Today in DeFi - ForceDAO Hack+Save, AAVE on Polygon, and more
ForceDAO Hack and Save
ForceDAO, a new yield aggregator protocol, has had a smart contract bug exploited. A white hat hacker siphoned and then returned most of the funds, but a portion of the funds were also drained by 2 black hat hackers who did not return funds.
The detail of the exploit, as explained by The Block’s FrankResearcher, are that the xFORCE contract was exploited to obtain xFORCE. This xFORCE was used to obtain FORCE, which was traded for ETH.
A white hat hacker found this exploit, used it to remove 15.8m FORCE ($9.8M), and then reported the bug and returned the funds to ForceDAO. However, two subsequent black hat hackers removed some of the remaining force, netting 42ETH(85K) and 80 ETH respectively.
Sushiswap
Today in DeFi is sponsored by Sushiswap.
Sushiswap is a DeFi-Native DEX which features the best liquidity across many DeFi pairs such as YFI, SNX, and AAVE.
Sushiswap has recently launched Bentobox, gas-efficient lending platform for DeFi, as well as Kashi, a one-click margin-trading platform.
Check out Sushiswap at Sushi.com, or try the Bentobox/Kashi beta at staging.sushi.com
AAVE Polygon
AAVE is exploring scaling on Polygon.
Compound Upgrades Governance
Compound has upgraded its governance system.“Governor Bravo upgrades the Compound governance system; it adds the choice to abstain, voting reasons, parameter changes, and upgradability.”
Compound has one of, if not the best governance system in DeFi, and it’s cool to see them continuing to push on-chain governance forward.
Element Finance Out of Stealth
A new Fixed income project, Element Finance, is out of stealth. Similar to pendle finance, element aims to strip the yield portion of yield bearing tokens into a separate token, allowing users to separate principle from yield.
Synthetix Debt Mirror
A Debt Pool Mirror has been proposed for Index Coop. This would allow synthetix users to easily manage their debt.
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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