GM Digest #451 — More Hacks & Drama
Good Morning with Valuable Alpha / News
TapiocaDAO Hack
• @tapioca_dao has recently released a statement on the $4.7m hack
• Tapioca has suffered a social engineering attack. This enabled the attacker to compromise the TAP token vesting contract’s ownership which allowed the attacker to claim and sell this 30M vested TAP, which impacted the TAP/ETH DAO owned LP
• The attacker then also comprised the USDO stablecoin contract’s ownership and added a minter to infinite mint USDO and drain the USDO/USDC LP pair. In total, 591 ETH & 2.8M USDC were stolen
Drama on IBX
• @IBXtrade, incubated by @OrderlyNetwork has generated a lot of FUD after running an L.Overflow IDO, increasing the overflow cap, and not refunding the participants. The team went on to launch the token and dump the chart before anybody can claim the tokens
• Details on this thread here: https://x.com/AnonVee_/status/1847191327135445222
deBridge Token Launch
• @deBridgeFdn has launched its governance token, $DBR, and is distributing it to over 490,000 eligible users, including deBridge Season 1 points holders and LFG vault users
• $DBR will enable decentralization by allowing holders to participate in governance decisions, such as managing the treasury and shaping protocol development
• Users can claim their DBR tokens now, either fully with a 20% penalty or 50% now and 50% after six months. DBR tokens will be available in Solana wallets, and staking will be introduced later for governance and validator participation
Swell New Vault
• @swellnetworkio’s earnETH is a vault that allows users to deposit tokens like swETH, rswETH, WETH, and others to automatically earn risk-adjusted yield and points without actively managing the market
• Users can withdraw anytime with a 7-day cooldown. When Swell L2 launches, assets will be migrated to continue earning yield on Swell L2
Layer 6M Seed Round
• @LayerOnEth has raised $6M in seed funding to enhance internet security by integrating blockchain tech into everyday apps
• They are introducing the Layer SDK, which allows developers to build fast, decentralized, and secure applications in any language, leveraging blockchain's trust guarantees
Honey Jar x LiFi
• @0xhoneyjar has integrated @lifiprotocol to enable seamless cross-chain and same-chain swaps across 25+ chains and Layer-2 networks, including Ethereum, Optimism, and Arbitrum
• LiFi's integration uses 18 bridges and 32 DEXs to ensure the best routes and swap rates for users
• The Honey Jar helps incubate projects within Berachain and provides tools, perks, and educational resources for the community
Introducing Orderly Unity
• @OrderlyNetwork introduces Orderly Unity allowing perp traders on Solana to share an orderbook with traders from major EVM chains
• With Orderly Unity, users can deposit funds on Solana while their trades are matched with EVM traders via the Orderly Chain
• The team announced that they are currently live on testnet with mainnet launching in November
Introducing ZkSync Ignite
• @zksync introduced @ZKsyncIgnite, turning ZKsync Era into a liquidity hub for the Elastic Chain by streaming 300m ZK tokens over 9 months to DeFi users
• The ZKsync Ignite program is requesting 300,000,00 $ZK tokens to distribute to DeFi users over 3 seasons, totaling 9 months and will be used to:
⇢ Deepen liquidity and reduce slippage across volatile and stable assets such as: ETH, USDC, USDT, WBTC, and more
⇢ Attract liquidity, users, and builders through targeted rewards
⇢ Establish DeFi functions that allow liquidity providers to earn yield
⇢ Support the onchain expansion of ZKsync-native DeFi assets
Additionally, an additional 25m $ZK tokens are requested to cover administrative costs
• The proposal for ZkSync Ignite is currently live and delegates will have 6 days to discuss the proposal in the forum, after which it will go to an onchain vote
Misc News
• Proposal on @ethena_labs governance forum to integrate Etena liquidity and hedgeing engine into @HyperliquidX
• @clustersxyz names integrated into @MetaMask