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DeFi

Societe Generale tries DeFi with a DAI loan on Ethereum

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The blockchain subsidiary of Société Générale, Forge, wants to launch an experiment on DeFi. He chose MakerDAO for this.

Traditional finance and DeFi, two irreconcilable worlds? Certainly not. On the one hand, large international banks now offer their clients investments in cryptocurrencies.

But on the other hand, experiments are being carried out, particularly in Europe, around public blockchains. This is the case, for example, of Société Générale with the Ethereum blockchain. Its subsidiary Forge issued security tokens on Ethereum.

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A MakerDAO partner banking institution?

It was only a first step though. Forge now wishes to explore more deeply the mechanisms of decentralized finance. And for these beginnings, the regulated entity chooses a DeFi pioneer, namely MakerDAO.

This proposal is now submitted to the governance of the community. Société Générale offers the submission of bond tokens as collateral for a DAI stablecoin loan. The title: “Refinancing of Security Tokens”.

This is a great first for a bank of this size. But it is also the first major collaboration between a traditional bank and the DAI protocol – which remains to be confirmed however.

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Its realization would open the door to a closer integration between traditional finance, digital finance and blockchain. It should be remembered, however, that Forge’s initiative is part of the framework of experiments.

A loan of $ 20 million in DAI

Forge therefore offers a loan with collateral for an amount that could reach up to $ 20 million in DAI. As the company specifies, this would be a first pilot or use case. This aims to refinance the OTH tokens belonging to Société Générale.

But it is also a test for the French legal framework. The transaction therefore also aims to “ shape and promote experience in the French legal framework “. Another goal: to promote ” profitable service and foster liquidity of digital bonds. “

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Technically and legally, however, the operation promises to be complex, as evidenced by the workflow presented by Forge. No less than six separate entities would be involved in the process. Above all, it calls for the participation of a decentralized network based on governance.

Will the MakerDAO community respond present? The interest is in any case not financial – at this stage. Indeed, ” the stability fee will be close to the interest rate paid under traditional covered bonds. »The counterparty: access to a type of collateral asset [collatéral] non-volatile.

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DeFi

BadgerDAO: Hackers drain $10 million in latest DeFi breach

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  • BadgerDAO suffers $10 million hack
  • Traders were sent illicit permission notifications
  • BADGER loses 15% of its value

The decentralized finance industry of the crypto sector has now become one of the most sought-after industries. This is because it provides users with anonymity, and they can carry out their activities without the prying eyes of financial institutions. Furthermore, traders are open to making huge amounts of profits in the protocols in the sector by staking or farming. However, some illicit actors would rather exploit and steal from people instead of making their profits. In yet another hack case in the DeFi sector, hackers have exploited BadgerDAO, draining $10 million from the decentralized finance protocol.

Traders got illicit permission notifications

BadgerDAO is a protocol in the decentralized finance sector that allows traders access to various lending services and takes collateral in Bitcoin. According to the platform, upon calculating funds missing through the exploits, things are sitting around $10 million. In the reports that made the rounds today, users claimed that the hack was perpetrated through BadgerDAO’s interface and not its smart contracts like most hacks. Users claimed they were sent notifications about allowing new permissions while carrying out activities on the platform. With some users allowing the permissions, the hackers could cart away various amounts of digital assets going to a worth of $10 million.

BadgerDAO’s native token plummets

After the hack, the protocol developers said that users complained that they witnessed the unauthorized drawing of funds from their accounts. However, the protocol has moved into action swiftly, putting everything on the protocol on hold at the moment. The developers have also claimed that engineers are working tirelessly to fix the issue and ascertain the level of damage that the breach may have caused. However, BadgerDAO has refused to comment on the exact amount of missing funds on the platform and the level of damage that needs repair before operations can continue.

Some analysis websites have claimed that the amount exploited from the platform is $100 million. After the hack, the native token of the platform, BADGER, dipped in value, losing about 15% of its value, and is currently trading around $22. Hacks have now become predominant in the DeFi sector as the year draws to a close. Some days ago, MonoX, another DeFi protocol, got hacked with the illicit actors carting away more than $30 million in different digital assets.

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DeFi

Someone Just Lost $50 Million Worth of Bitcoin to DeFi Hacker

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A single user of the Badger DAO protocol has lost a whopping $50 million worth of Bitcoin to a hacker

Badger DAO, a Bitcoin-focused decentralized finance project built on the Ethereum blockchain, has been drained of roughly $100 million as a result of a nasty front-end attack.

A single user has lost 896 BTC (roughly $50 million), according to blockchain security company PeckShield.

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In a Twitter statement, the team has acknowledged reports of unauthorized withdrawals, adding that its engineers are investigating the issue.

The protocol’s smart contracts have been temporarily halted.

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According to data provided by DeFi Pulse, Badger DAO is the 23rd biggest DeFi protocol on Ethereum. Last month, it topped $1 billion in total value locked.

Badger DAO allows users to earn passive income with Bitcoin by converting it to either Wrapped Bitcoin (WBTC) or renBTC and depositing it into Sett vaults that algorithmically allocate and autocompound users’ yields.

The hack happened just days before the yield vault protocol’s one-year anniversary.

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BADGER, the native token of the Badger DAO project, is down 15.3% on the news, according to CoinGecko data. 

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Gaming

GameX Ecosystem: Emerging DAO in World of Gaming and DeFi

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GameX is an emerging protocol that was built by gamers in a bid to promote the integration of games in today’s fast-growing decentralized finance (DeFi) ecosystem. Despite the fact that the blockchain and specifically the DeFi ecosystem is still in its infancy, the past year has seen the emergence of innovative projects that are notably disrupting mainstream finance. GameX is no exception.

Built on the Binance Smart Chain (BSC) network, the GameX protocol seeks to become a one-stop-shop for many aspects of decentralized gaming. This includes developing games that users can play, incorporating Non-Fungible Token (NFT) capabilities, and also rewarding users for contributing to its ecosystem development.

Gamex NFT Marketplace

GameX protocol is in the last phases of developing its NFT marketplace where digital artworks and collectibles built through the BEP-721 standard will be supported. The GameX NFT marketplace is a dynamic one and permits creators to mint their digital piece, with additional permissions that can let them list it for sale immediately or at a later time in the future.

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The protocol maintains a very good standard for the operations of its NFT marketplace and will provide a verification capability to enable users to deal with trusted creators only. While the verification badge will be obtainable easily by just filling out a form, the applicant or creator will be required to provide enough documentation in order to get verified.

According to GameX, “verified badges are granted to creators and collectors that show enough proof of authenticity and active dedication to the marketplace. We are looking at multiple factors such as active social media presence and following, dialogue with community members, number of minted and sold items.”

GameX NFT marketplace listed items will also be subject to royalty rewards which are charged when a listed item is resold.

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XGameX

The XGAMEX token that is designed as a reward system for GameX game players, as well as the buyers and sellers of listed NFTs.

Future Plans

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Over the next months, the platform is set to release a play-to-earn racing game (META RACE) in which players will be able to compete against each other. Drawing from its broad capabilities, there is bound to be an NFT incorporation into the racing game, a move that is billed to further enhance the broad embrace of the gaming outfit.

Website: https://game-x.co/

 Twitter: https://twitter.com/gamexofficial1?s=21

Telegram: https://t.me/GameXTokenOfficial

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