Today in DeFi - Saffron Drama, Sushi Drama, and More
A bug in Saffron Finance, a risk-tranched yield aggregator, caused issues withdrawing from epoch 1. This potentially means depositors may need to wait 8 weeks to withdraw their DAI. However, in the AMA, lead developer Psykeeper explains that they are working with leading auditing companies and security experts and may have a solution, which will allow funds to be withdrawn within 24-48 hours. Find out more in the AMA.
An issue in the Sushibar - Sushiwap’s yield farm - led to about 10-15kUSD worth of SUSHI being taken. However, Sushiswap worked quickly with security engineers to figure out and fix the issue.
Because the funds stolen were yield farm rewards, no user funds were lost or affected. Users who were farming Sushi at the time will be distributed Sushi to compensate for their opportunity loss.
Further details can be found in the rekt blog.
CopperConnect has launched. CopperConnect links with Aave, and allows insitutions to tap into DeFi:
“CopperConnect provides institutional investors, like crypto funds, with a highly secure way to connect digital assets stored in Copper’s multi-party computation (MPC) wallets with decentralised applications (dApps). This allows investors to lock their assets into DeFi ‘smart contracts’ and tap into the liquidity currently locked in DeFi, valued at more than $14 billion.*”
Synthetix has launched the Spartan Council - a delegated democratic initiative. As explained by Andy, it features:
”1. Liquid democracy - voters are able to withdraw their votes within a Council Epoch if they believe their delegate has stopped serving in their best interest.
2. Off-chain, gasless signature voting on @SnapshotLabs.
3. @boardroom_info integrating snapshot into their system and featuring delegate profiles where delegates can pitch themselves.
4. Spartan Council incentive alignment via SNX payments.
5. Shiny NFTs appointed to council members.”
xAave has launched on xToken, a passive staking project. Isn’t staking already passive? Yes, but xToken automates the claiming and compounding process as well, allowing users to truly set it and forget it.
Yearn x Akro
Another day, another YFI partnership. In this case it seems to be a merger.
Yearn has merged with Akropolis, another yield aggregator project.
The benefits as described by Andre are:
Akropolis & Yearn merge development resources
Akropolis & Yearn TVL increases
Akropolis gets access to Yearn, Pickle, and Cream products, and can integrate its DCA solutions with these
Yearn gets access to new investment strategies created by Akropolis
Yearn accesses Akropolis business development expertise and exposure to its institutional client network
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Disclaimer: Projects or tokens mentioned in this newsletter are often experimental or unaudited. Do your own diligence before using or buying anything mentioned