Hello Defiers, hope you’re enjoying your weekend! Summing last week up: It was a shorter week for The Defiant because of the U.S. holiday, but an incredibly intense one. Two exploits leveraged flash loans and five different DeFi platforms, including bZX and dYdX, to manipulate the market and make a profit. The schemes, which yielded about $900,000 (depending on the ETH price), had the whole ecosystem scrambling to find which other protocols were vulnerable. It turned out there was a potential exploit on MakerDAO, which triggered an emergency governance vote yesterday. The silver lining is that we got to see decentralized insurance in action as Nexus Mutual paid out bZx lenders’ claims. On less stressful news, Decentraland launched, causing digital land sales to spike, and Synthetix is adding ether as collateral.
Recap: DeFi Week of Feb. 17 🦄
Recap: DeFi Week of Feb. 17 🦄
Recap: DeFi Week of Feb. 17 🦄
Hello Defiers, hope you’re enjoying your weekend! Summing last week up: It was a shorter week for The Defiant because of the U.S. holiday, but an incredibly intense one. Two exploits leveraged flash loans and five different DeFi platforms, including bZX and dYdX, to manipulate the market and make a profit. The schemes, which yielded about $900,000 (depending on the ETH price), had the whole ecosystem scrambling to find which other protocols were vulnerable. It turned out there was a potential exploit on MakerDAO, which triggered an emergency governance vote yesterday. The silver lining is that we got to see decentralized insurance in action as Nexus Mutual paid out bZx lenders’ claims. On less stressful news, Decentraland launched, causing digital land sales to spike, and Synthetix is adding ether as collateral.