Today in DeFi - COVER Exploited, CRV on Aave, and More
COVER Exploited
COVER Protocol, a permissionless insurance project, was exploited yesterday. Attackers exploited a bug to mint quintillions of COVER which were then sold on the open market, dumping the price 94%.
In an interesting turn of events, Grap.Finance apparently did a whitehack exploit of the same vulnerability, selling minted COVER for ETH, and then sending that ETH back to COVER Protocol. This rescue operation was done after two malicious exploits, and left the vulnerabiity valueless, preventing further exploits.
In the post-mortem article, COVER Protocol mentions that they intend to use the returned ETH as well as new COVER token to compensate COVER holders pre-exploit.
Today in DeFi is sponsored by Aave.
Aave is a decentralised, open-source, and non-custodial liquidity protocol for earning interest on deposits and borrowing assets. It tokenizes deposits as aTokens, which accrue interest in real time. Aave also features access to Flash Loans and Credit Delegation as uncollateralised loan options.
Try it today at:Β https://aave.com
CRV on Aave
Aave v2βs first proposal, adding CRV to Aave, was passed. CRV can now be used as collateral on Aave. It will have a 40% liquidation threshold, 55% liquidation bonus, and a 20% Reserve Factor.
OctoFi Fiat Onramp
DeFi Dashboard project OctoFi now has fiat onramps.
Aave BNT Mining
Aave can now be used for liquidity mining on Bancor V2.1. Staking Aave can earn you BNT.
FollowΒ @todayindefiΒ to keep up with the latest DeFi news on Twitter.
Disclaimer: Projects or tokens mentioned in this newsletter are often experimental or unaudited. Do your own diligence before using or buying anything mentioned