Weekly Summary (December 19th)

Hi Degison! Hope you’re having a great week.

Come and check our weekly progress summary to stay tuned! After reading the summary, you can take a questionnaire and we will select 15 Degisons to win 40$DEG reward each!)

Highlight of this week

-The Degis campaign on Galxe launched successfully!

We held a campaign with Trader Joe on Galxe last Monday. We wanted to celebrate our friendship with Trader Joe in a stylized NFT. The campaign went successfully that the NFT was sold out in 4 hours. We hope that through these campaigns, everyone can have fun as well as win some juicy rewards. More campaigns will be held soon, stay tuned!

Other progress

·Giveaway: a $DEG giveaway to reward our loyal users
·DEG emission transfer program: we started our DEG emission transfer program to ensure healthier DEG emission and help users have a better user experience

What we’re doing now

Development team

· New product: the development team is continuously monitoring Protocol Protection to make sure it works smoothly for our users
· Degis website: the development team is optimizing the official website in a more user-friendly way

Marketing team

· Events: more AMAs in multi-language for everyone to have a deeper insight into Degis and our products
· Collaborations: more partnerships to cover every risk in the crypto world and make Web3 a safer place for everyone

What to expect next week

More products will be launched soon, stay tuned!
New community campaigns will start, prepare to have fun as well as earn some juicy rewards!

Weekly Hack Event

Arbitrum-based lending protocol Lodestar Finance was exploited in a flash loan attack on Dec. 10. According to Lodestar, the attacker manipulated the price of PlutusDAO’s plvGLP token before borrowing all platform liquidity using the inflated token.

In a Twitter thread, Lodestar explained the attack flow. The attacker first manipulated the exchange rate of the plvGLP contract to 1.83 GLP per plvGLP, “an exploit that by itself would be unprofitable”, said the company.

Then, the attacker supplied plvGLP collateral to Lodestar and borrowed all available liquidity, cashing out part of the funds “until the collateralization ratio mechanism prevented a full liquidation of the plvGLP.”

Following the hack, “several plvGLP holders also took advantage of the opportunity and also cashed out at 1.83 glp per plvGLP.” The hacker was able to burn a little over 3 million in GLP, making profit on the “stolen funds on Lodestar — minus the GLP they burned.”, noted the DeFi platform.

The attacker made around $5.8 million in profit. Lodestar states that nearly 2.8 million of the GLP (about $2.4 million) was recoverable, which should be used to repay depositors.