Unlock the Potential of Yield - Just Duo it Built on @Blast_L2 by @Particle_trade and @ProtocolRing
Blast
Joined May 2024
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Duo Exchange retweeted
We recently onboarded $DETH into the Fenix Flywheel
After seeing it depeg and many users unhappy, we coordinated with some holders and now duo exchange team a path forward for DETH
Created a DETH gauge and pool so that users would be able to bribe it and earn $FNX via providing liquidity to their assets on Fenix
Now Fenix has the largest amount of TVL for $DETH on Blast with a cool 86% APR
On chain liquidity is efficient, more than 1M new liquidity flows in already, and the yield now becomes 13.1% (still not bad though).
Duo Exchange retweeted
After going through a tough hacking incident that suffering a significant loss, I’ve made the choice to focus on building and moving forward, rather than getting stuck in the past. However, there have been some rumors floating around, and I want to clear things up.
Resuming to the regular routine, Duo has just distributed over 750M Blast Points and 150K Blast Gold to the active positions this past week or so.
Also, Duo has distributed 18.5K Blast Gold (5% of this month's quota) to vePTC positions. You can check them out on Blast dashboard.
We have been closely following the situation since the recent whale phishing attack. As an immutable, decentralized protocol, Duo itself stands this test and still functions as designed.
Want to share how the protocol will continue to operate in the future 👇
6/ Going forward, Duo will continue to function as designed. In fact, the Blast Points and Gold will be distributed shortly. We will resume the regular distribution schedule in the weeks to come. As DeFi protocols, we believe continuous building to last the test of time.
Duo Exchange retweeted
We are covering 100% of users in the Moon Pool that were affected by the depeg of @DuoExchange DETH
All assets will be returned early next week in USDB at these market prices:
DUO ETH = $1000
DUO USD = $0.72
ETH = $2350
USDB = $1
Yesterday a major holder of DETH was phished for approximately 12.5k DETH tokens, causing a significant depeg in the price of DETH. This allowed an exploiter to deposit a large sum of DETH into the Moon Pool, enabling them to drain other assets (LSTs, Kelp and ETHERFI, are unaffected). As a result, the pool reached 100% utilization, preventing lenders from withdrawing their funds
Quickly after, we successfully minted a RESCUEFUNDS token in the Moon Pool to recover the exploiters DETH
This was only possible because the Moon Pool is not Time Locked as it’s a riskier lending pool. The main Orbit Pool is completely unaffected, protected by a Time Lock, and remains the most secure lending pool on Blast
After we recovered the DETH we received live updates from @blast and other partners that guided our decision. We have concluded we cannot speculate on DETH to repeg and will pay out users in USDB at market prices
If you were affected, then create a ticket in our Discord Otherwise, we will pay you out directly to affected wallet
We will be calculating users positions over the weekend and begin payouts early next week
We are aware of the recent phishing attack on some of the whales of Duo. Over 10k DETH was dumped on AMMs to cause a depeg of DETH price.
As a reminder, DETH is designed to always 1:1 redeemable to ETH for *already opened positions* on Duo.