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- DODO DEX recently reported that a few of its version 2 crowd-pools witnessed an attack on March 8
- The native token of the exchange with the same name is still eroding the respective storm
- Very little information was available on the respective attack at the press time
DODO represents a decentralized trading platform generated by the Proactive Market Maker algorithm. It consists of strongly capital-efficient liquidity pools that assist single-token supply, decrease impermanent loss, and reduce investors’ slippage.
The DODO DEX’s historic exploit
The DODO automated market maker recently reported that a few of its version 2 crowd-pools witnessed an attack on March 8. It explained that the WSZO and FUSI were a few of the pools affected. However, the AC pool funds are fully recovered now.
DeFi Prime revealed that the transgressing transactions valued up to $2.1 million in total.
DODO, established in August 2020, collaborated those funds in all other pools, consisting of all V1 and the whole of non-Crowdpool V2 pools. The platform asserted that all of them are secure. It highlighted that for the sake of precautions, the network decided to temporarily disable the pool development portal on the platform of DODO. Besides, the team works closely with their safety partner to recover the investments. They promised to offer more updates as soon as they receive them.
Updates from the professionals
Very little information was available on the respective attack at the press time. Jerry Zhou, the administrative partner at Puzzle Ventures, said that he’s fully confident about the DODO team’s workings and its capability to recover the lost funds.
Jerry added that it makes sense that currently, some traders and crowd-pooling projects are feeling frustrated about DODO. However, they should know the path is never convenient. According to his knowledge, the team makes significant developments in recovering the funds. He asserted his belief in a good outcome by the end. He further highlighted the consistently growing number of DeFi related exploits since the last year, including Saddle Finance’s historic attack that it suffered on its launch day. The Furucombo DEX suffered from a loss worth $15 million in February.
The price-related responses on DODO
The native token of the exchange with the same name is still eroding the respective storm. It is surviving on a trading flat at a little above $4. DODO witnessed a negative hit of 7% in the past week but is still up by 150% over the last month. The token struck a record high of $8 on Feb. 20. This occurred just one day after Binance released liquidity farming incentives for the plans.
As per the DeFi Pulse report, the Binance Smart Chain-based DEX’s total value stands locked at around $40 million. It hit a slide of about 38% within a few hours after the digital incursion as it initiated major panic liquidations.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
