DeFi

April 10, 2023

Bad Fish: SushiSwap User Loses $3.3 Million in Exploit

A bug in SushiSwap ($SUSHI) introduced four days ago was exploited on Saturday, leading to the theft of approximately $3.3 million worth of Ethereum (1,800 $ETH) from a single user’s account. 😖

Blockchain security and data analytics firm PeckShield reported that the victim was targeted by an “approve-related bug” in SushiSwap’s RouterProcessor2 contract.

Ancilla, a cybersecurity firm backed by Binance, identified the flaw as failing to validate access permissions during a swap transaction and found the vulnerable contract on the $MATIC network. SushiSwap “head chef” Jared Gray confirmed the bug and exploit, recommending that users revoke all permissions granted to its contracts.

SushiSwap CTO Matthew Lilley provided more information on Sunday, stating that the team was working on identifying affected addresses and initiating rescues. 🍣

He assured users that there was no risk in using Sushi Protocol and that current swap activity was safe. Lilley also shared a tool to help users check for exposure across various networks, including Ethereum, Polygon, $AVAX, $ARB, $GNO, $OP, and more.

And late this morning, Head Chef Jared Gray reiterated that RouteProcessor2 exploit did not affect any LPs (Liquidity Pools). 

The attack on SushiSwap comes almost a week after the $25.2 million hack on April 3 against Uniswap ($UNI). 🦄

It is unknown if these two attacks are linked or if there is a broader attack against DEXs.

Regardless, we’ll keep you updated! 🥢

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February 28, 2024

Technically Speaking – February 28, 2024

Let’s be honest here, Coinbase’s problems are not the reason prices tanked after the rally, but it was a catalyst. From a technical analysis perspective, a small sneeze would cause some retracement. 🤧

The chart above is a Point & Figure chart. You don’t need to know anything about it except for that hugenormous column of green X’s.

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December 4, 2023

BTC And ETH Get A Brazilian Banking Buddy: Itau Unibanco

Brazil’s largest lender, Itau Unibanco, has rolled out a cryptocurrency trading service, initially spotlighting $BTC and $ETH. This move marks the bank’s grand entrance into the bustling world of digital assets. 🏦

Guto Antunes, the mastermind behind Itau’s digital assets, shared with Reuters that this is just the beginning. “Bitcoin first, but we’ve got our eyes on a broader crypto horizon,” he hinted. 

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January 10, 2024

Technically Speaking – January 10, 2024

Before we dive in, let’s set the scene: at the time of writing this, Technically Speaking, it’s 1500 EST, just about an hour shy of when (the earliest) we might hear the big news about a spot $BTC ETF approval. 🎭

If we find ourselves in a classic ‘sell the news’ situation, it’s worth looking at the Ichimoku system to suss out where support might be hiding for some of the biggest market cap cryptos.

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DeFi

June 4, 2023

Crypto 101: Unpacking Automated Market Makers

Automated Market Makers (AMMs) are the lifeblood of decentralized exchanges (DEXs). They use algorithms to provide liquidity for trades, ensuring a smoother, decentralized trading experience.

But not all AMMs are created equal. This guide will dive into different types of AMMs and their ideal use cases.

Constant Product Market Maker (CPMM)

Used by platforms like Uniswap ($UNI), the CPMM model abides by the formula x*y=k, keeping the product of two token quantities constant. 

Great for general trading pairs, it does come with a downside called “impermanent loss,” which can impact liquidity providers’ profits. 🟣

Constant Mean Market Maker

This model, utilized by Balancer ($BAL), accommodates multiple tokens in a pool with different weights. It’s like an upgraded version of the CPMM, offering more flexibility but retaining some vulnerability to impermanent loss. 🟠

StableSwap Invariant Market Maker

Designed for stablecoins (cryptocurrencies pegged to stable assets), Curve Finance ($CRV) uses this model to minimize impermanent loss, keeping things steady and secure. 🔴

Hybrid Function Market Maker

Bancor’s ($BNT) model allows liquidity providers to stake just one token instead of two, mitigating the impermanent loss problem. It also keeps a separate stash of Bancor Network Tokens (BNT) for every listed token. 🟢

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January 10, 2024

The Next Crypto Boogie Man: DeFi

The Commodity Futures Trading Commission (CFTC) is sounding the siren on regulating Decentralized Finance (DeFi). 🚨

Since Bitcoin first strutted onto the scene, blockchain and distributed ledger technologies have exploded, promising a financial utopia that’s more transparent, efficient, and inclusive. DeFi’s been the poster child of this revolution, with its value locked in the ecosystem ballooning to a hefty $54.25 billion. 

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DeFi

June 4, 2023

Crypto 101: The Role Of Lending On DEXs

Lending is a core component of many DEXs. 🔄

These lending protocols allow users to borrow or lend digital assets, with interest rates typically determined algorithmically based on supply and demand dynamics.

How does lending Work in DEXs?

Borrowers deposit a certain amount of digital assets (often referred to as collateral) into the protocol. The collateral is usually more than the amount they wish to borrow.

The difference between the loan amount and the collateral is known as the collateralization ratio.

For example:

  • If a borrower deposits $150 worth of Ethereum ($ETH) as collateral
  • And borrows $100 worth of DAI 🪙
  • The collateralization ratio would be 150% 💹

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October 6, 2023

From East to West: Bitget Sheds Light on Global Crypto Goals

Bitget just dropped a study that gives us a peek into what crypto comrades around the world are really after. 👨‍🔧

Spanning from May to August 2023, this research roped in over 1,500 participants from 20 countries. We’re talking Europe, China, Japan, South Korea, Turkey, and a few English-speaking nations.

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