Welcome to the 18th issue of The Defiprime Post, a quick weekly primer covering the biggest developments around Ethereum and DeFi. This week’s issue covers events between November 15th and November 22nd, 2020.
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🔥 The DeFi Bulletin
- Amid a spate of flash loan attacks in DeFi lately, leading decentralized oracle network Chainlink published a blog post on tamper-proof oracles and why these solutions are key to preventing price oracle attacks.
- The team behind the up-and-coming yield aggregator project Idle Finance just raised $1.2 million in a new funding round.
- Synthetix’s Kain Warwick published an excellent overview of Virtual Synths.
- Ethereum development studio ConsenSys acquired dapp toolmaker startup Truffle Suite.
- State channels project Connext unveiled Vector, a cross-chain routing network set to streamline interactions among L1 and L2 projects.
- You can now lend directly through Ledger Live thanks to a new collaboration between hardware wallet maker Ledger and popular DeFi lending protocol Compound.
- Yam Finance introduced Umbrella Protocol, a new risk management solution for DeFi.
- After an attacker stole $100,000 from new fixed-rate interest project 88mph, whitehat hacker Samczsun discovered another flaw that could allow a malicious actor to drain all the ETH from 88mph’s Uniswap pool. Thanks to the tip off, the 88mph team extracted all that ETH into their governance multisig (including the $100k the previously mentioned hacker left in Uniswap).
- Yield aggregator project Pickle Finance was exploited for ~$20 million worth of Dai. Check out the post-mortem report here.
- Blockchain security firm Peckshield published an insightful write-up on the Cheese Bank hack, which saw an attacker make off with +$3 million in stablecoins.
- Is the YFI token a security in the U.S.? That’s a big no according to a new recreational legal memo from Gabriel Shapiro.
💱 DEX Report
- The minds behind the Bancor AMM have proposed a new liquidity mining campaign that would be incentivized with BNT rewards.
- One of the biggest happenings in DeFi this week was the conclusion of Uniswap’s 3-month UNI liquidity mining program. The incentivization effort was a success, considering the trading protocol has significantly more liquidity and volume than it did before the program started.
- With the conclusion of the first wave of UNI rewards, Uniswap-fork SushiSwap has seen an acute influx of liquidity as the rival protocol began incentivizing the same trading pairs that Uniswap had been (ETH/WBTC, ETH/USDC, ETH/USDT, and ETH/DAI).
- 1inch.exchange, one of DeFi’s leading DEX aggregators, is rolling out the 2nd phase of its liquidity mining program.
- DEX aggregator DEX.AG rebranded to Slingshot. The project just fielded $3.1 million in investments, too.
- Don’t miss Deribit’s latest case study on SushiSwap!
- Balancer just released Batch #2 of the Balancer Ecosystem Fund grants.
- 0x-powered Matcha just added trading support for over 1,000 tokens.
💵 State of the Stablecoins
- Yield-centric stablecoin project Origin Protocol (OUSD) was the victim of a flash loan attack this week.
- Meet ibDUSD, a new interest-bearing form of DefiDollar’s DUSD stablecoin.
💎 NFT News
- NFT minting platform and marketplace Mintbase raised a $1 million seed round.
Thanks for reading, and be sure to catch the 19th issue of The Defiprime Post out this time next week! 👋♦️👋