Kyber Network Advises Removal of Funds Amid Potential Vulnerability

Kyber Network, the developer of the Kyberswap Elastic decentralized crypto exchange, has announced a potential vulnerability in the exchange’s contracts. While no funds have been lost, the developer has advised liquidity providers to remove their funds as a precaution. Kyberswap Classic smart contracts do not contain the vulnerability, according to the Kyber Network team.

KyberSwap Elastic is a decentralized exchange that allows liquidity providers to provide “concentrated liquidity” by deciding a price ceiling and price floor for the tokens they deposit into the pool. If the price moves below the floor or above the ceiling, LPs no longer receive fees. However, they receive higher fees if the price stays within the range they have set.

In response to the potential vulnerability, farming rewards have been temporarily suspended until a new smart contract can be deployed. All rewards earned prior to April 18, 2023, 11pm (GMT+7) have already been dispersed and are unaffected by this pause. The developer has stated that it will update the community soon with an explanation as to when funds can be safely deposited back into the protocol.

This is not the first time Kyberswap has faced security issues. In September, the user interface for Kyberswap was hacked, resulting in an attacker getting away with $265,000 worth of crypto.

It is important for users to stay vigilant and follow the developer’s advice to remove funds as a precautionary measure. The Kyber Network team is working on a solution and will keep the community updated as the situation develops. In the meantime, users can monitor the situation closely and refrain from depositing any funds until the issue has been resolved.

In the broader context of decentralized finance (DeFi), security risks are always present, and it is crucial for developers to take appropriate measures to mitigate these risks. With the growing popularity of DeFi, security will continue to be a key concern for investors and users alike. As the industry evolves, it is important for developers to prioritize security measures and work together with the community to build trust in these platforms.


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Solana (SOL), Chainlink (LINK) and Three Additional Altcoins Are Ones To Watch This February: Crypto Analyst

A top crypto analyst and trader is naming Solana (SOL), Chainlink (LINK) and three other altcoins as the digital assets to watch this month.

In a new video, pseudonymous trader Altcoin Sherpa says that he expects one more leg down for smart contract platform Solana to around $65 before it can ignite a relief rally to his target at $140.

“I would just like to see this area [$60-$70] get tapped several times and then form some sort of bottom and then probably come up, hit this high volume node again around $140 and then probably come back down.”

Another coin on the trader’s list is decentralized oracle network Chainlink, which he says looks bullish as it trades close to a key support area.

“You can probably just look to buy any dip for LINK. I think that it’s possible that we might see [a] return back lower as well down to $15 or so, somewhat like a double bottom in the lower timeframe charts. To me, this looks pretty strong given it’s at range lows, given its high sell volume, given that we’re seeing dips getting bought pretty quickly.”

Next up is blockchain-based game Axie Infinity (AXS). Altcoin Sherpa predicts a strong rally for Axie Infinity as the coin continues to respect support at $45.

“You can still hit like a 2x or something like that from $45 to $90 or some of these levels up [above $110]. It’s certainly possible that this comes.”

While Altcoin Sherpa is currently bullish on AXS, he does not expect the coin to print a new all-time high anytime soon.

The crypto analyst is also keeping an eye on Kyber Network Crystal (KNC), an Ethereum-based token used to pay fees on the Kyber Network. According to Altcoin Sherpa, KNC looks very strong right even amid the general bearish trend across the crypto markets.

“I would just consider buying any dip personally. Looking for resistance levels, I would look for around $2.40 or so.”

The last coin on the analyst’s radar is Near (NEAR), a developer-focused blockchain designed for scalability and stability. Altcoin Sherpa predicts one more move down for NEAR before rallying to his target at $14.

“It’s possible that we see maybe one last potential shakeout to $8 or so, and I do have bid there. But overall, this coin has held up pretty strong, and to me, this coin looks a little bit better than many other coins right now.”

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DeFi Staple Kyber to Launch on Polygon

Key Takeaways

  • Kyber will launch its dynamic market maker (DMM) to Polygon Network later this month.
  • The team has also announced liquidity mining programs on both Polygon and Ethereum to reward liquidity providers.
  • Kyber joins many other Ethereum-native DeFi projects that have expanded to Polygon in 2021.

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Kyber is launching its dynamic market maker on Polygon. It’s also planning a $5.5 million liquidity mining program.

Kyber Plots Liquidity Mining Program

Kyber will launch its new dynamic market maker (DMM) liquidity protocol on Polygon, it was announced Wednesday.

The Kyber community voted in favor of the move after considering Polygon’s growing popularity among DeFi users, as evidenced in the Kyber Improvement Proposal for the expansion.

According to Kyber, the DMM is an improvement over an automated market maker design. It allows users to trade ERC-20 tokens in capital-efficient liquidity pools that are less prone to impermanent loss and slippage.

To bootstrap initial liquidity on the Polygon-based DMM, the Kyber team has planned a liquidity program called Rainmaker. Under the program, 2.52 million KNC tokens worth roughly $5 million and an additional $500,000 worth of MATIC tokens will be distributed to liquidity providers (LPs). The program will begin on Jun. 30 and run for two months.

The team has also allocated $25 million worth of rewards for liquidity providers for the existing Ethereum-based DMM.

Shedding light on the Polygon partnership, Loi Luu, co-founder of Kyber Network, said:

“Through this partnership, Polygon’s vibrant ecosystem will gain access to the highly capital efficient and flexible Kyber DMM protocol, and we believe this will empower more liquidity providers, traders, and developers to effectively engage in the world of decentralized finance.”

Polygon, an EVM-compatible “commit chain”, has recently exploded in popularity among DeFi users. Due to the surge in activity, the total value locked on Polygon has shot to almost $12 billion, according to data from DeFi Llama.

Many DeFi protocols that were launched on Ethereum have recently expanded to Polygon’s fast-growing ecosystem. With the latest launch, Kyber joins many other leading Ethereum-native projects like Aave, Curve, Sushiswap, 1inch Network, Ren, and 0x Protocol that have joined the network in 2021.

This news was brought to you by ANKR, our preferred DeFi Partner.

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Kyber expands to Polygon, announces $30M ‘Rainmaker’ liquidity mining program

Decentralized finance (DeFi) liquidity hub Kyber Network (KNC) is set to become the next DeFi protocol to enter the expanding Polygon (MATIC) ecosystem.

In a statement issued on Wednesday, Kyber announced the launch of Rainmaker — a liquidity mining program on the platform’s Dynamic Market Maker protocol that will commence on June 30 to mark Kyber’s expansion to Polygon.

According to the announcement, the Rainmaker program will distribute $30 million in rewards to liquidity providers on the Kyber DMM across both Polygon and Ethereum.

Of the total reward pool, 12.6 million KNC tokens (about $25 million) will be distributed to liquidity providers on selected Ethereum-based amplified pools. The remaining 2.52 million KNC ($5 million) will be for LPs on Polygon-based amplified pools.

These rewards be will in the form of KNC and MATIC tokens which can also be staked to provide liquidity on KNC and MATIC pools to compound reward earnings. Rainmaker reward earners that receive KNC can also stake some on the KyberDAO to participate in governance activities thereby earning additional voting rewards.

According to the announcement, the Polygon phase of the Rainmaker liquidity mining program will run for two months while that for Ethereum will take place over three months beginning from June 30 for both.

Apart from the $5 million worth of KNC tokens, Kyber is also contributing $500,000 in MATIC “coins” for the Rainmaker liquidity mining program.

For Kyber, Rainmaker will help to further expand Polygon’s growing liquidity. Indeed, DeFi projects continue to establish a presence on Polygon amid a broader push for multichain strategies and greater overall scalability.

Related: DeFi projects launch on Polygon, usage skyrockets

Polygon usage continues to skyrocket triggering significant integration efforts by DeFi primitives. Back in May, 0x — a liquidity bridge for decentralized exchanges — announced an API tool for Ethereum-based DEX like SushiSwap, mStable and Dfyn to interact with the Polygon ecosystem.

Ren — a cross-chain liquidity protocol — has also created a bridge to allow porting of Ren-based wrapped tokens to the Polygon network.