Today in DeFi - Synthetix Oil, MakerDAO x YFI, And More

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Synthetix Oil

Kwenta @kwenta_io

$sOIL and $iOIL are now live on Kwenta. 🎩 Long crude oil futures with $sOIL. Short crude oil futures with $iOIL. Derivatives trading with infinite liquidity. #EliteTrading Thank you to @synthetix_io and @chainlink for making this possible. 🥂 Kwenta.io

Synthetix, a synthetic derivate platform, has just launched sOIL and iOIL. You can now long or short crude oil futures in DeFi at kwenta.io (kwenta is a front end for Synthetix exchange). Pricing uses a Chainlink feed sourcing from ICE Brent Crude Oil futures prices.

MakerDAO X YFI

ツ @WrongNebula

You can now borrow DAI with your YFI @MakerDAO x $YFI 7 million DAI can be printed from YFI starting today 990M total DAI in circulation, will YFI tip DAI over 1 billion? PS: Extra 10% APY if you put that DAI back in Yearn vaults!

YFI, as well as BAL, can now be used as collateral on MakerDAO to mint DAI.

Or rather, it could. As of writing, the 7M cap for YFI-minted DAI is already completely used up. However, there is still 5M of the 7M BAL cap available for BAL holders.

Akropolis Hacked

Akropolis @akropolisio

We recently identified a hack executed across a body of smart contracts in the "savings pools" that have been audited twice. We are working with security specialists and on-chain analytics providers and aim to make a more detailed statement shortly. Thank you for your patience.

Akropolis, a yield aggregator project, has been hacked recently for about $2M DAI.

“At ~14:36 GMT we noticed a discrepancy in the APYs of our stablecoin pools and identified that ~2.0mn DAI had been drained out of the yCurve and sUSD pools.

These pools had been audited by two independent firms, however, the attack vectors used in the exploit were not identified in either audit. The essence of the exploit in question is a combination of a re-entrancy attack with dYdX flash loan origination.”

Find out more in the post-mortem.

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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