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BonqDAO Update: Vote Results and Next Steps
March 8, 2023 On Feb 27, 2023 BonqDAO started a voting campaign and asked BNQ holders question about the future of the DAO and the existing executive members, Delia Sabau and Michal Bacia. On March 5, 2023, BNQ voting ended and our community expressed unanimous support for Bonq, the recovery plan, and both Delia and Michal. Having received this vote of confidence, we’ll now proceed with executing the Bonq reboot. Our goal is to launch Bonq2.0 ASAP, with the lending protocol, a EUR-pegged stab...
BonqDAO Update: Vote Results and Next Steps
March 8, 2023 On Feb 27, 2023 BonqDAO started a voting campaign and asked BNQ holders question about the future of the DAO and the existing executive members, Delia Sabau and Michal Bacia. On March 5, 2023, BNQ voting ended and our community expressed unanimous support for Bonq, the recovery plan, and both Delia and Michal. Having received this vote of confidence, we’ll now proceed with executing the Bonq reboot. Our goal is to launch Bonq2.0 ASAP, with the lending protocol, a EUR-pegged stab...
Bonq 2.0 recovery/reboot proposal for BonqDAO
Last update: Feb 25, 2023Bonq 1.0On Dec 15, 2022, BonqDAO launched on Polygon as a zero-interest lending protocol with a native stable coin -BEUR. Over the next 6 weeks, things were looking good. BEUR was stable, the protocol generated cashbacks for BNQ (a native utility token on the Bonq protocol) stakers, and over 80% of BNQ in circulation were staked. On Jan 31, 2023, BonqDAO was listed in top 20 by TVL on Polygon on DeFi Llama. This proved that the initial mechanism design and the user in...
Bonq 2.0 recovery/reboot proposal for BonqDAO
Last update: Feb 25, 2023Bonq 1.0On Dec 15, 2022, BonqDAO launched on Polygon as a zero-interest lending protocol with a native stable coin -BEUR. Over the next 6 weeks, things were looking good. BEUR was stable, the protocol generated cashbacks for BNQ (a native utility token on the Bonq protocol) stakers, and over 80% of BNQ in circulation were staked. On Jan 31, 2023, BonqDAO was listed in top 20 by TVL on Polygon on DeFi Llama. This proved that the initial mechanism design and the user in...
BonqDAO report of the attack on the Bonq protocol on February 1, 2023
The description of the attackOn Feb 1st, 2023 at around 6:30 pm UTC, an unknown attacker was able to mint 100 million BEUR in tx 0x31957ecc43774d19f54d9968e95c69c882468b46860f921668f2c55fadd51b19 by manipulating the price of ALBT in Bonq troves. They were able to do so because of a bug in the TellorPriceFeed contract deployed by BonqDAO which reads the price of WALBT from the Tellor oracle. The bug in question was due to the fact that the PriceFeed uses the function getCurrentValue instead of...
BonqDAO report of the attack on the Bonq protocol on February 1, 2023
The description of the attackOn Feb 1st, 2023 at around 6:30 pm UTC, an unknown attacker was able to mint 100 million BEUR in tx 0x31957ecc43774d19f54d9968e95c69c882468b46860f921668f2c55fadd51b19 by manipulating the price of ALBT in Bonq troves. They were able to do so because of a bug in the TellorPriceFeed contract deployed by BonqDAO which reads the price of WALBT from the Tellor oracle. The bug in question was due to the fact that the PriceFeed uses the function getCurrentValue instead of...
Community Update
Dear Bonq Community and Partners, The Bonq protocol was exploited on February 1st, 2023 around 6:30 pm CET. An unknown attacker was able to mint 100Mio BEUR by manipulating the price feed of ALBT. They were able to do so because the implementation of the price feed contract which reads the price of ALBT from the Tellor Oracle contained a bug. BonqDAO is responsible for the implementation of the price feed. AllianceBlock was not involved and/or responsible for implementing the price feed into ...
Community Update
Dear Bonq Community and Partners, The Bonq protocol was exploited on February 1st, 2023 around 6:30 pm CET. An unknown attacker was able to mint 100Mio BEUR by manipulating the price feed of ALBT. They were able to do so because the implementation of the price feed contract which reads the price of ALBT from the Tellor Oracle contained a bug. BonqDAO is responsible for the implementation of the price feed. AllianceBlock was not involved and/or responsible for implementing the price feed into ...
Whitelisting Criteria for New Tokens and the Risk Model Methodology
This document outlines the Bonq DAO Whitelisting methodology, its main categories, and factors that impact the process. Bonq DAO relies on these underlying factors to assess a web3 project /protocol’s creditworthiness and decides if a token can get whitelisted as a collateral for the Bonq liquidity platform.Mandatory Whitelisting Requirements:Trading and MarketCapThe token must be actively trading and have a live on-chain USD or EUR price feedMinimum of 6 months of trading historyListed on at...
Whitelisting Criteria for New Tokens and the Risk Model Methodology
This document outlines the Bonq DAO Whitelisting methodology, its main categories, and factors that impact the process. Bonq DAO relies on these underlying factors to assess a web3 project /protocol’s creditworthiness and decides if a token can get whitelisted as a collateral for the Bonq liquidity platform.Mandatory Whitelisting Requirements:Trading and MarketCapThe token must be actively trading and have a live on-chain USD or EUR price feedMinimum of 6 months of trading historyListed on at...
