Today in DeFi - Saffron Drama, Sushi Drama, and More

Dec 01, 2020

Saffron Drama

Please be aware that a bug has caused an error redeeming from epoch 1, for everyone who has liquidity waiting to be redeemed from epoch 1, we're working on a fix now A statement will be released soon with more details Thank you for your patience as we transition into epoch 2 ♨️

A bug in Saffron Finance, a risk-tranched yield aggregator, caused issues withdrawing from epoch 1. This potentially means depositors may need to wait 8 weeks to withdraw their DAI. However, in the AMA, lead developer Psykeeper explains that they are working with leading auditing companies and security experts and may have a solution, which will allow funds to be withdrawn within 24-48 hours. Find out more in the AMA.

Sushi Drama

0xMaki 源義経 @0xMaki

Post-Mortem when I wake up, exploiter got around 10-15k so far from the 0.05% fees cut of Sushiswap. LP - xSushi holders are safe! It is a fascinating one thanks @andy8052 @danielque & sushi core devs for the quick reaction and help. More soon!

JuanSnow @Juan_Snow1

Possible @SushiSwap exploit found? @0xMaki sends exploiter a tx with a message to collect bug bounty. See below 👇 tx with message from 0xMaki https://t.co/1MdXqw9chq Exploiters address: https://t.co/ehh7EassCo @DefiantNews https://t.co/fRpdA1j7y1

An issue in the Sushibar - Sushiwap’s yield farm - led to about 10-15kUSD worth of SUSHI being taken. However, Sushiswap worked quickly with security engineers to figure out and fix the issue.

Because the funds stolen were yield farm rewards, no user funds were lost or affected. Users who were farming Sushi at the time will be distributed Sushi to compensate for their opportunity loss.

Further details can be found in the rekt blog.

CopperConnect

Copper @CopperHQ

Announcing CopperConnect – the first tool for institutions to tap into the $14bn untapped liquidity locked in DeFi! @AaveAave’s @StaniKulechov says it will "help to usher in the next phase for DeFi, while increasing credibility across the sector." 🙏 bit.ly/3q8ldt1

bit.lyCopper launches first DeFi tool for institutionsCopper announces the launch of CopperConnect, the first ever DeFi tool for crypto institutions

CopperConnect has launched. CopperConnect links with Aave, and allows insitutions to tap into DeFi:

“CopperConnect provides institutional investors, like crypto funds, with a highly secure way to connect digital assets stored in Copper’s multi-party computation (MPC) wallets with decentralised applications (dApps). This allows investors to lock their assets into DeFi ‘smart contracts’ and tap into the liquidity currently locked in DeFi, valued at more than $14 billion.*”

Spartan Council

andy @andyteecf

After long thought experiments and discussions both with core contributors and the community of @synthetix_io, the very first Spartan Council Election is now live on @SnapshotLabs. ⚔️ 1/6

Synthetix has launched the Spartan Council - a delegated democratic initiative. As explained by Andy, it features:
”1. Liquid democracy - voters are able to withdraw their votes within a Council Epoch if they believe their delegate has stopped serving in their best interest.

2. Off-chain, gasless signature voting on @SnapshotLabs.

3. @boardroom_info integrating snapshot into their system and featuring delegate profiles where delegates can pitch themselves.

4. Spartan Council incentive alignment via SNX payments.

5. Shiny NFTs appointed to council members.”

xAave

xToken @xtokenmarket

xAAVE is audited, deployed and live at xtoken.market xAAVE is a *set-and-forget* wrapper for AAVE staking that claims and compounds on behalf of holders. For your DeFi needs, we're also introducing a new governance model: Mandated Governance

medium.comIntroducing xAAVE: Mandated GovernanceEven in a dynamic and diverse space like DeFi, few projects ship like Aave. In less than a year on mainnet, Aave has become foundational infrastructure, advancing an ambitious model for on-chain…

xAave has launched on xToken, a passive staking project. Isn’t staking already passive? Yes, but xToken automates the claiming and compounding process as well, allowing users to truly set it and forget it.

Yearn x Akro

Andre Cronje @AndreCronjeTech

μα τον Δια! Yearn x Akropolis

Another day, another YFI partnership. In this case it seems to be a merger.
Yearn has merged with Akropolis, another yield aggregator project.
The benefits as described by Andre are:

Akropolis & Yearn merge development resources
Akropolis & Yearn TVL increases
Akropolis gets access to Yearn, Pickle, and Cream products, and can integrate its DCA solutions with these
Yearn gets access to new investment strategies created by Akropolis
Yearn accesses Akropolis business development expertise and exposure to its institutional client network

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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