Sushiswap’s Phantom Troupe / Twitter founder’s “DeFi” platform / Shapeshift to decentralize entire company / Thorchain loses 4000 ETH from attacks/DeFi/Crypto
With EIP 1559 around the corner and so many DeFi projects bubbling up, mainstream media reporting on the tidings of DeFi more and more regularly now it is hard not to become excited about ETH and DeFi. Thus, this week our editor gave a Nasduck Index of 3.
— ETH Memes (@EthereumMemes) July 3, 2021
Highlights of the Week – DeFi & Crypto:
Thorchain, which features an automated market maker (AMM) and decentralized exchange (dex), is known for its liquidity pooling, with total value locked (TVL) currently around $101.75 million.
The hacker behind the exploit was not quick to leave the crime scene. Instead, the malicious actor left behind a message effectively trolling the protocol. In tx input data, the hacker pointed out the following:
The hacker laid bare all the steps that were required to engage the exploit, highlighting the protocol’s decision not to issue bounties or engage auditors to check code that currently oversees a nine-figure TVL. While the protocol developers initially believed the hack cost them only $800,000 and was the work of a whitehat hacker, the following amounts were actually stolen:
- 966.620 ACLX
- 20,866,664.530 XRUNE
- 1,672,794.010 USDC
- 56,104.000 SUSHI
- 6.910 YFI
- 990,137.460 USDT
Sushi wanted to do a $60m strategic raise with about 21 private investors and at a 30% discount which would effectively sell 50% of the dev treasury
The community was outraged that a large portion of the treasury was being sold to investors who have no defined value add, at a large discount during all-time lows of $sushi with no clear reason for doing so
Investors and the community battle it out ferociously to contest the reasoning and logic about the terms of the sale and aggressively negotiate in the open
Certain investors are for the first time being highly challenged as to whether they really do add value and whether they warrant a discount at all
Arca, a private investor that owns 7%+ of xsushi, comes out saying they’re willing to buy $10m of sushi at a premium
Any questions of discounts are thrown out the window and the new negotiating terms are much more favourable to sushi
Lightspeed, Arca and the Sushi team speak together to figure out a raise structure that makes sense and balances out the interests of the community
Most likely tokens will be sold at spot with a lockup and the community will have the chance to participate in the raise as well
Jack Dorsey on Thursday put his mobile payments company Square at the centre of one the most talked-about areas of innovation in finance, announcing that it would launch a platform for developers to create “decentralised finance” projects built on bitcoin.
To align with the ethos of decentralized finance, ShapeShift, founded in 2014, has begun dissolving our corporate structure, evolving into a community-owned and governed crypto platform.
Our entire codebase and technology shall be open-sourced in the coming months.
These changes are designed to bring ShapeShift further in line with the true vision of immutable, decentralized finance.
Through this transition, our intention is to build a powerful community around an open-source, self-custody, multi-chain crypto platform for the world.
Quote of the Week in DeFi world:
From Founder of Aave, Stani Kulechov:
Since @jack is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum
— stani.eth 👻 🐻❄️🦇🔊 (@StaniKulechov) July 17, 2021
From Doge Coin Co-creator, Jackson Palmer
After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.
— Jackson Palmer (@ummjackson) July 14, 2021
From Yearn Founder, Andre Cronje
— Andre Cronje (@AndreCronjeTech) July 16, 2021