price drops even further in comparison to the TWAP redemption price. This caused a negative feedback loop, as more TITAN was created (as a result of IRON redemptions) and the price kept going down.”
“At some points, the price of TITAN became so low, close to 0 actually, which caused the redeem contract to revert the redeem transactions. We already queued the fix for this, so people can redeem again at 5pm UTC.”
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Do Kwon, founder and CEO of Terraform Labs, which created Terra, an algorithmic stablecoin project wondered on Twitter: “So why have they failed? Is algorithmic stability too hard?”

“New algo stablecoins have all failed because they solely rely on recursive holding incentives for growth. That is: If you hold the stablecoin, we will let you farm more stablecoins,” Kwon tweeted. “This leads to a feedback loop where capital flight compresses both the value of stablecoins and the holding yield, increasing both principal risk and lowering returns to compensate. Death spiral.”

Kwon adds the challenge for algorithmic stablecoin developers is building sustainable use cases around the stablecoins and “stability will increase as these use cases become more sticky, distributed and uncorrelated.”
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Also ich muss sagen, dass das Yield Farming auf Sushi Swap im Polygon-Netzwerk wirklich super funktioniert. Smooth, günstig, schöne UI. Auch die APY ist super. Sie schwankt allerdings. Seit drei Tagen gibts in den Pools, in denen ich bin, über 100%, anfangs warens 40, zwischenzeitlich mal 25%.

Mal sehen, wo das noch hinführt.

Achtet auf das Verhältnis von $SUSHI und $MATIC, dass die Pools ausschütten. In machen Farms gibts vorwiegend $MATIC, andere haben mehr $SUSHI als Rewards.

Noch ein Tipp: mit https://zapper.fi/ behaltet ihr eure Pools im Überblick. Sehr schönes Tool, dass aktuell für ETH, Polygon und BSC  funktioniert und euch alles in einer Plattform zusammenführt. Die sind auch recht bekannt, in der ETH-Defi-Szene ein dicker Name.

Eine Frage zu den Punkt "Code von github runterladen und ausführen". Das Risiko das die Seite (bzw der github-Account) kompromittiert ist, kann ja auch nicht 100%-ig ausgeschlossen werden.

Allein, dass die Website down geht, ist nicht schlimm, solange der Code für die Website öffentlich ist, z.B. bei Github gehostet (oder es setzt sich jemand hin und entwickelt ein alternatives Interface).
Dann kannst du den Code einfach herunterladen und bei dir lokal ausführen - oder auf Mirrors warten, dabei allerdings auf Scams aufpassen.
Ähnlich ist das bei dezentralen Exchanges wie Etherdelta, für die auch alternative Interfaces wie Forkdelta existieren, die aber letztlich mit denselben Smart Contracts interagieren.

Ich hätte mal ne grundsätzliche Frage bzgl. DeFi, bin relativ neu in dem Thema:

Was passiert wenn Plattformen wie swamp.finance oder growing.fi und wie sie alle heissen von heute auf morgen down gehen würden und nicht mehr wiederkommen mit den contracts, die dort abgeschlossen wurden?
Wie würde man dann wieder an die assets kommen?

Ich hätte mal ne grundsätzliche Frage bzgl. DeFi, bin relativ neu in dem Thema:

Was passiert wenn Plattformen wie swamp.finance oder growing.fi und wie sie alle heissen von heute auf morgen down gehen würden und nicht mehr wiederkommen mit den contracts, die dort abgeschlossen wurden?
Wie würde man dann wieder an die assets kommen?

Wieso alteingesessen?

IMO wird die BSC abgesehen von den Scam Projekten, nun auch noch von mächtigen, alteingesessenen Profis an- und abgegriffen.

IMO wird die BSC abgesehen von den Scam Projekten, nun auch noch von mächtigen, alteingesessenen Profis an- und abgegriffen.

1. Work with your audit companies to do another health check. If you are forked projects, please double and triple check your changes from original version.
2. Apply necessary risk control measures to actively monitor any abnomaly in a real-time manner and pause the protocol if any abnomaly indeed occurs.
3. Plan a contingency plan for the worst case if really happening.
4. Setup your own bounty program or on the immunefi if possible.
Security company @peckshield and @certikorg are also providing green path for any security consultancy service for #BSC  projects.

“I run a BSC node. The network is constantly forking uncontrollably. For every block that is part of the main chain, there are around 5 uncles (forked blocks). Several validators are running sub-par hardware and cannot keep up with the rest of the network,” Twitter user Crypto Ultron said on May 20.

Anthony Sassano, a co-founder of Ethereum research and resources hub EthHub, echoed this concern, urging users who have any funds on BSC “to get them off there asap.”

SORA is both a new economic system that decentralizes the concept of a central bank as well as a network in the Polkdot ecosystem that will connect to the Polkadot relay chain and ecosystem with built-in tools focused on DeFi.
The SORA Network excels at providing tools for decentralized applications that use digital assets, such as atomic token swaps, bridging tokens to other blockchains, and creating programmatic rules involving digital assets.
SORA Parliament is the governance system for the SORA Network.

The multi-chain universe is on the horizon: the future is interoperable. As we can see with wBTC, renBTC, and other wrapped Bitcoins being used on the Ethereum blockchain, people want to move assets from one chain to another for trading, convenience, and arbitrage opportunities. However, there is no decentralized exchange on which to have access to a multitude of assets existing on numerous chains. Networks like Polkadot offer us the opportunity to make this possible.

Grad mal nachgeschaut, meine THORchain vom ICO wären jetzt 650k USD wert.