Agora is a Money Market & AMM for Lending, Borrowing and Swapping on Metis. Fair launch and community owned from day 1. discord.gg/nXxrqZUBE5
Joined January 2022
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8 Apr 2022
Our plan to make Agora whole.
Thanks go to @starstreamfin for coming to the table and working out a mutually beneficial plan out of this unfortunate situation.
And thanks to @MetisDAO for helping to facilitate.
We will rebuild stronger over time.
agoradefi.medium.com/starstr…
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6 May 2022
We are turning all borrows off on Agora.
Since the STARS exploit the USDC market in particular has had a liquidity run.
While other markets have been solvent or liquid there have been instances where those from impacted markets borrowing from other markets.
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6 May 2022
While this does not lead to a new loss of funds from the protocol, this does transfer the liquidity crunch to other markets. We want to avoid impacting additional users.
We will continue to work on the compensation plan to make the USDC market solvent and liquid.
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6 May 2022
In the meantime the reserve factor on USDC market has been brought back down to 10% to encourage further liquidity.
While this is no solace or guarantee, other money markets have recovered from much larger exploits.
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20 Apr 2022
The reserve factor for USDC has been set to 90%.
All fees will be used to re-supply to the USDC market.
This will ensure the protocol can recoup enough fees to start meaningfully boosting liquidity without increasing the claim.
All AGORA rewards still go to the USDC market.
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14 Apr 2022
As part of ongoing efforts to make whole the USDC and Metis markets on Agora all protocol fees will be directed to affected markets as liquidity going forward.
$12K USDC and 25 Metis has been supplied most recently.
Updated repayments can be viewed here agora-defi.notion.site/Marke…
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14 Apr 2022
Additionally, since the USDC market is suffering most from the liquidity run, all AGORA rewards emissions will be directed to the suppliers of that market.
IR models will remain as they are until market utilization ratios come down. Borrowers are advised to repay.
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14 Apr 2022
New IR models have been implemented for markets with extremely low liquidity to encourage repayments of borrows until the system begins to stabilise.
If you're borrowing on Agora currently please manage your positions accordingly.
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13 Apr 2022
Really fantastic news and even more reasons to be long Metis. This is a huge development for L2s. Well done to the @MetisDAO team!
🔊MAJOR MILESTONE!
How has Metis gas fees reduced to the cheapest L2, overnight?!
Through our native storage layer! Live NOW!
With our storage layer, transactions on Metis are more efficient, resulting in a significant reduction in transaction costs.
Congrats Metis users!👏
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13 Apr 2022
This is the exploiter's address who hacked @starstreamfin's treasury in order to exploit Agora.
0xffd90c77eaba8c9f24580a2e0088c0c940ac9c48
If you have information (collated evidence) which leads to the ID and recovery of funds we will offer a 20% bounty on any recovered funds.
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13 Apr 2022
Time's up for the hacker to do the right thing and return the funds. Hopefully this bounty provides enough incentive for white hat/chain sleuths to help us find the hacker.
Please tag any firms/groups/people you know who may be able to assist.
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12 Apr 2022
The Starstream/Agora exploit post mortem.
What happened. How it happened. What we are doing in response.
agora-defi.notion.site/Stars…
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13 Apr 2022
@CertiKTech @hacken @Quantstamp @trailofbits @OpenZeppelin @CertiKTech @SlowMist_Team @RugDocIO @elliptic @chainalysis any help greatly appreciated.
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12 Apr 2022
Agora money market emissions are back on for the Supply markets of USDC and Metis only.
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11 Apr 2022
Latest updates on the @starstreamfin / Agora exploit.
Another 120 ETH has been recovered, making the WETH market on Agora Solvent.
An additional 900 Metis has also been recovered.
Thread below 🧵
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11 Apr 2022
We are re-supplying all recovered assets back to Agora to support liquidity on impacted markets.
A detailed compensation plan and post mortem is being worked on and will be released shortly.
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11 Apr 2022
62,757.24 USDC has just been supplied to the market from the 20 WETH which we sold.
100 WETH has been added back to market, making the market whole.
900 more Metis has been added to the market.
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