The Grap Finance Token, which is actually a fork of the DeFi Yam Finance token has just increased by 5000% on the day, and in today’s altcoin news, we try to find out why.
After Yam Finance launched back in August, there were plenty of other coins that tried to copy it and got based on foods.
buy lipitor online www.parkviewortho.com/wp-content/languages/new/prescription/lipitor.html no prescription
The most popular of all was the Yam Finance tokens or Yam-inspired projects which eventually turned out to be SushiSwap which became its own ecosystem after the launch in September. The new forks dropped fast however but one token in particular, increased.
Spent sometime looking into the recent exploit of @CoverProtocol $COVER. While not confirmed yet, here's my understanding of the attack in case someone is wondering. Hint: it involves using `storage` and `memory` incorrectly.
Small thread 👇. Need someone to help verify. https://t.co/PDFcT89slu
— Sorawit Suriyakarn | BAND 🅑 🚫🐻 (@nomorebear) December 28, 2020
Grap Finance was launched as a fork of Yam Finance and expanded beyond the non-fungible tokens which saw quite limited success so GRAP dropped in value over time. However, today, the coin increased by over 5000% but it’s not because the platform released a revolutionary product but rather than the project’s pseudonymous founder helped to mitigate the hack results of all Yearn-Affiliated protocols.
Cover Protocol for example dropped on Sunday after the attack. The cryptocurrency reached as high as $950 on Sunday, started dropping towards $700 but then fell even more. This was a clear sign that something bad happened and the on-chain analytics noted that a small number of addresses were dumping huge amounts of COVER. Many people quickly ascertained that this meant there were users falsely minting and selling their COVER tokens depressing the market price as there were too many coins in circulation. Band Protocol CTO Sorawit Suiryakarn explained that what happened was users were able to deposit liquidity tokens into the Cover Blacksmith contract and withdraw almost all coins from the contract, deposit them again, and claim the rewards pertaining to the deposits.
1. No gains.
2. The Obtained Funds from LP has been returned to COVER.
— Grap.finance (@GrapFinance) December 28, 2020
The systematic approach caused an infinite amount of tokens to be minted. One of these exploiters was the main owner of Grap Finance who minted 40 quintillion COVER tokens through his system but the other explorers remain unknown. Many first believed that Grap Finance tried to exploit the bug and it was malicious but then they shocked the DeFi space when they returned all funds and wrote “next time take care of your own shit.”
This means that one individual in one transaction sent $3.2 million worth of ETH to the cover founders to be redistributed to its users. COVER got down by 65% over the past day and it was trading at multi-month lows. GRAP on the other hand increased by 5000% in the past day. It’s unclear if the deployer has more plans to continue developing the project.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]