Seneca ProtocolSeneca Exploit - Post Mortem
TL:DROn Wednesday, 28th of February, Seneca's Chamber contracts, previously audited by Halborn Security, were affected by a bug approval and users' funds were compromised. In the attack, Seneca’s Chamber.sol contract was implicated. The attacker exploited Chamber's performOperations() function, allowing calls to functions in other contracts, and directed a call to .transferFrom(), using the Chamber contracts to send tokens to their address. $6,4m were stolen during the attack, ...
Seneca ProtocolHow Seneca Is Evolving The DeFi Lending Model To Bring Leverage To The Masses
TL;DRIn TradFi markets, the way leverage is structured is stacked in favor of major financial institutions, preventing everyday people from accessing its full benefits.Meanwhile, existing DeFi lending products are inflexible and risky with unsustainable financial models.Seneca’s CDP lending protocol provides flexible, yield-bearing collateral options and isolated lending pools that overcome these challenges, delivering greater capital efficiency and minimizing risk.This allows Seneca to bring...
Isolated lending market.
Seneca ProtocolSeneca Exploit - Post Mortem
TL:DROn Wednesday, 28th of February, Seneca's Chamber contracts, previously audited by Halborn Security, were affected by a bug approval and users' funds were compromised. In the attack, Seneca’s Chamber.sol contract was implicated. The attacker exploited Chamber's performOperations() function, allowing calls to functions in other contracts, and directed a call to .transferFrom(), using the Chamber contracts to send tokens to their address. $6,4m were stolen during the attack, ...
Seneca ProtocolHow Seneca Is Evolving The DeFi Lending Model To Bring Leverage To The Masses
TL;DRIn TradFi markets, the way leverage is structured is stacked in favor of major financial institutions, preventing everyday people from accessing its full benefits.Meanwhile, existing DeFi lending products are inflexible and risky with unsustainable financial models.Seneca’s CDP lending protocol provides flexible, yield-bearing collateral options and isolated lending pools that overcome these challenges, delivering greater capital efficiency and minimizing risk.This allows Seneca to bring...
Share Dialog
Share Dialog
Isolated lending market.
Subscribe to Seneca Protocol
Subscribe to Seneca Protocol
<100 subscribers
<100 subscribers
In order to ensure maximum safety and transparency for Seneca's ecosystem, steps have been taken and will further take place for the protocol infrastructure.
Through careful assessment in collaboration with advisors, independent security experts, and partner protocols, a revised deployment pipeline has been planned, consisting of additional security reviews and measures for the protocol.
Peer review and independent consultations are taking place, and they’ll keep going until full protocol deployment. The goal is to not only deploy a more comprehensive, safer, and more optimized CDP infrastructure but also ensure maximum adherence to DeFi best practices and broader industry standards.
CDP infrastructure is based on Kashi from Sushi. Final deployment will take account of all necessary security measures, as well as addressing lingering minor flaws and optimizations that have not yet been taken into consideration within Kashi or protocols that are forks of it.
To account for the protocol pipeline update, the staking component is being released in advance. sSEN goes live today, Monday, November 20th. Holders will be able to stake their SEN tokens to earn rewards in WETH from trading tax distribution. The distribution fully accounts for trading taxes already accrued.
Staking undergoes a 24-hour lockup. It is possible to claim WETH on a daily basis, starting from the day after staking component deployment. The rewards stream will be managed to ensure uniformity and consistency of rewards while still prioritizing an attractive enough distribution in the short term to better align with pipeline expectations.
sSEN goes live as fully compatible with protocol fee redistribution. After CDP infrastructure deployment, sSEN will start to increase in ratio. Interest, opening, and liquidation fees are converted into SEN and added to the staking contract. Each sSEN receipt redeems an increasingly larger amount of SEN tokens.
The accrual above is independent of trading tax redistribution. CDP fees directly grow sSEN redemption ratio, while WETH rewards require direct claiming.
Seneca is committed to creating a robust and secure ecosystem for its users.
Collateral integration announcements and more CDP infrastructure details will be published in the following days.
To stay updated on the latest developments, make sure to follow Seneca on X (@SenecaUSD) and join our community on Discord at https://discord.gg/senecaprotocol.
In order to ensure maximum safety and transparency for Seneca's ecosystem, steps have been taken and will further take place for the protocol infrastructure.
Through careful assessment in collaboration with advisors, independent security experts, and partner protocols, a revised deployment pipeline has been planned, consisting of additional security reviews and measures for the protocol.
Peer review and independent consultations are taking place, and they’ll keep going until full protocol deployment. The goal is to not only deploy a more comprehensive, safer, and more optimized CDP infrastructure but also ensure maximum adherence to DeFi best practices and broader industry standards.
CDP infrastructure is based on Kashi from Sushi. Final deployment will take account of all necessary security measures, as well as addressing lingering minor flaws and optimizations that have not yet been taken into consideration within Kashi or protocols that are forks of it.
To account for the protocol pipeline update, the staking component is being released in advance. sSEN goes live today, Monday, November 20th. Holders will be able to stake their SEN tokens to earn rewards in WETH from trading tax distribution. The distribution fully accounts for trading taxes already accrued.
Staking undergoes a 24-hour lockup. It is possible to claim WETH on a daily basis, starting from the day after staking component deployment. The rewards stream will be managed to ensure uniformity and consistency of rewards while still prioritizing an attractive enough distribution in the short term to better align with pipeline expectations.
sSEN goes live as fully compatible with protocol fee redistribution. After CDP infrastructure deployment, sSEN will start to increase in ratio. Interest, opening, and liquidation fees are converted into SEN and added to the staking contract. Each sSEN receipt redeems an increasingly larger amount of SEN tokens.
The accrual above is independent of trading tax redistribution. CDP fees directly grow sSEN redemption ratio, while WETH rewards require direct claiming.
Seneca is committed to creating a robust and secure ecosystem for its users.
Collateral integration announcements and more CDP infrastructure details will be published in the following days.
To stay updated on the latest developments, make sure to follow Seneca on X (@SenecaUSD) and join our community on Discord at https://discord.gg/senecaprotocol.
No activity yet