Today in DeFi - Solana pump.fun Exploited for 1.9M, sUSD Depegged, Vertex Buyback & Burn, Linea Surge Volt 1 Premium, >100% APY on USDT, and more...

Issues 🚨

• pump.fun, a Solana-based memecoin launchpad, was exploited for ~$1.9 million through a “bonding curve” attack. According to pump.fun, a former employee used his “privileged position” to access a “withdraw authority” and compromise the protocol’s internal systems. The platform is now back live and safe to use.

• ALEX Lab, a Bitcoin DeFi protocol, was exploited for $4.3 million. The attacker gained control of the private key of the XLink bridge and used it to transfer stolen funds. The platform is paused, and the team monitors the explorer’s movement.

• Synthetix sUSD depegged on Optimismo on May 16, with its price dropping to a low of $0.915 (~$0.96 as of writing). The depeg resulted from a large sBTC/wBTC LP withdrawing, using Synthetix’s spot synth redemption to acquire sUSD, and selling the sUSD in the relevant Curve pool.

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Upcoming ⏳

• Vertex, an Arbitrum-based perp & spot dex, announced the Buyback and Burn program for the VRTX token. 2M VRTX staked in the original Buyback & Stake program will be unstaked and moved to the burn address.

• Aevo has completed the RBN→AEVO migration and will focus on revamping the tokenomics & trading experience, new launch airdrops, and a new gasless L2.

• Synthetix is allocating 500k SNX for fee rebates on Base L2. Starting May 22nd, users trading on Kwenta Base will get 90% of their fees paid back in SNX weekly, up to the 50k SNX weekly cap.

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Airdrops 🪂

• Linea L2 launched Linea Surge Volt 1. Linea Surge is an LXP-driven program that rewards people for having assets on Linea and gives bonuses for deploying those assets into partner protocols.

• Drift, a Solana-based trading protocol, launched the DRIFT airdrop claim. Claims are open for 3 months and will be closed on August 16, 2024, at 18:00 UTC.

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Farms 🧑🏻‍🌾

• Stake your GHO to earn ~40% APR from AAVE and Merit Program

  • Today in DeFi is supported in part by ACI

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>100% APY on USDT