Today in DeFi - Socket Exploited for 3.3M, Marginfi Launches Flashloans, ONDO Unlock, Low-Cost L2 Bridging with Airdrop, and more...

Hacks 👾

• Socket, an interoperability protocol that powers bridging for Bungee Exchange and other partner protocols, experienced a security incident and lost over 3.3M. The hack is due to incomplete validation of user input, which is exploited to steal funds from users who have approved the vulnerable.

  According to the team, “The affected contract has been paused and damage is fully contained.” and “Users don't need to do ANYTHING.”

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Launches 🚀

• Delphi Labs and Astroport Finance launch Asteroid Protocol, an open-source inscriptions protocol for Cosmos Hub. Asteroid allows users to inscribe images and videos to text and tokens.

Updates 📰

• Solana lending protocol marginfi launches Flashloans, “Users can max borrow any supported token without collateral if the loan is repaid within the same block” with no fees.

• On-chain splits protocol Splits launches Swapper on Optimism, Base, and Polygon. Swapper is a payable smart contract that swaps ETH & ERC20 tokens into a predefined output token before sending those tokens to its beneficiary.

• Lido's wstETH is now live on zkSync Era. Follow the guide to bridge wstETH to zkSync.

Upcoming ⏳

• Ondo community approved the token unlock proposal. ONDO will be released from the global lockup on Jan 18th and listed on Bybit CEX.

• Klaytn L1 submits a governance proposal to merge Klaytn and Finschia (kfa. LINE blockchain). According to the proposal, “a new integrated token (provisionally named PDT) will be issued, and holders of KLAY and FNSA will be able to claim this new token which will be usable on both LINE and Kakao messengers.”

• Dusk L1 introduces the incentivized testnet, one of the final stages before Dusk mainnet. Users will be able to participate as a staker or node runner.

Airdrops 🪂

• Arbitrum community approves the Long-Term Incentives Pilot Program proposal. The program will distribute 25-45M ARB to protocols for 12 weeks.

Farms 🧑🏻‍🌾

• ARB STIP incentives on Notional V3 are live. 500,000 ARB will be given as incentives to Notional V3 LPs on Arbitrum until March 31st.

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