Today in DeFi -B. Protocol Governance Attack, Keep3r, and More...
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B. Protocol Flash Attack
A day after launching, B. Protocol is in the news again, this time for a flash governance attack on MakerDAO.
Flash loans were used to borrow MKR from lending platforms, and influence a vote which whitelisted B. Protocol for access to ETHUSD and OSM oracles. The exact proposal can be viewed here. While there is a 12 hour delay from vote success to enactment, in this case evidently it was not enough, or the proposal was not contentious enough to be cancelled.
MakerDAO has now started an urgent discussion on this topic. The proposed solutions are to enact some emergency governance changes, including extending the delay between vote success and enactment to 72 hours, as well as increasing the amount of MKR currently needed to pass a proposal.
LongForWisdom explains that part of the reason the attack was possible is that the amount of MKR on lending platforms was more than that needed for proposals to pass. By increasing that amount, as well as encouraging the community to take MKR off lending platforms, MakerDAO hopes to decrease the possibility of this kind of attack occurring again in the future.
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Keep3r
Keep3r Network, a protocol to incentivize third party βKeepersβ, is now live and in beta. A Keeper is a bot or script which is activated off-chain, usually for things like arbitrage, liquidations, or other items which need some form of scheduling or off-chain activation component.
Currently Keepers, such as MakerDAO liquidation bots, are generally created and run independently of the project that benefits from them. A list of jobs currently planned for Keep3r:
Hegic Pool maintenance
Aave Liquidation
Synthetix (multiple)
Yearn (multiple)
Cream Finance Liquidations
By creating an incentivized network, projects can better coordinate, hire, and monitor the Keepers helping to maintain their systems.
Find out more about Keep3r Network on Andre Cronjeβs blog.
DeFi Dollar Raises 1.2M
DefiDollar, a stablecoin project, has raised $1.2M from Divergence, Standard Cryto, Accomplice, and more.
DefiDollar is a stablecoin that uses a basket-based approach to stay close to the dollar mark. This allows users to hold stablecoins while hedging against de-pegging risk. In addition, DUSD can be used for yield farming. Find out more in their Medium.
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Disclaimer: Projects or tokens mentioned in this newsletter are often experimental or unaudited. Do your own diligence before using or buying anything mentioned