Agora DeFi

Agora is a Money Market & AMM for Lending, Borrowing and Swapping on Metis. Fair launch and community owned from day 1.

[Agora DeFi @AgoraDefi]

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.

https://t.co/Fil1t5ks8S

[Agora DeFi @AgoraDefi]

@ElenaCryptoChic @MetisAmbassador @Natalia_Ameline @MetisDAO Withdrawals are not suspended, however due to the exploit there is a liquidity run on the markets, which means there isn't always liquidity to withdraw. No borrowing is allowed currently. We will put up a disclaimer.

[Agora DeFi @AgoraDefi]

It's a pleasure to build on such a supportive chain. One that moves as quickly as we do, and puts its community first. To Andromeda and beyond!

[Metis🌿 @MetisL2]

This is why $METIS offers Builder Mining: We share 30% of our tx revenue we collect with projects deployed on our network. Forges lasting relationships/attracts best devs.

Example: @AgoraDefi & their amazing devs launched on Metis Jan 14; 1 month later #1 in TVL, nearly $150M!

[Agora DeFi @AgoraDefi]

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.

[Agora DeFi @AgoraDefi]

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.

[Agora DeFi @AgoraDefi]

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.

[Agora DeFi @AgoraDefi]

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.

[Agora DeFi @AgoraDefi]

@rabidawg @josefabregab We've never disabled withdrawals. You do have to be mindful of liquidity however and take that into consideration before depositing.

[Agora DeFi @AgoraDefi]

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.

[Agora DeFi @AgoraDefi]

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 https://t.co/Trj5ArBdoH

[Agora DeFi @AgoraDefi]

@Nexold1 Exploit was patched on the day and a compensation plan is in place to restore the affected markets.

[Agora DeFi @AgoraDefi]

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.

[Agora DeFi @AgoraDefi]

@prudentdegen @CertiKTech @hacken @Quantstamp @trailofbits @OpenZeppelin @SlowMist_Team @RugDocIO @elliptic @chainalysis Do any of these lead to CEX transactions?

[Agora DeFi @AgoraDefi]

The Starstream/Agora exploit post mortem.

What happened. How it happened. What we are doing in response.

https://t.co/56wh9c4WhO

[Agora DeFi @AgoraDefi]

Really fantastic news and even more reasons to be long Metis. This is a huge development for L2s. Well done to the @MetisDAO team!

[Metis🌿 @MetisL2]

🔊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!👏

[Agora DeFi @AgoraDefi]

Starstream's incidence report: https://t.co/lwTse8DDIL

[Agora DeFi @AgoraDefi]

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.

[Agora DeFi @AgoraDefi]

Read the Post Mortem here https://t.co/TECPv6KX43

[Agora DeFi @AgoraDefi]

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.

[Agora DeFi @AgoraDefi]

@Cr1pt0_n00b @greencandlefund Towards the end of the article you'll see that we are doing exactly that - moving to community governance. Not just for future listings but all aspects of the protocol.

[Agora DeFi @AgoraDefi]

@gabrielhaines This is aimed at encouraging more liquidity into the system

[Agora DeFi @AgoraDefi]

Agora money market emissions are back on for the Supply markets of USDC and Metis only.