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Crypto Daily Digest - October 28th

TI Research
Crypto Daily Digest - October 28th https://twitter.com/FWBtweets

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

Fundings

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

Lending

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

Yield

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

Contract Address: https://etherscan.io/address/0xdea0bdfec2098eb48b6f5284cd9a3e831e7beb13#tokentxns

Derivatives

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

NFT

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

Others

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

DAOSecurity IncidentsIndex
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