DAFI Protocol to Commence Buyback After ChainSwap Bridge Hack - Product Release & Updates
The crypto space has suffered greatly from nefarious individuals looking to exploit crypto investors and exchanges alike. The ChainSwap bridge is the most recent victim of a coordinated hack, resulting in the sale of about $200,000 in DAFI tokens.
In response to the hack, DAFI Protocol asked its community members to immediately withdraw their liquidity from Uniswap and the LP program. The decentralized network, furthermore, revealed that its Super Staking is safe and secure and has not been affected by the hack and that participants have no need to be worried.
Chainswap Bridge Exploit 🚨
We've just found that Chainswap has been compromised. We'd like to urgently request the community to pull liquidity from Uniswap & the LP program until further notice.
To clarify, Super Staking is secure. This is an exploit with Chainswap's bridge.
— DAFI Protocol (@DafiProtocol) July 10, 2021
DAFI to Commence Buyback
The recent ChainSwap hack which resulted in the loss of about $200,000 in DAFI tokens had no effect on DAFI’s Super Staking. However, to protect DAFI’s community members’ interest and also to bear the brunt of the stolen tokens, DAFI has disclosed plans to commence a token buyback event.
The buyback will take place on the open market for six months. It is also important to point out that, despite the hack, DAFI has been growing stronger with several amazing milestone achievements.
Just last month, the decentralized network launched its much-anticipated Super Staking. Interestingly, DAFI’s Super Staking saw a remarkable amount of value locked in just its first week. The ChainSwap hack has in no way dimmed the security and safety of either DAFI Protocol and its Super Staking. The buyback will also, to a large extent, eliminate the negative effect of the stolen DAFI tokens.
For now, pending when a new temporary bridge is available, BEP-20 balances will be exchanged to a new version. Once the swap has been completed, Super Staking users will be able to seamlessly carry out withdrawals.
DAFI Buyback ⚡️
The DAFI token contracts and Super Staking are safe. We're as strong ever despite the exploit of a third party.
To show our commitment, we will be performing a buyback on the open market and vesting the $DAFI for 6 months. More details coming soon. pic.twitter.com/OoTYeL3yTR
— DAFI Protocol (@DafiProtocol) July 11, 2021
Upcoming DAFI Native Bridge
DAFI has revealed plans to launch its own native bridge. The decision to launch its native bridge was spurred on by the recent ChainSwap bridge hack. DAFI developers and industry experts are all working together to ensure the smooth launch of DAFI’s native bridge. The proposed native bridge will make it possible for community members to make use of DAFI ERC-20 tokens on other networks. Once launched, the bridge will be compatible with top chains like Ethereum, Binance Smart Chain (BSC), and Polygon (formerly Matic).
At the time of publication, DAFI was trading at $0.01555622 with a 24-hour trading volume of $202,200. The token price is down by 8.8% in the last 24 hours.
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