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Gate.io Blog：Luna Chain Reaction Poses Significant Capital Loss, and the Security of DeFi Financial Products Initiates Dispute
Gate.io Blog：Luna Chain Reaction Poses Significant Capital Loss, and the Security of DeFi Financial Products Initiates Dispute
2022-05-17 09:01:02 UTC
41146 Số lượt đọc
【TL; DR】
1. According to the falling market on May 12, the quotation of Chainlink oracle failed and ended at $0.107.2. As the on-chain price information could not be updated in time, the two DeFi lending protocols that worked closely with Chainlink were damaged. One lost $14.2 million and the other went bankrupt directly.
3. DeFi financial protocol performs poorly in resisting extreme market and hacker attacks.
4. The Gate.io financial management project combines the high yield characteristics of the DeFi project and the safety and convenience characteristics of CEX.
5. Currently, Gate.io has launched a variety of products that integrate different types of risks and benefits. You can view them in the “Earn" section of the navigation bar in the Gate.io official website.
Since May 8, the well-known stablecoin project UST began to decouple from the US dollar, and the value of its associated token LUNA has declined thousands of miles and even nearly returned to zero in just 10 days. Luna's slump also brought turbulence to the whole crypto space. Several financial projects under the DeFi segment have become victims of market fluctuations.
In the falling market on May 12, LUNA prices continued to plunge, falling below the lower limit of price feedback of Chainlink oracle, triggering the price circuit breaker mechanism of oracle. The real spot price of LUNA continued to decline, while the quotation of Chainlink oracle ended at $0.107. As the oracle is the medium that uploads the off-chain price information to the on-chain smart contract, the service of the oracle is suspended, so that the on-chain price information cannot be updated in time. Two DeFi lending protocols that worked closely with Chainlink were damaged, and one protocol project went bankrupt.
For more information on the specific analysis process, please read this blog：Luna Chain Reaction Poses Significant Capital Loss, and the Security of DeFi Financial Products Initiates Dispute
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May 17
