Crypto Daily Digest - December 2nd

DeFi

DeFi protocol BadgerDAO exploited for $120 million in front-end attack

• DeFi protocol BadgerDAO was exploited earlier today for $120 million.
• It appears that its front end was compromised and users were tricked into making unwanted transactions.

BadgerDAO is a DeFi protocol focused on providing yield for bitcoin. The idea is that you bridge your bitcoin over onto a smart contract platform like Ethereum, as wrapped bitcoin, which you can then use within DeFi applications. BadgerDAO provides a variety of vaults where users can park their wrapped bitcoin and earn yields depending on the yield generation strategies used by the vaults.

"Badger has received reports of unauthorized withdrawals of user funds. As Badger engineers investigate this, all smart contracts have been paused to prevent further withdrawals," BadgerDAO tweeted today, confirming the exploit.

PeckShield documented the variety of assets stolen in the hack, which range from tokens like wrapped bitcoin (WBTC) and convex finance (CVX) to more complicated tokens like "ibbtc/sbtcCRV-f." Many of the tokens represent assets held in a vault, meaning they can be redeemed for multiple tokens with varying values — making it harder to total the amount of funds stolen. Source

Alpha Finance Lab Joins Avalanche Rush

Alpha Finance Lab Joins Avalanche Rush (the incentivize program of Avalanche). The Avalanche Foundation and Alpha Finance Lab allocated a total of $6M ($3M in AVAX and $3M in ALPHA) of liquidity mining incentives to Alpha Homora V2. The program will begin on December 2nd. Alpha Homora V2 is a leveraged farming protocol that provides both lending and yield farming services for users. Users can gain incentive rewards through lending. Source

Lyra Community Rewards

Lyra, an options trading platform incubated by Synthetix, will launch an airdrop and allocate 1.325% of the total supply of $LYRA to early community contributors, traders and LPs. As of 21:30 UTC on Nov 25, users who have been active on Lyra's official Discord and are still on Discord are eligible for airdrops. The airdrop starts at 00:00 on Dec 14 UTC and lasts for 6 months. Source

NFT/GameFi

Blankos Block Party on macOS

Blankos Block Party, the EOS eco-cartoon-style social party NFT game, has completed development for macOS, and MacBook users can already download and experience the game. Previously, Blankos Block Party closed a $150 million Series C round of funding led by a16z on November 5, valuing it at $1.25 billion. Source

Sipher Airdrop Plan

Sipher, a social MOBA game built on Ethereum, has announced its airdrop program, with users who hold NFTs from the Sipher Genesis series by the last snapshot date (not announced) eligible for the airdrop. Users can check on their website on December 14 to see if they have qualified for the airdrop, which will be open for collection on March 1, 2022, and released linearly for six months. Source

Sandbox x Snoop Dogg Land Sale

The last land sale of Sandbox 2021 will start on December 2nd at 1 PM UTC. There will be 122 LANDs for sale around Snoopverse ESTATE. 67 Premium LANDs will be sold with a bundle of three exclusive NFTs.3x small ESTATEs will be auctioned via OpenSea. Source

Funding

Global Trading Platform Structure Closed $20 Million in Financing

Global trading platform Structure has closed a $20 million round of funding at a $150 million valuation, including a seed round led by Polychain Capital and proceeds from the sale of Structure's $STXR tokens. The funds raised will be used to develop its mobile app. The platform allows users to invest in tokenized stocks, options, cryptocurrencies and tokenized exchange traded funds at zero commission. The Structure App is reportedly expected to be available to the public by the end of the first quarter of 2022. Source

Froyo Games Closed $1.6 Million in Strategic Financing Led by Animoca Brands

Froyo Games, a multi-chain GameFi infrastructure, has closed a $1.6 million strategic funding round led by Animoca Brands, with participation from Spartan Group, GBV Capital, BTC12 Capital, and others. Froyo Games' products include the GameFi launchpad, NFT marketplace, and gaming social platform, and is focused on enabling the existing gaming and eSports ecosystem to transition to an open metaverse on Ether and BSC. Source

Solice Closed $4.3 Million Funding Round Led by Three Arrows Capital

Solice, the Solana on-chain GameFi protocol, has announced a $4.3 million funding round led by Three Arrows Capital, with participation from Alameda Research, Jump Capital, Kucoin Labs, and others. Christian Zhang, founder of Solice, said the game will feature local tokens, as well as NFT-backed game assets. These assets will also have an in-game financialisation element to them. A soft launch for the game is tentatively scheduled for Q1 2022. Solice is a cross-platform PC-based VR game built on the model of Decentraland and The Sandbox. Source

Readings

• Blofin's Daily Market View on Dec 2: Source