WolfDAO Newsletter - #20
Farm 200% APR, Bitfinex hack update, QiDao hack, Boston, Swivel & Vesta launches and much more in the latest edition of Wolfdao newsletter.
Farm +200% APR via EnterDAO LP token staking!
EnterDAO's USDC-ENTR Sushi LP token staking farm is currently yielding over 200 percent APR in ENTR rewards, and it's only on its 19th of 100 epochs, so there's still over 80 weeks of yield left. A public team created the project, and its staking technology is based on BarnBridge's well-established staking smart contracts. However, joining this yield farm assumes market risk (i.e., the ENTR price falling) and the chance of an impermanent loss (i.e. losing money by LPing).
U.S. Department of Justice seized 94,000 Bitcoin stolen in August 2016
U.S. Department of Justice (DOJ) announced on February 8 that they had seized 94,000 Bitcoin (BTC), which got stolen from the Bitfinex platform following a hack. After the news broke out, Bitfinex's UNUS SED LEO token (LEO) exploded to a new all-time high of $8.14.
According to the DOJ, law enforcement has seized 94,000 Bitcoin linked to the hack. The total amount of Bitcoin hacked at that time amounts to 119,756 BTC. The law enforcement has also arrested a couple of New York City residents in alleged connection with the case. The couple is now facing charges for conspiracy in money laundering, which carries a maximum sentence of 20 years in prison, and conspiracy to defraud, which has a maximum of five years in prison.
The news helped climb a new ladder for LEO token as it increased a massive of over 50% in the last 24 hours. LEO is the utility token for Bitfinex and its affiliated platforms, giving its holders a range of benefits, including reduced trading fees and discounts on other products and services.
Perpetual Protocol
Perpetual Protocol is a decentralized protocol that works on the concept of vAMM and offers perpetual contract trading on every asset. The Perpetual team claims it to be the first virtual Automated Market Maker (vAMM) that enables markets with no makers while still guaranteeing on-chain liquidity.
This helps in opening up the way for the emerging future and lowers the capital that traditional markets are dependent on. Alongside, the perpetual exchange also provides its users to open long or short positions on a variety of asset classes such as cryptocurrencies, commodities, and fiat currencies with up to 10x leverage.
Perpetual Exchanges is also the largest derivatives Decentralized Exchange (DEX) by trading volume as quoted by them. The numbers that they hold are simply astonishing. It has clocked more than $17 Billion in all-time volume with 3 Million+ trades executed. At present, Perpetual Protocol serves more than 15 markets and thousands of traders.
The best part about Perpetual Protocol is its liquidity pool (k) is virtualized and determined algorithmically. Instead of relying on liquidity providers to determine the curve of a given market, Perpetual Protocol can programmatically set and update the parameters of the virtual AMM (x*y=k). This helps it to offer a competitive product for any given market at all times.
QiDAO (DeFi Protocol) Exploited for $13 Million
Polygon-based DeFi protocol QiDAO was exploited for a whopping $13 million. The exploit targetted Superfluid vesting contract through a vulnerability. Superfluid is the framework of a smart contract on Ethereum that enables users to transfer assets on-chain rather than QiDAO itself. While QiDAO insists that user funds are safe, crypto analytics SlowMist estimates that hackers managed to get away with more than $13 million in various tokens, including QI, WETH, USDC, SDT, MOCA, STACK, sdam3CRV, and MATIC. The QiDAO protocol allows users to borrow stablecoins at 0% interest against their crypto holdings.
Quantum Art NFT Platform Raises $7.5 Million in Series A Funding
Amid the rising photography and NFT industry trends, Justin Aversano's platform raised $7.5 million in a Series A round led by True Ventures. Quantum Art is inspired by popular Ethereum generative art platform Art Blocks with an initial focus purely on photography. Quantum Art was co-founded by Justin Aversano, Twin Flames's leading photo NFT project. The platform has also launched popular photographers such as Graves, Amy Elkins, Erica Simone, and Alberto Rizzo.
Polygon Raises $450 Million in Funding Round led by Sequoia Capital India
Polygon has raised $450 million in a funding round led by Sequoia Capital India. Polygon plans to use the funding in going heavy for mass adoption of Web3 applications. The platform is also bullish as the funds will also allow them to continue investing in cutting-edge zero-knowledge (ZK) technology that will be key to onboarding the next billion users to Web3.
Bastion's Testnet Is Live
Baston Protocol, an autonomous lending/borrowing machine on Aurora, has announced the launch of its testnet. The testnet will only be accessible to the holders of Bastion's native NFT token called OG NFT, which they are planning to airdrop for their discord members that qualify to be in the OG-only channel. The team has announced they plan to bring the testnet to the public in a few days.
Swivel Mainnet Launch Announcement
Swivel Finance, a decentralized protocol for fixed-rate lending & tokenized cash-flows, announced that on Thursday, February 10th at 5:00 PM UTC, they will drop the secured mainnet limitations, allowing Swivel to be available to the masses. The platform also announced their native token $SWIV, the retroactive distribution of which is to be done amongst the platform's essential community members and stakeholders.
Vesta Finance Launch Announcement
Vesta Protocol, an L2-first lending protocol on Arbitrum, announced its mainnet launch. Users of the protocol can mint VST with ETH, renBTC, and gOHM and farm it across FRAX and VST Curve pool and stability pools.