Today in DeFi - EMN Ape-ra, SAFE Migration, Sushi Omakase
EMN Ape-ra
Yesterday, people put about $15M into smart contracts which were not only uaudited, but also not even officially announced. Staging contracts deployed by Andre Cronje for development purposes were detected on the blockchain by savvy DeFi enthusiasts. Hungry for gains, they deciphered these contracts as relating to an upcoming project that Andre seemed to be hinting at.
Because of a bonding curve mechanism, it was possible to predict the price of EMN, one of the key tokens involved. While these contracts still had no user interface, developers and technically competent users figured out how to interact with these contracts directly. They bought and sold EMN and related tokens in a frenzy to try to earn a profit.
Alas, while the bonding curve led to insane gains for early EMN buyers, it was also the downfall of EMN. A flash loan exploit led to EMN price dropping severely, leaving buyers in the dust.
The hacker made off with about $15M, but oddly enough sent $8M of it was sent to the Yearn Finance treasury.
At time of writing, Yearn Finance is in the process of looking at a snapshot of EMN holders and compensating them from the $8M DAI accordingly according to their holdings.
Drama aside, Eminence does seem like a real project that is in development. My advice? Donโt touch the contracts until theyโre announced.
SAFE Migration
COVER Protocol, the next iteration of SAFE, is moving ahead. If you have any SAFE tokens, you should migrate them to SAFE2 before the 12am Oct.1st UTC deadline. You can do at the yieldfarming website.
If you are mining SAFE through the Balancer pool, you should STOP IMMEDIATELY, and also migrate your tokens. After the migration deadline, SAFE will not be able to migrated, and will essentially be worthless. For DAI/SAFE farmers, this means potentially massive โImpermanent Lossesโ if they stay in the pool after the deadline.
Sushi Omakase Bar
Sushiswap, the Uniswap with a 90% community distribution, has a new UI. Sushiswap.fi is a new front end which merges analytics from Sushiswap.vision along with a tabular breakdown of Sushi farming pools.
In addition, there will be a rotating menu of Sushi farming pools. Yesterday these pools were added:
xSUSHI-ETH 0x36e2FCCCc59e5747Ff63a03ea2e5C0c2C14911e7
cDAI-DAI 0x0Cfe7968e7c34A51217a7C9b9dc1690F416E027e
WBTC-ETH 0xceff51756c56ceffca006cd410b03ffc46dd3a58
CREAM-ETH 0xf169CeA51EB51774cF107c88309717ddA20be167
MEME-ETH 0x17b3C19Bd640a59E832AB73eCcF716CB47419846
wNXM-ETH 0xFcff3b04C499A57778ae2CF05584ab24278A7FCb
yUSD-ETH 0x382c4a5147Fd4090F7BE3A9Ff398F95638F5D39E
yUSD-WBTC 0x2024324a99231509a3715172d4f4f4e751b38d4d
CRO-ETH 0x0be88ac4b5C81700acF3a606a52a31C261a24A35
renBTC-WBTC 0x518d6CE2D7A689A591Bf46433443C31615b206C5 (soon)
But it sounds like the pools will change over time.
Unlike other forks, Sushiswap seems to be fairly actively under development. Find out more in the Medium Article.
Disclaimer: Projects or tokens mentioned in this newsletter are often experimental and unaudited. Do your own due diligence before using or buying anything mentioned.