Weekly Summary (October 31st)
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 20 Degisons to win 30$DEG reward each!
Starting from this week, we will change the Feedback Column into Weekly Hack Event to share the latest crypto security event.
Highlight of this week
-Protocol Protection was launched on Degis and worked smoothly!
We are thrilled to announce that Protocol Protection was launched on Degis! Degis protocol protection is the next-generation product that protects users from all kinds of risks, including smart contract hacks, rug pool events, and even bridge attacks. Now the Protocol Protection has covered GMX, Trader Joe, and Platypus. The voting for GMX and Trader Joe finished and they have successfully onboarded. The voting for Platypus is still ongoing.
Protocol Protection will cover more protocols later, stay tuned!
· Tag: Tweets with Degis tag to introduce our products and their mechanism from Degis warriors NFT to Price Protection
· AMA: an AMA with GMX to share the insight of Protocol Protection
· New platform: Degisons can trade the Degis Warriors NFT on Opensea now (Check the Degis Warriors NFT in Opensea — https://opensea.io/collection/degis-warriors-nft)
What we’re doing now
· 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
· 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!
Weekly Hack Event
In October 2022, OlympusDAO was the victim of an attack. The attacker exploited a smart contract vulnerability to steal 30,000 OHM tokens before returning them after an undisclosed deal.
OlympusDAO’s OHM Bonds project is still in its early stages. The target of the attack was a smart contract developed by the Bond protocol. This contract was part of a pilot designed to perform price discovery for the tokens.
This smart contract contained a redeem function that did not perform proper input validation before allowing a user to redeem tokens. Due to this lack of validation, the attacker was able to drain approximately $292,000 in tokens from the project.
Ironically, exploiting the vulnerability was not the best choice for the attacker, since OlympusDAO is performing a phased rollout of OHM Bonds and a robust bug bounty program on Immunefi. Reporting the bug and claiming a bounty would actually have given the hacker a higher payout.
The OlympusDAO incident demonstrates the value of prioritizing security in the DeFi world.
Take the quiz, provide feedback and win rewards now!
Answers of last week:
Protocol Protection covers all of them
Maximum Coverage Ratio determines how much coverage the platform can provide in Protocol Protection
The full name of KYC is know your customer
Winner list of last week:
@Logos00000 | id : 1856859067
discord = unt443#2903 telegram : @unt443
N I R Z H A#4993
Congratulations! The winner rewards will be distributed in 24 hours.
Degis Official Links
Telegram Announcements Channel: https://t.me/ProjectDegisAnnouncements
Telegram Chat Group: https://t.me/ProjectDegis