Welcome to the latest edition of the Weekly Pulse, a weekly Algorand news wrap-up segment presented by Algopulse. As ever, we welcome your feedback so if there is anything you would like us to add, please let us know on Twitter, Discord, or Telegram.
Tinyman Protocol Attacked
Algorand DEX giant Tinyman were the victims of an attack by unauthorized users who exploited a previously unknown in the protocol’s smart contract. As reported by Tinyman, the attack resulted in a drain of ASAs across the platform’s liquidity pools causing massive volatility. The attackers essentially targeted vulnerable pools and received two of the same Assets instead of two different Assets. As a result of the attack, Tinyman have issued a statement requesting that their users remove liquidity from all Tinyman pools while the team resolve the vulnerabilities. Tinyman have also released a detailed technical report which can be read here. For the latest updates and news keep an eye on Tinyman’s Twitter, Discord, and Telegram channels.
Yieldly Finance Announce New Liquidity Pools
Yieldly Finance have launched new liquidity pools in collaboration with Akita Inu (AKITA). The launch promises to be a significant upgrade on previous pools with the implementation TEAL 5 staking pools. The Akita Inu project was founded in October 2021 and is considered a premier community token hoping to drive greater adoption to the Algorand ecosystem. This is achieved through collaborations with various Algorand projects and supporting digital artists through NFTs.
Algofi launch $3 Million USD Liquidity Mining Program
After launching on mainnet on December 17th 2021 Algofi has continued to experience rapid growth on a number of fronts. The project this week announced a new $3 Million USD liquidity mining program and has grown to a TVL to just shy of $30 Million USD. The project is looking to fully capitalize on the initial phase of promising growth by participating in the Algorand Foundation’s Aeneas program which is focused on bootstrapping the “three pillars” of DeFi cross-chain bridges, Automatic Market Makers, and capital markets protocol. This incentives program will see participation from Algofi, Algomint, and Tinyman who each represent one of the three pillars outlined by Algorand Foundation.
Algonaut Capital Completes $3 Million USD Seed Round Raise
Algonaut Capital, the company behind the Algodex project, have this week confirmed the closure of a $3.13 Million USD seed round raise. The raise was led by Borderless Capital, Executives at GoldenTree, Black Ventures, Elevate Community Ventures, OneBlock Labs, Existential Capital C.V., and others. With the seed round now complete, the Algodex platform is set to launch in Q1 2022.
Defly Successfully Closes 300,000 ALGO Presale
The new Defly app has closed a fully subscribed presale at 300,000 ALGO. On launch the Defly app will be an Algorand based Defi wallet. Following the conclusion of the presale, Defly are set to launch a beta product to the public on February 1st 2022 before full launch on March 1st 2022.
Algorand Community Governance Participants Receive First Batch of Rewards and Second Governance Window Opens
Algorand Foundation this week announced the successful distribution of the first batch of governance rewards for all Algorand community governance participants. With participants now receiving their rewards, the second period of Algorand community governance will commence on January 8th with the sign-up window open until then.
Algoracle Make Significant Progress on ALGO/USD Price Pair
Algoracle have announced a successful testnet launch of ALGO/USD price pair has now been running for 7 consecutive days without any dropping or loss of data. In the last 7 days, the Algoracle App, updated the price every 15–20 seconds, which is a total of 27,000+ updates, for a total cost of less than 30 ALGOs ($54.90 USD). Compared to the gas fees on Ethereum, the same frequency would have cost over $2.7 Million USD. From now Algoracle will move into an incentivized open testnet by mid-January.
Thank you for reading this week’s edition of the Weekly Pulse as we look forward to continue bringing this content to the Algorand Community. Was there anything that we missed? If so let us know on Twitter, Discord, or Telegram where you can also send us any news you see throughout next week for our next installment.