Decentralized finance (DeFi) protocol Yearn Finance has fallen victim to an attack, resulting to the theft of about $11 million worth of Dai (DAI), Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Tru USD (TUSD) tokens, according to an investigation carried out by blockchain security firm PeckShield. In the meantime, Yearn Finance’s team has…
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A new system that functions primarily at the social layer will soon be managing Yearn’s grant program Yield vault protocol Yearn Finance has revealed today the details of “Coordinape,” a new platform for distributing the $40,000-per-month Yearn DAO community grants budget — just one initiative in a wider effort to further decentralize Yearn’s governance. Yearn…
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The SafeSnap platform allows executing Snapshot governance votes automatically. Gnosis and Snapshot have collaborated to develop SafeSnap, a product that allows for automatically executing successful governance votes on Snapshot. The module, which combines features of Gnosis Safe Multisig and the Snapshot off-chain governance platform, was released on Tuesday. Snapshot is a “governance-as-a-service” provider for a…
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The relationship is “c-over” between Yearn Finance and Cover, an emotional split related to a new protocol from Cover developers. Decentralized finance (DeFi) protocols Yearn Finance and Cover have announced today the end of a protocol merger process initiated in November last year. The two protocols were initially linked during a spree of a half-dozen…
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Users now need to ask: how many more protocols are at risk? At roughly 9 am UTC today Meerkat, a decentralized finance (DeFi) protocol on Binance’s smart contract platform, lost $31 million worth of BNB tokens. While the team initially claimed that they had been the victim of an exploit, they have since deleted all…
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Bitcoin in DeFi gets a promising boost as two major yield vault projects join forces Today, Bitcoin-on-Ethereum yield vault project BadgerDAO and fellow yield vault platform Yearn.Finance announced a partnership designed to bring Yearn’s sustainable vault expertise to Badger. “Today we’re excited to develop a partnership that will bring our teams together to further accelerate…
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Seized funds bring the damage down to $9 million as multiple communities ponder the next step in reimbursing user funds Following an exploit last night that cost yield vault project Yearn.finance $11 million in stablecoin DAI, crypto community members from multiple projects have rallied to mitigate the effects, reclaim exploited funds, and reimburse affected users. …
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Community members and contributors are moving forward with a plan to build a treasury and better incentivize developers. After a week of at times rancorous debate, an 11-author team of Yearn.finance core contributors and community members have submitted today a proposal to increase the supply of YFI by 6666 tokens — a quantity worth roughly…
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After a stormy weekend for DeFi’s original yield vault, dust is settling and a path forward is being paved What started as a simple governance proposal to build a war chest for the the Yearn.finance development team has now spilled over into a wider conversation about incentivization, sustainability, and fair project launches in the decentralized…
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DeFi, like crypto as a whole, features brilliant and questionable projects in equal measure. As 2020 comes to a close, it’s a good time to reflect on the biggest crypto developments and the wild ride the sector took investors on. At the beginning of the year, Bitcoin (BTC) was hovering just above $7,000, and the…
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