Agora is a Money Market & AMM for Lending, Borrowing and Swapping on Metis. Fair launch and community owned from day 1. https://xitter.cf/t.co/tWTtwaDdIg
Metis Andromeda
Joined January 2022
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Our plan to make Agora whole.
Thanks go to @starstreamfin for coming to the table and working out a mutually beneficial plan out of this unfortunate situation.
And thanks to @MetisDAO for helping to facilitate.
We will rebuild stronger over time.
agoradefi.medium.com/starstr…
We are turning all borrows off on Agora.
Since the STARS exploit the USDC market in particular has had a liquidity run.
While other markets have been solvent or liquid there have been instances where those from impacted markets borrowing from other markets.
While this does not lead to a new loss of funds from the protocol, this does transfer the liquidity crunch to other markets. We want to avoid impacting additional users.
We will continue to work on the compensation plan to make the USDC market solvent and liquid.
The reserve factor for USDC has been set to 90%.
All fees will be used to re-supply to the USDC market.
This will ensure the protocol can recoup enough fees to start meaningfully boosting liquidity without increasing the claim.
All AGORA rewards still go to the USDC market.
As part of ongoing efforts to make whole the USDC and Metis markets on Agora all protocol fees will be directed to affected markets as liquidity going forward.
$12K+ USDC and 25 Metis has been supplied most recently.
Updated repayments can be viewed here agora-defi.notion.site/Marke…
New IR models have been implemented for markets with extremely low liquidity to encourage repayments of borrows until the system begins to stabilise.
If you're borrowing on Agora currently please manage your positions accordingly.
Really fantastic news and even more reasons to be long Metis. This is a huge development for L2s. Well done to the @MetisDAO team!
This is the exploiter's address who hacked @starstreamfin's treasury in order to exploit Agora.
0xffd90c77eaba8c9f24580a2e0088c0c940ac9c48
If you have information (collated evidence) which leads to the ID and recovery of funds we will offer a 20% bounty on any recovered funds.
Time's up for the hacker to do the right thing and return the funds. Hopefully this bounty provides enough incentive for white hat/chain sleuths to help us find the hacker.
Please tag any firms/groups/people you know who may be able to assist.
The Starstream/Agora exploit post mortem.
What happened. How it happened. What we are doing in response.
agora-defi.notion.site/Stars…
@CertiKTech @hacken @Quantstamp @trailofbits @OpenZeppelin @CertiKTech @SlowMist_Team @RugDocIO @elliptic @chainalysis any help greatly appreciated.
Latest updates on the @starstreamfin / Agora exploit.
Another 120 ETH has been recovered, making the WETH market on Agora Solvent.
An additional 900 Metis has also been recovered.
Thread below 🧵
We are re-supplying all recovered assets back to Agora to support liquidity on impacted markets.
A detailed compensation plan and post mortem is being worked on and will be released shortly.