Compound Governance Attack! w Bryan Colligan of Alpha Growth
Leviathan News29 Heinä 2024

Compound Governance Attack! w Bryan Colligan of Alpha Growth

In a shocking turn of events, Compound Finance, one of DeFi's pioneering lending protocols, has fallen victim to what many are calling a blatant governance attack. The incident has sent shockwaves through the crypto community, raising serious questions about the vulnerabilities of decentralized autonomous organizations (DAOs) and the apparent apathy plaguing some corners of DeFi. ______________ SPONSORS Leviathan News is thrilled to welcome YieldNest as our sponsor this month! This innovative liquid restaking protocol is making waves in the DeFi space with its flagship product, ynETH. By depositing your ETH at YieldNest.com, you can potentially unlock enhanced yields through exposure to a curated basket of Actively Validated Services (AVSs). Don't let your ETH sit idle – dive into the future of yield optimization at Yield Nesttoday. https://app.yieldnest.finance/restake?ref=4ZYhFKdSh5iZMsGQaVygg59bac9Z ---------------------- Today's Guest Socials: https://x.com/bryancolligan ---------------------- Compound is one of the oldest DeFi protocols, has never experienced a hack, was the pioneer of “liquidity mining” and remains today a major lending facility with over $2bn of deposits across multiple networks. The saga unfolded over the past few days, culminating in the passage of Proposal 289 - a controversial measure that allocates a staggering 499,000 COMP tokens (worth approximately $24 million and representing 5% of the total supply) to an LSD-style liquid locker controlled by a group known as the "Golden Boys." Led by a whale investor going by the handle "Humpy," this group managed to amass enough voting power on the open market to force through their proposal, despite vocal objections from key community members and security advisors. What's particularly alarming about this situation is the brazen escalation of the attackers' demands. An initial proposal for 92,000 COMP tokens was spotted and flagged by Compound's security advisor, Michael Lewellen. Despite Lewellen's warnings, the proposal received minimal attention on the DAO forum. After this first attempt failed, Humpy audaciously increased the requested amount by 5.4x in the successful third proposal. The lack of engagement from the broader Compound community is perhaps the most concerning aspect of this debacle. Only 57 addresses participated in the crucial vote, a pitiful showing for a protocol of Compound's size and importance. This apathy extends beyond this single incident - Compound's governance forums have been eerily quiet, with most proposals originating from a single entity, Gauntlet, which is paid to manage the DAO. This governance attack isn't Humpy's first rodeo. The investor has a history of similar behavior, having been involved in contentious governance struggles with other prominent DeFi protocols like Balancer and SushiSwap. These past incidents make the current situation at Compound all the more inexcusable. The implications of this attack are far-reaching. If a single whale investor can so easily sway the governance of a major DeFi protocol, what's to stop similar or even more damaging proposals in the future? The security of user funds could be at risk if this trend continues unchecked. For now, Compound Finance finds itself at a crossroads. The protocol's reputation has taken a significant hit, and rebuilding trust will be an uphill battle. As for the wider DeFi community, this incident should serve as a wake-up call. The promise of decentralized governance can only be realized if participants remain vigilant and engaged. Otherwise, we may see more instances of brazen governance attacks that undermine the very foundations of DeFi.

Jaksot(397)

Llama Party feat. Patrick of Dynamo DeFi

Llama Party feat. Patrick of Dynamo DeFi

4 Helmi 1h 32min

Liquity V2 Launches w Colin Platt and Sam Lekhak

Liquity V2 Launches w Colin Platt and Sam Lekhak

Join us for a special Leviathan News livestream as we dive deep into the highly anticipated Liquity V2 launch! We're bringing on Sam Lekhah and Colin Platt to break down everything you need to know about the latest iteration of the decentralized borrowing protocol. Make sure to go and check out our sponsor FX Protocol. They provide unliquidatable leverage for ETH BTC and other crypto up to 10x. Use our ref link: https://fx.aladdin.club/assets/?code=LeviathanN 🔥 Topics Covered: What’s new in Liquity V2? How it improves capital efficiency and decentralization Changes in stability mechanisms and liquidations What this means for DeFi and on-chain lending 🔹 Don't miss this alpha-packed session! Bring your questions and tune in live to get insights straight from the team. Links used in the show https://x.com/bjnpck/status/1883820067869327728 https://dune.com/liquity/protocol-incentivized-liquidity https://dune.com/liquity/liquity-v2 https://curve.fi/dex/#/ethereum/pools/factory-stable-ng-352/deposit https://www.liquity.org/blog/liquity-adopts-the-chainlink-standard-for-cross-chain-interoperability-for-bold https://docs.liquity.org/v2-documentation/friendly-fork-program https://app.lqty.io/earn/ https://app.defisaver.com/liquityV2/account/eth/manage https://parsec.fi/layout/geeogi/v-MaPJyt https://app.quill.finance/earn

29 Tammi 49min

Llama Party feat. YieldNest

Llama Party feat. YieldNest

27 Tammi 1h 8min

Chains of Command: feat. @LogarithmicRex

Chains of Command: feat. @LogarithmicRex

23 Tammi 55min

Transforming Stablecoins: frxUSD, Superstate, and the Future of Digital Finance

Transforming Stablecoins: frxUSD, Superstate, and the Future of Digital Finance

Join Samuel McCulloch on this exciting episode of Leviathan News as he dives deep into the future of stablecoins and digital finance with special guests Sam from Frax and Jim Hiltner from Superstate. Discover the innovative structure of frxUSD, the collaborative efforts with Superstate, and their vision for integrating crypto into traditional financial systems. From the crypto ball gossip to the intricate design of new financial instruments, this episode covers it all. Tune in to understand how these leaders are solving core issues in the DeFi space and paving the way for the next billion users in the crypto world. 00:00 Introduction and Excitement 00:35 Meet the Guests: Sam and Jim 01:11 Jim's Background and Superstate 01:55 Sam's Crypto Ball Experience 05:03 The Future of frxUSD 07:47 Challenges and Innovations in Stablecoins 13:05 Superstate's Regulatory Journey 18:07 Technical Details of frxUSD 30:59 Incentives and Customer Relationships 31:17 Evolution of Frax and AMO Operations 31:41 Introduction of Superstate and Institutional Importance 32:29 Stablecoin Criticisms and NQA Principle 33:26 FDIC System and Enshrined Custodians 36:10 Superstate's Institutional Onboarding 37:25 DeFi Distribution and Global Market Expansion 39:19 Neobanks and Future Financial Systems 40:46 Tokenizing Treasuries and Eurodollar System 42:13 Design and Incentives of frxUSD 48:15 Yield Strategies and Market Conditions 50:58 Alternative Assets and Structured Products 57:49 Final Thoughts and Future Prospects

21 Tammi 1h 2min

Infinity Pools launches with 1000x leverage

Infinity Pools launches with 1000x leverage

In this episode we have on Matthieu Gavadaun to come and chat about the launch of Infinity pools Make sure to check out our sponsor FX protocol: https://fx.aladdin.club/assets/?code=LeviathanN 🔔 Don’t forget to like, subscribe, and hit the notification bell to stay updated on all things DeFi! 📩 Questions or comments? Drop them below—we’d love to hear from you!

18 Tammi 20min

Collateral Damage: Usual's USD0++ Depeg Leaves Farmers in the Red

Collateral Damage: Usual's USD0++ Depeg Leaves Farmers in the Red

In today’s episode of Leviathan News, we’re diving deep into the recent USD0++ depeg and its massive ripple effects across the DeFi ecosystem. What caused this bond-like stablecoin to drop from its $1 peg to $0.87? How did it trap leveraged farmers, ignite liquidation chaos, and raise questions about conflicts of interest between Usual Money and MEV Capital? We’ll explore it all. Joining us to unpack the drama are Darren from IPOR Labs, a leader in DeFi risk management, and Alex McFarlane from Keyring Network, an expert in decentralized infrastructure. Together, we’ll break down: The mechanics behind the USD0++ redemption shift The fallout for Morpho, Pendle, and other protocols MEV Capital’s controversial role and high-stakes profits What this means for DeFi’s future and trust in stablecoins If you’re fascinated by the intersections of finance, technology, and high-stakes decision-making, you won’t want to miss this episode. Make sure to check out our sponsor FX protocol: https://fx.aladdin.club/assets/?code=LeviathanN 🔔 Don’t forget to like, subscribe, and hit the notification bell to stay updated on all things DeFi! 📩 Questions or comments? Drop them below—we’d love to hear from you!

13 Tammi 1h 2min

Llama Party feat. DeFi Dave

Llama Party feat. DeFi Dave

12 Tammi 56min

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