Today in DeFi - COVER Exploited, CRV on Aave, and More

COVER Exploited

Cover Protocol @CoverProtocol

12/28 Post-Mortem

coverprotocol.medium.com12/28 Post-MortemOn Dec-28–2020 at 08:08:12 AM +UTC an exploit was abused on Cover Protocol’s shield mining contract (Blacksmith). The core Cover Protocol product is not affected and is functioning as intended. This…

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%.

Grap.finance @GrapFinance

Next time, take care of your own shit. @CoverProtocol @chefcoverage etherscan.io/tx/0xc2fd5094c… 1. No gains. 2. The Obtained Funds from LP has been returned to COVER.

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: https://aave.com

CRV on Aave

Marc 'TuBilly' Zeller @lemiscate

AIP-5 outcome was clear with a landslide victory for "YAE". Congrats @bneiluj & @charlie_eth for building the first Aave V2 proposal! The @AaveAave protocol will welcome $CRV from @CurveFinance in a bit less than 24h as collateral! (~9:45pm UTC)

Aave v2’s 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

OctoFi @octofinance

To infinity and... buy $OCTO 🚀 Fiat on-ramp is live: app.octo.fi/#/defi/buy Full documentation: docs.octo.fi/docs/aquafarm/… Stay tuned for a Merry deXmas and a Happy New Yield. 🌲 #DeFi #Dexember

DeFi Dashboard project OctoFi now has fiat onramps.

Aave BNT Mining

Aave @AaveAave

$AAVE was selected as the next token to receive $BNT liquidity mining! Once the $AAVE pool receives $400K USD in liquidity, weekly $BNT rewards get activated as well as 1M $BNT of impermanent loss insurance. Staking 👉🏼 bancor.network Guide: blog.bancor.network/how-to-stake-e…

blog.bancor.networkHow to Stake & Earn AAVE on Bancor v2.1This guide shows you how to stake and earn AAVE in the single-sided AAVE liquidity pool on Bancor v2.1. Bancor v2.1 is a dramatic improvement over the existing AMM model, as LPs can now stay long on…

Aave can now be used for liquidity mining on Bancor V2.1. Staking Aave can earn you BNT.

kyoronut | きょろナッツ @kyoronut

An application of newly launched UNI-V2 Maker vault: while keeping ETH exposure same, you can increase LP position solely. With 2x ETH/DAI price change tolerance, 300% c-ratio for bare token and 177% c-ratio for LP token, LP exposure can be 1.4xed. @UniswapProtocol @MakerDAO

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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