Weβre excited to unveil a new whitepaper: FiRM. The Fixed Rate Money Market Protocol.
FiRM will unlock new possibilities in DeFi, from fixed-rate loans for any duration to interest rate hedging and speculation and more.
https://twitter.com/inversefinance/status/1587072810752610304
The Policy Committee have risen xINV staking APY from ~140% to 156% APY! We believe it is very important we stick to our plan of reward INV stakers during these tough times for the DAO.
We have also sent 3,600 INV to the Olympus Pro bond treasury to continue funding for our highly successful bond program there for the next 30 days, and withdrawn $139k DOLA, $278k DOLA-3Pool and $464k INV-DOLA from the OP Treasury to the Inverse DAO Treasury!
https://etherscan.io/tx/0x8f38b083254a1e23b075896fef4dcf2adef3739b18527d9a7481ef5ca13ae56d
This morning Inverse Finance's money market, Anchor, was subject to a capital-intensive manipulation of the INV/ETH price oracle on Sushiswap, resulting in a sharp rise in the price of INV which subsequently enabled the attacker to borrow $15.6 million in DOLA, ETH, WBTC, and YFI.
The manipulation was not a flash loan attack and was un-related to Inverse's smart contract or front end code. All future borrows on Anchor are temporarily paused. Some additional updates:
1. The plan to be proposed to governance is to ensure all wallets impacted by the price manipulation are repaid 100%. We have multiple avenues for accomplishing this and will provide updates as the DAO discusses our options.
2. There is no plan or need to mint additional INV as part of the process to repay wallet holders.
3. Inverse Finance DAO will fiercely defend DOLA's USD peg throughout this process using the DOLA Fed monetary policy.
4. The person or persons behind the price manipulation are encouraged to reach out via Twitter DM or Discord and discuss a generous bounty in exchange for returning the borrowed funds.
ππ» We will continue to update the Inverse community. For updates and more information, visit the #mission control channel in the Inverse Finance discord. If you believe you can help contribute to this effort, please reach out via Twitter DM or Discord.
β° We will host a Twitter spaces event today at 2pm EDT/ 6pm UTC to share and discuss with the Inverse community.
We are currently addressing the situation please wait for an official announcement
The policy committee has increased the bonding emission rate from 2576 INV to 2860 INV a month.
Currently, 54% of INV emissions are going directly to stakers, and 46% to non-stakers; this ensures that stakers are not only protected from dilution, but are actually growing a larger proportional stake ownership of INV!
DOLA stablecoin has been injected into @0x_b1 Fuse Pool 127! bit.ly/3uEVwDw
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Supply $APE to borrow $DOLA
π€ Lookout for more @ox_b1 alpha as @inversefinance partners up with the best in Defi
@FODLfi
@raricapital
INV is listed on Coinbase!
https://twitter.com/CoinbaseExch/status/1481311619112218624
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