insights — a newsletter crafted to bring you significant developments over the last week.
Platypus, the DeFi protocol that was exploited for over $8 million, is working on a compensation plan to recover some of the funds. Bridge protocols were the primary target of exploits last year, amounting to hundreds of millions of dollars worth of stolen funds. Trustless bridges can mitigate the issue, enabling cross-chain transfers without needing a centralized custodian, potentially making it a safer option for interoperability.
On Feb. 18, the plaintiffs, Alec and Artin Ohanian, filed a complaint in the United States District Court for the Central District of California, alleging that the shuttered DeFi platform diverted all its customer funds to the Anchor Protocol without their knowledge or consent. Anchor Protocol offered up to 20% yields on Terraform Labs’ algorithmic stablecoin, Terra USD .The $8.
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Frax Finance Votes to Fully Collateralize Its $1 Billion StablecoinThe vote means a significant shift for fraxfinance, as it essentially eliminates the algorithmic element of keeping FRX’s price pegged to the dollar. The decision follows a horrible 2022 for algorithmic stablecoins. sndr_krisztian reports fraxfinance sndr_krisztian Just use USDC instead. FRAX is pointless. fraxfinance sndr_krisztian Algorithmic stables coins will probably never work anyway… in all honesty So probably a good think to have the collateral there, I understand those who want that fully decentralised part tho
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