Bonq DAOBonqDAO 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...
Bonq DAOBonq 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 DAOWhitelisting 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...
With Bonq, businesses and individuals can access liquidity of their crypto assets without giving up ownership and completely interest-free!
Bonq DAOBonqDAO 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...
Bonq DAOBonq 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 DAOWhitelisting 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...
With Bonq, businesses and individuals can access liquidity of their crypto assets without giving up ownership and completely interest-free!
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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 stablecoin, and at least 1 premium bot.
The immediate next steps include the following area:
BonqDAO was in the middle of closing several BNQ OTC agreements when the attack happened. We even already received funds from one of the buyers. When the attack happened, we returned the funds to the buyer and stopped all other OTC conversations.
Now, we will reignite the OTC conversation with the interested parties. At the same time, we don’t want to exclude our community members from this opportunity, so we will offer BNQ OTC terms to Bonq community members.
Additionally, a part of the treasure management plan will be to review and update the overall BNQ allocation and distribution schedule.
As previously mentioned, we want the governance structure of BonqDAO to be more decentralized, with the key decisions being made by a committee of at least 5 executive members. These members will be KYCd and included in the statutory documents of BonqDAO LLC. They will have the legal authority and responsibility to make binding decisions.
The executive members will not receive compensation for this role. We don’t want to create short-term, transactional incentives. Instead, we see these roles being filled with people who already have a long-term interest in Bonq: they can be key Bonq team members (like Delia and Michal currently), BNQ holders and Bonq power users, or community representatives.
The new executive members will be vetted and approved by the existing members and then voted in by the community of BNQ holders.
We would like to start this governance shift by recruiting 1 additional executive member. If any of our community members or BNQ holders would like to become executive members, please let us know in our channels or contact Michal directly.
At the same time, we’ll start introducing a more structured community feedback and debate process. We want to make sure that BNQ holders will have a voice and a way to express their feedback and suggestions about the protocol and the DAO itself. At the same time, we want to eliminate spam and make sure our committed community members have a safe space to express themselves freely. Most probably we’ll use Discord and token-based gating mechanics. Nenad Dukelic, our Community Happiness Specialist is currently working on a speciation implementation.
We’re actively recruiting for several positions, starting with the Lead Developer / CTO. We’re also discussing roles in operations management, marketing, design, and product management. If any of our community members or BNQ holders would like to be more operationally involved in BonqDAO, please let us know.
The first objective right now is to identify the best EVM chain to launch Bonq2.0. We’re in promising discussions with several projects. From the technology point of view, we need an EVM-compatible chain with fast and inexpensive transactions, ideally with a native bridge to Ethereum.
The second objective is to secure a long-term partnership with a company or individuals who can provide the best-in-class security solutions, guidance, and oversight in terms of architecture, implementation, and operations. We want Bonq to be the most secure DeFi protocol ever built.
After careful consideration, we decided to keep Bonq as the name of our DAO. What happened happened, and we will not try to hide it, but rather think of it as a battle scar. At the same time, we will change the design language and the visual style of Bonq, to signal the transition from Bonq 1.0 to Bonq 2.0. The current fun, light, cartoon-like style doesn’t seem appropriate anymore. We’ll go for a darker, serious, minimalist look and feel.
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 stablecoin, and at least 1 premium bot.
The immediate next steps include the following area:
BonqDAO was in the middle of closing several BNQ OTC agreements when the attack happened. We even already received funds from one of the buyers. When the attack happened, we returned the funds to the buyer and stopped all other OTC conversations.
Now, we will reignite the OTC conversation with the interested parties. At the same time, we don’t want to exclude our community members from this opportunity, so we will offer BNQ OTC terms to Bonq community members.
Additionally, a part of the treasure management plan will be to review and update the overall BNQ allocation and distribution schedule.
As previously mentioned, we want the governance structure of BonqDAO to be more decentralized, with the key decisions being made by a committee of at least 5 executive members. These members will be KYCd and included in the statutory documents of BonqDAO LLC. They will have the legal authority and responsibility to make binding decisions.
The executive members will not receive compensation for this role. We don’t want to create short-term, transactional incentives. Instead, we see these roles being filled with people who already have a long-term interest in Bonq: they can be key Bonq team members (like Delia and Michal currently), BNQ holders and Bonq power users, or community representatives.
The new executive members will be vetted and approved by the existing members and then voted in by the community of BNQ holders.
We would like to start this governance shift by recruiting 1 additional executive member. If any of our community members or BNQ holders would like to become executive members, please let us know in our channels or contact Michal directly.
At the same time, we’ll start introducing a more structured community feedback and debate process. We want to make sure that BNQ holders will have a voice and a way to express their feedback and suggestions about the protocol and the DAO itself. At the same time, we want to eliminate spam and make sure our committed community members have a safe space to express themselves freely. Most probably we’ll use Discord and token-based gating mechanics. Nenad Dukelic, our Community Happiness Specialist is currently working on a speciation implementation.
We’re actively recruiting for several positions, starting with the Lead Developer / CTO. We’re also discussing roles in operations management, marketing, design, and product management. If any of our community members or BNQ holders would like to be more operationally involved in BonqDAO, please let us know.
The first objective right now is to identify the best EVM chain to launch Bonq2.0. We’re in promising discussions with several projects. From the technology point of view, we need an EVM-compatible chain with fast and inexpensive transactions, ideally with a native bridge to Ethereum.
The second objective is to secure a long-term partnership with a company or individuals who can provide the best-in-class security solutions, guidance, and oversight in terms of architecture, implementation, and operations. We want Bonq to be the most secure DeFi protocol ever built.
After careful consideration, we decided to keep Bonq as the name of our DAO. What happened happened, and we will not try to hide it, but rather think of it as a battle scar. At the same time, we will change the design language and the visual style of Bonq, to signal the transition from Bonq 1.0 to Bonq 2.0. The current fun, light, cartoon-like style doesn’t seem appropriate anymore. We’ll go for a darker, serious, minimalist look and feel.
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