HackMoney is on…
This week has been massive learning for us ( like every week on crypto…). From networking to getting millions of new ideas….
The HackMoney has officially launched, and we've been particularly interested in different protocols from Element.Fi (about to launch by month end), to https://88mph.app/ which are also evolving to v3 (btw nice updates coming), exploring what StakeDao is working on, and so much much much more….
We somehow, see an evident trend, and this refers to developers and the wider community building with a longer term perspective. We feel fully aligned with this.
In summary, HackMoney brings and will create tons of innovation to be explored and to think together as a community in the DeFi Legos…
We had discussions with other peers such as the guys from Popcorn.Network (solid what they are building), as well as with Risk Harbor as we are looking for different ways to provide different protection mechanisms to our community. We will keep exploring on this side…
Interesting to share is the announcement from Polygon to keep supporting the community via their Liquidity Mining program with AAVE this week via with 85 Million+ USD Liquidity Rewards for Aave’s Polygon Markets https://twitter.com/0xPolygon/status/1405510758528544768?s=20 as this will keep pushing the user adoption even further.
Contracts Audit Results:
We had the first results run by an independent auditor recommended by the Polygon core team, and these were the findings:
I) Rebalancing and Retiring strategy will cost a lot of gas :
- The full deleverage can’t be done in just 1 call because AAVE doesn’t provide the “liquidationCall” to pay the debt and withdraw the rest, so there was just something to consider but not much to improve here at the moment.
II) The controller could potentially steal all funds from strategy:
- The controller could be changed by the owner (our deployer wallet). This was fixed by deleting the setController method, the controller can’t be changed after deploy.
III) Harvest() can be flash loan + sandwich attacked due to not calculated minimum expected amount in swap
- This has now been fixed by modifying the harvest function to receive a rate (previously calculated) to change WMATIC (reward) for the wanted token. Now the only one that can call harvest is the owner.
In parallel we have started discussions to run a full audit, which will incorporate a formal report at the end of the audit with some of the major players in the industry. This will take place once we have our full v1 of 2pi up and running (coming soon!!!!).
We continue our Tokenomics structure development process, and for this we are having wider conversations with different industry players, from entrepreneurs to analyst to investors, in order to build a long lasting model and absorb as much experience in the sector that we can possibly get.
HackMoney with the EthGlobal will continue in the following weeks…
Wow, and this was just one week!! Evidently the journey for the 2pi community has just began….!!!!