Yield-aggregator platform Pancake Bunny announced a new partnership on June 4th through Medium. The deal with Chainlink will look to bolster the platform’s recovery in the aftermath of a recent flash loan exploit on May 20.
The main goals will be to improve the platform's security and patch the loopholes discovered in the investigations that followed the attack. These measures will strengthen the platform's security and hopefully prevent future flash loan attacks from happening.
The PancakeBunny team discovered specific vulnerabilities in the smart contract codes as the weak links exploited in the attack. These vulnerabilities enabled the attackers to manipulate the price of the Bunny token.
When it comes to the integrity of data and price feeds, Chainlink is one of the world's premium providers. The platform aggregates high-quality data and reliable price feeds using its decentralized oracle network.
Chainlink is renowned because of the following:
Recently the Binance Smart Chain ecosystem has been hit by series of flash loan attacks. In May 2021 alone, about $167 million was reportedly stolen from 11 BSC protocols. The advent of flash loans on decentralized finance (DeFi) got the community excited about its positive utility, but it is now apparent that it has attracted the attention of shady actors as well.
On May 20, PancakeBunny was the hardest hit, losing about $45 million in an attack. Not only was a significant amount of money stolen from the platform, but the value of their native token also plummeted. The Bunny token dropped in value by as much as 97%.
As soon as PancakeBunny's flash loan exploit was detected, the platform took immediate steps to mitigate its effect on the ecosystem and holders of the Bunny token. A no-loss jackpot pool, Bunny Pot, was created for holders to stake their tokens. Bunny Pot incentivized holders to lock up their tokens which helped PancakeBunny's total value locked (TVL) to recover. After assuring investors that their funds are safe, PancakeBunny has taken far-reaching measures to fix the loopholes that its attackers exploited.
Flash loan hacks are increasing in frequency, and the methods used by criminals are getting more sophisticated. The unwelcome attacks tend to jolt investors' confidence in the affected platforms. The attacks are a reminder to all DeFi users to be aware of risks.
PancakeBunny is a decentralized cross-chain yield aggregator. The platform, which runs on both Ethereum and Binance Smart Chain networks, uses various strategies and rewards to enable investors to optimize their yields.
For more about PancakeBunny, follow their official media channels,
The People’s Republic Bank of China (PBoC), the regulatory body that governs the financial sector in China, recently released a statement reiterating its stance on the 2017 regulation. This regulation prevents financial institutions from providing banking and settlement services for crypto-related transactions. The purpose identified by the central bank is the risk of virtual currencies disrupting normal economic and financial order, illegal cross-border transfer of assets, money laundering and other illegal and criminal activities.
The central bank now requires banks and payment institutions to implement a few regulatory requirements earnestly as part of their customer identification obligations to mitigate financial risks associated with virtual currencies. Upon identification, such categories of customers must not be allowed to open accounts or to participate in activities that involve virtual currencies through the mainstream financial institutions.
The present concern is a real one although the regulation has been around since 2017. The increased effort and scrutiny by the authorities in identifying crypto related transactions is telling of the Chinese government’s firm stand against such activities. The comprehensiveness of its monitoring mechanism to identify and track such activities is crippling the domestic crypto market.
Despite shutting down its domestic crypto exchanges and making crypto ownership increasingly difficult, China allows crypto ownership. Citing the volatility of virtual currencies and price manipulation, the Chinese government has been consistently adopting a hostile relationship with crypto assets. Despite such harsh treatment towards crypto assets, the regulation and policy surrounding blockchain related development has been a totally different treatment.
The Chinese government has been making its own roadmap for adoption of blockchain technology. Recognising the need to be competitive, the two main areas that have been identified for blockchain adoption are economy and finance. This has been revealed through a document officially released by its Ministry of Industry and Information Technology.
This preferential treatment seems to lead to one conclusion: the ease of transfer of value that virtual currencies can facilitate is destabilizing to the Chinese financial system. Therefore from the list of concerns outlined by the central bank the targeted approach seems to have its focus on cross border transfer of assets. Physical assets or fiat currencies are easily regulated by the existing framework of governance. Even if it slips regulatory safeguards, it is traceable, hence the granting of autonomy to crypto assets owners can be quite concerning.
China, just like other sovereign nations, is starting to see the benefits of digital currencies. However, these digital currencies must be controlled by the sovereign state’s governing body. In most cases, it is the central bank. The recent clampdown and tightening of the regulatory noose is a knee jerk reaction from the state’s own initiative in launching its digital yuan.
In a recent development, the state owned bank, Industrial and Commercial Bank of China has allowed for conversion between the digital currency and the physical currency. Real world trials are ongoing as China is preparing to launch a nationwide adoption of the digital currency. Crypto assets that can play the role of a digital currency are seen as a threat that will invariably dilute the use of the digital yuan. In order to be coherent and consistent in its regulatory enforcement, the ban and enforcement that is currently taking place cannot be seen to discriminate against the type of crypto asset.
The crypto market continues to wean itself from relying on China, resources and focus are slowly shifting to more pro crypto nations. Since the adoption of Bitcoin as legal tender in El Salvador, initiatives are now focussed on renewable geothermal energy for Bitcoin Mining.The current devaluation of crypto assets is painful but there is a silver lining in the clouds.
The Southeast Asia (SEA) event concluded on May 30, 2021, followed by the Binance announcement of the top 5 winners in various categories on June the 5th. The event was made possible through BSC network sponsoring Dorahacks, a global Hackathon organizer.
The event raised $27,394 in funding, which was distributed to the top 5 participating projects. The event comprised 31 teams from Singapore, Vietnam, Malaysia, Hong Kong, and Taiwan, all of whom submitted their project application for the Hackathon program.
Following the official end on May 30, a 5-day grace period for the anti-Sybil attack detection and vote analysis commenced. Finally, the team posted the final matching pool distribution result on June 5. The top 5 projects include XCarnival, Bami Defi, Spherium Finance, Project ARK, and Sota Platform. The following reviews of the winning projects of the Hackathon were obtained from the BSC recap blog.
Project ARK is the world’s first carbon-neutral NFT marketplace for rare digital collectibles. They directly fund animal and environmental conservation efforts worldwide. The projects mission is to connect passionate artists with purpose-driven buyers to support international NGOs like the World Wildlife Fund (WWF) and organizations related to the environment.
The protocol signed a partnership with the WWF. Its first-issued NFTs will directly fund community-driven conservations creating collective rewards systems that turn communities into conservationists. In addition, the protocol has signed over 150+ artists from around the world, including Emmy award filmmakers, famous recording artists, and even the IP owner of Pokemon. To learn more about Project ARK, visit Hackerlink.
The India-based protocol is a mobile-first cross-chain wallet that optimizes the returns on crypto-assets while minimizing the risks involved within the transactions. The team plans to bring DeFi to the masses by making it a more user-friendly and all-in-one concept.
Its dApp is currently compatible with BSC and Ethereum networks. They plan to move to Polygon Layer 2 to optimize speed, scalability and reduce transaction costs for users. The protocol is not bounded by one chain, and provision for listing projects to achieve cross chain is made possible by the integration of bridges which can help move tokens from one chain to another. To learn more about Spherium Finance, check Hackerlink.
Bami is a Vietnamese DeFi project seeking to leverage the financial viability of DeFi. It’s an economic city in which the currency will be BAMI (Bami native token). In Bami city, the citizens (users) use BAMI for trades, exchanges, investments, including Bami Dashboard, Bami Exchange, Bami Lend, Bami Portfolio, Bami Pay, NFT.
Bami sees DeFi as a service and have implemented a multichain financial application that aims to bring permissionless money solutions to the mass, built to integrate interchain solutions in savings, payment, trading, money market, etc. The team has expressed in the Hackathon its intention to focus on the Vietnamese market in the early phase but has plans to move to the international market. The protocol will be open-sourced, and its governance will be by the community. To learn more about Bami DeFi, kindly check out its Hackerlink.
Sota Platform is a Vietnamese-owned project that concentrates solely on the creation, sales, and distribution of NFTs. The platform will be on multichain with a start being on BSC and a gradual move to HECO chain and other chains in the future.
The team joins four others to become part of the SEA hackathon program 2021. To learn more about Sota Platform, check out its Hackerlink.
XCarnival took the first position in the Hackathon event. Experts involved in establishing the new Generation Synthetic Assets Aggregator for everyone in the DeFi and blockchain space are from Australia, the United States, and China. The CEO is a serial entrepreneur, an expert in DeFi, and a well-respected influencer in the blockchain space.
The protocol aims to bring down entry barriers for users by providing new products that are easy to use and maximizing the platform’s liquidity.
XCarnival presented four products in the Hackathon, including;
To learn more about XCarnival, visits the weblink.
Other participating teams in the Hackathon events include; Wooracle, Uptick, Deri Protocol, Hashtagger, Evolution Land, TrustFi network, etc. Visit the BSC recap page to learn more details about each team.
The BSC team extended their thanks to partners of the event, including Bifrost, DeBank, dForce, ETCLabs, Loopring, OKExChain, AngelONE, Solana, Konomi, Collinstar, Coinbene, YBB, SevenX for sponsoring and supporting this event.
It also extends its gratitude towards Blockchain&Dapps, Ethereum Singapore, Blockchain @NTU, Polkadot Singapore, Taiwan Blockchain Academia, NUS Fintech Society, Paulus from Clovers Ventures, NGC, Signum Capital, LongHash Ventures, Pendle, CMS, and IOSG for their help and participation.
DoraHacks Global Hackathon series is going on to host the US Crypto Summer Hackathon (online) via Hackerlink. It's the hope of the community that the sequence of events can help more open source developers to enrich their ideas and projects and build valuable blockchain products that will benefit more users.
PancakeBunny will seek to leverage Chainlink's reputable price feeds to mitigate data manipulation.
Yield-aggregator platform Pancake Bunny announced a new partnership on June 4th through Medium. The deal with Chainlink will look to bolster the platform’s recovery in the aftermath of a recent flash loan exploit on May 20.
The main goals will be to improve the platform's security and patch the loopholes discovered in the investigations that followed the attack. These measures will strengthen the platform's security and hopefully prevent future flash loan attacks from happening.
The PancakeBunny team discovered specific vulnerabilities in the smart contract codes as the weak links exploited in the attack. These vulnerabilities enabled the attackers to manipulate the price of the Bunny token.
When it comes to the integrity of data and price feeds, Chainlink is one of the world's premium providers. The platform aggregates high-quality data and reliable price feeds using its decentralized oracle network.
Chainlink is renowned because of the following:
Recently the Binance Smart Chain ecosystem has been hit by series of flash loan attacks. In May 2021 alone, about $167 million was reportedly stolen from 11 BSC protocols. The advent of flash loans on decentralized finance (DeFi) got the community excited about its positive utility, but it is now apparent that it has attracted the attention of shady actors as well.
On May 20, PancakeBunny was the hardest hit, losing about $45 million in an attack. Not only was a significant amount of money stolen from the platform, but the value of their native token also plummeted. The Bunny token dropped in value by as much as 97%.
As soon as PancakeBunny's flash loan exploit was detected, the platform took immediate steps to mitigate its effect on the ecosystem and holders of the Bunny token. A no-loss jackpot pool, Bunny Pot, was created for holders to stake their tokens. Bunny Pot incentivized holders to lock up their tokens which helped PancakeBunny's total value locked (TVL) to recover. After assuring investors that their funds are safe, PancakeBunny has taken far-reaching measures to fix the loopholes that its attackers exploited.
Flash loan hacks are increasing in frequency, and the methods used by criminals are getting more sophisticated. The unwelcome attacks tend to jolt investors' confidence in the affected platforms. The attacks are a reminder to all DeFi users to be aware of risks.
PancakeBunny is a decentralized cross-chain yield aggregator. The platform, which runs on both Ethereum and Binance Smart Chain networks, uses various strategies and rewards to enable investors to optimize their yields.
For more about PancakeBunny, follow their official media channels,
