Today in DeFi - SynLev, 88MPH Exploit, And More
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SynLev Launch
SynLev, a synthetic leveraged token project, has launched on mainnet. It currently has 3X leverage long and short ETH tokens.
88MPH Exploit
88mph, a fixed rate yield project which allows users to earn up front yield on collateral has been exploited for $100k.
But ironically, the attacker put funds back in the LP pool (doh), which, with samczsunβs help, 88MPH was able to retrieve the funds from. Now the funds have been transferred to the governance wallet where it will be distributed back to users.
If your funds were affected, you can claim your ETH back at 88mph.app/claim-eth
Umbrella Protocol
Umbrella Protocol, a new insurance project, has just been announced. Umbrella will use a pooled model to provide insurance.
Protection providers fund the Metapool, which Protection seekers draw from. The protection will be tokenized, and a funding rate (similar to perpetual swaps) is used.
The project is still in development and will be part of the Yam Finance ecosystem.
CREAM ETH2 Staking
CREAM Finance has launched incentivized ETH2 staking. Users who deposit ETH into the contract will receive CREAM rewards. The ETH will be used by Cream finance to fund validators on the ETH2 network. Users will then receive staking rewards from ETH 2 as usual, but minus an 8% management fee. They will also receive CREAM rewards.
Sounds pretty sweet, but be aware that this is a custodial service - CREAM has the validator keys, and also realize that ETH sent to the deposit contract will not be transferable or withdrawable for an unknown amount of time.
FollowΒ @todayindefiΒ to keep up with the latest DeFi news on Twitter.
Disclaimer: Projects or tokens mentioned in this newsletter are often experimental or unaudited. Do your own diligence before using or buying anything mentioned