xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Defi Review #4: AAVE The Defi Lending Services
AAVE is a decentralized finance lending service before decentralized finance even existed. It is an innovation lending service in crypto and one of the first kind. However, the lending service may only restrict to the crypto community and it may expand into the traditional financial field later. TL;DR AAVE is a crypto lending financial service which to provides lending services to the crypto community. They focus on security and smart contract lending may be the future of financial services. ...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Defi Review #4: AAVE The Defi Lending Services
AAVE is a decentralized finance lending service before decentralized finance even existed. It is an innovation lending service in crypto and one of the first kind. However, the lending service may only restrict to the crypto community and it may expand into the traditional financial field later. TL;DR AAVE is a crypto lending financial service which to provides lending services to the crypto community. They focus on security and smart contract lending may be the future of financial services. ...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
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You know there are many REKT in crypto space:
Like $HEX:
https://twitter.com/HEXMONGER/status/1564526048368160768
Or even the entire crypto space:
https://twitter.com/HEXMONGER/status/1564313102958469121
But we have never thought Compound will be rekt... oh well, maybe the next is ETH 2.0... who knows...
https://twitter.com/lanceeeeeeees/status/1564734265140854784
BUT...
How come Compound got rekt?
The Compound is one of the oldest Defi in the crypto space.
A Defi lending protocol allows users to earn interest on their cryptocurrencies by depositing their cryptos in the pools supported by the platform.
It was launched in September 2018. The idea was similar to any of Defi projects, to artificially pump up the liquidity of the cryptocurrencies since people likely will store their crypto and put it idle.
In crypto space, liquidity equals more money.
The difference is that Compound rewards you a governance token $COMP rather than some other Defi rewards you with another useless utility token to leverage their pools.
https://twitter.com/RektHQ/status/1564980543690792961
When the Proposal 117 kicks in, it creates a reverts mechanism in the code that allows users to withdraw funds from the pool without inputting tokens.
https://twitter.com/compoundfinance/status/1564695152626655234
Potentially, you can steal cETH from the Compound protocol worth $830M and stick the transaction in the timelock.
The error code makes no distinction from cERC20 and cETH.
The error was immediately spotted and reversed to the previous version.
https://twitter.com/OptifiLabs/status/1564367455220219904
Many DApps and their partners will have to prevent the losses. For example, Solana mainnet can shut down its blockchain service, but others may not do so.
Of course, forecasting the code error can be very difficult and near impossible until it deploys.
Maybe some industry standards may introduce in the future.
If you enjoy reading my articles, buy me a coffee here.
Photo by Anton Nazaretian on Unsplash
You know there are many REKT in crypto space:
Like $HEX:
https://twitter.com/HEXMONGER/status/1564526048368160768
Or even the entire crypto space:
https://twitter.com/HEXMONGER/status/1564313102958469121
But we have never thought Compound will be rekt... oh well, maybe the next is ETH 2.0... who knows...
https://twitter.com/lanceeeeeeees/status/1564734265140854784
BUT...
How come Compound got rekt?
The Compound is one of the oldest Defi in the crypto space.
A Defi lending protocol allows users to earn interest on their cryptocurrencies by depositing their cryptos in the pools supported by the platform.
It was launched in September 2018. The idea was similar to any of Defi projects, to artificially pump up the liquidity of the cryptocurrencies since people likely will store their crypto and put it idle.
In crypto space, liquidity equals more money.
The difference is that Compound rewards you a governance token $COMP rather than some other Defi rewards you with another useless utility token to leverage their pools.
https://twitter.com/RektHQ/status/1564980543690792961
When the Proposal 117 kicks in, it creates a reverts mechanism in the code that allows users to withdraw funds from the pool without inputting tokens.
https://twitter.com/compoundfinance/status/1564695152626655234
Potentially, you can steal cETH from the Compound protocol worth $830M and stick the transaction in the timelock.
The error code makes no distinction from cERC20 and cETH.
The error was immediately spotted and reversed to the previous version.
https://twitter.com/OptifiLabs/status/1564367455220219904
Many DApps and their partners will have to prevent the losses. For example, Solana mainnet can shut down its blockchain service, but others may not do so.
Of course, forecasting the code error can be very difficult and near impossible until it deploys.
Maybe some industry standards may introduce in the future.
If you enjoy reading my articles, buy me a coffee here.
Photo by Anton Nazaretian on Unsplash
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