Crypto Daily Digest - October 28th
There have been two smart contract incidents recently, Cream Finance was hacked and Ondo Finance, although no funds were at risk, a single smart contract error also resulted in an incorrect transfer of assets. a16z will invest in the community DAO: FWB, index fund issuer Direxion is working on a bearish Bitcoin product that will provide opportunities for Wall Street investors. Yield Protocol | Osmosis | ArenaX Labs | MakerDA
a16z Investing in Friends With Benefits
a16z announced that it will invest in Friends With Benefits (FWB), a new type of decentralized autonomous organization DAO in the Social Fi. a16z will guide the next phase of the FWB DAO's development and will actively participate in its governance by empowering key community members.
Founded initially as a token-gated Discord server, FWB has become the de facto home of web3’s growing creative class. Joining FWB requires a written application, which the community itself reviews and votes on, as well as a minimum buy-in of $FWB tokens, which represent meaningful ownership in the DAO.Source
Osmosis Raised $21m Led by Paradigm
Cosmos' DEX Osmosis raise $21m led by Paradigm, with participation from Robot Ventures, Nascent, Ethereal, Figment, Terraform Labs founder Do Kwon, Compound founder Robert Leshner and others.Source
ArenaX Labs Raised $5m Seed Round Led by Paradigm
ArenaX Labs, the parent company of AI Arena, closed a $5 million seed round. This round is led by Paradigm with participation by Framework. The funds will be used to accelerate the development of AI Arena, an Ethereum native game where players all over the world can purchase, train and battle characters powered by real artificial intelligence in a PvP style fighting game.Source
Solana Based Yield Aggregator Tulip Raised $5m
Solana yield aggregator Tulip closes $5m round led by Jump Capital and Alameda Research, with participation from Amber Group, Cadenza Ventures, Fisher8 Capital, CMS Holdings, Rarestone Capital, and DV Chain. FinTech Collective and DV Chain.Source
Cream Finance Was Hacked
Cream Finance's Ethereum V1 market was hacked on October 27, with around $130m being removed.Source
Fixed Interest Lending Project Yield Protocol V2 Is Live in Beta
Founded by Paradigm's analyst Dan Robinson, Yield protocol launched Version 2 on Ethereum Mainnet in Beta. New features in the beta include: multiple collateral types (ETH, WBTC, DAI, USDC); multiple stablecoins available for lending (USDC, DAI); improved access to Gas and transactions; a simplified interface for borrowing, lending and pooling. In addition, the system will automatically reinvest when the lock-in time for users to provide liquidity expires. The beta will launch in a few weeks with a $100,000 debt limit per asset type, in addition to a limit on the total liquidity in the liquidity pool.Source
MakerDAO Added wstETH as Collateral to Mint DAI
The proposal to add Lido Finance's wstETH tokens as collateral to mint DAI tokens in MakerDAO passed. wstETH-A vault will have an initial debt limit of 5 million DAIs and a debt floor of 10,000 DAIs. The Debt Ceiling Instant Access Module parameters for the ETH-A, ETH-B and WBTC-A vaults will also be adjusted.Source
Ondo Finance Smart Contract Bug
Oct 28, Ondo Finance discovered a subtle bug in an audited contract where a single letter was transposed in some variable names. The effect was that some ETH was incorrectly swapped for CVX and YGG. They have swapped that excess CVS and YGG for the correct amount of WETH to service all claims. All funds were claimed to be safe. Ondo has executed a rebalance transaction using the guardian contract. Source
Oddz Announced Token Buy Back and Burning Plan
To celebrate the Oddz v2 launch, Oddz will buy back $ODDZ tokens from the market and lock them for 3 years in the project's vesting contracts. Besides, since all the options LP pools are in profits, all the staking rewards for liquidity provisioning from the treasury will be burned soon. Source
Inverse Held $XIV Buyers Airdrop Campaign
Binary options project Inverse held a $XIV purchase airdrop event. Users need to purchase at least 2500 $XIV on Uniswap or Pancakeswap before October 30, and hold $XIV for at least 3 days thereafter. The first 200 buyers can receive a total of 50,000 $XIV airdrops on November 3. Source
Burnt Finance Launched Testnet
Burnt Finance has opened public access to its testnet. Burnt Finance is a decentralized NFT auction platform built on Solana. The platform can support auctions for NFTs, digital assets, synthetics and much more.Source
Short Bitcoin ETF
ETF issuer Direxion wants to release a product that gives Wall Street investors the chance to bet on Bitcoin's price going down. Source
Angle Will be Live on 3rd Nov
Angle will be live on the 3rd of November. The $ANGLE governance token will be launched at the same time, with an ETH/ANGLE pool available on SushiSwap. The team also announced the distribution of $ANGLE.Source
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