GM Digest #429 — Exploits Amidst Gainz
GM Digest #429 — Exploits Amidst Gainz
Good Morning with Valuable Alpha / News
String of Exploits
• @Bedrock_DeFi has fallen victim to a “security exploit” involving uniBTC, with hackers making off with around $2 million in funds. Bedrock has reassured users that all remaining funds were safe and they would be issuing a reimbursement plan in the near future
• According to @BlockSecTeam, @OnyxDAO was attacked, resulting in a loss of nearly $4 million. The root cause was unverified user input during the liquidation process
Cega VTMs
• @cega_fi has launched the Vault Token Market (VTM) to offer more liquidity and flexibility for investors in its vault strategies
• The VTM allows users to sell their vault tokens mid-epoch, bypassing the usual 27-day lockup period
• It also integrates Cega’s yield-bearing vault tokens into the broader DeFi eco for uses like liquid staking and collateralized lending
• The latest update is open to all traders and uses a "Benchmark Price" feature to provide fair market valuations
UniFi AVS
• @puffer_finance’s UniFi AVS, powered by EigenLayer’s AVSs, aims to introduce proposer commitments, allowing validators to make guaranteed promises about their block proposals
• This enables faster preconfirmations—transactions confirmed in milliseconds instead of seconds—without altering Ethereum's core protocol
• UniFi AVS provide near-instant transaction confirmations while preserving decentralization
Initia Series A Raise
• @theoryvc has invested $12M in @initiaFDN, a platform aiming to simplify dApps development
• Initia, which raised $14M in its Series A round, provides a Layer 1 network that allows app chains to be interoperable
THENA Arena
• @ThenaFi_ has secured a grant from @BNBCHAIN to support the development of THENA ARENA, a SocialFi platform aimed at enhancing user engagement through gamified trading competitions
• THENA acts as a business development hub and liquidity layer for BNB Chain, offering support to new projects and improving liquidity through its ve(3,3) tokenomics model
• THENA ARENA enables users to participate in customizable trading competitions and build communities, while future initiatives include a launchpad for new projects and the integration of RWAs into its platform
Introducing UStb
• @ethena_labs announced UStb, a fiat stablecoin fully collateralized by @BlackRock and @Securitize BUIDL
• USDe can benefit from incorporating UStb during periods of weak funding conditions and USDe backing composition can dynamically adjusts between basis positions and liquid stable products in different interest rate environments if required
• UStb also allow exchange partners 2 different products for margin collateral
• BlackRock’s BUIDL fund invests in U.S. dollars, short-term U.S. Treasury bills and repurchase agreements. Since launching in March this year, BUIDL has swiftly grown to become the largest tokenized U.S. Treasuries fund, with over $522 million in assets under management