TL;DR Breakdown
- Yield Protocol, a key player in the DeFi space, has successfully recovered from the Euler flash loan attack along with 10 other affected DeFi platforms.
- The restoration process involved deploying new contracts and executing numerous permissioned calls to reset fixed-yield token maturities and restore functionality.
Description
Yield Protocol, a key player in the decentralized finance (DeFi) space, has announced its full recovery following the costly Euler flash loan attack. The protocol, along with 10 other DeFi platforms, suffered significant losses in the wake of the attack on noncustodial lending protocol Euler Finance in March. Following the incident, Yield Protocol was forced … Read more
Yield Protocol, a key player in the decentralized finance (DeFi) space, has announced its full recovery following the costly Euler flash loan attack. The protocol, along with 10 other DeFi platforms, suffered significant losses in the wake of the attack on noncustodial lending protocol Euler Finance in March.
Following the incident, Yield Protocol was forced to suspend mainnet borrowing, reporting losses from its liquidity pools of under $1.5 million. Euler Finance, the primary victim, lost over $195 million to the attack.
A step-by-step restoration: Yield Protocol’s path to recovery
In the aftermath of the Euler attack, Yield Protocol worked in tandem with Euler Finance to recover the stolen funds. After Euler recovered most of its losses in April, the two protocols embarked on a joint venture to restore Yield Protocol to its pre-attack state.
This restoration process was a massive undertaking, involving the deployment of 26 new contracts and the execution of nearly 300 permissioned calls to reset fixed-yield token maturities and restore the protocol’s functionality.
By May 18, Yield Protocol announced that it was “back in full swing”, and users could once again borrow and lend for the June and September series. They also announced that replacement tokens for users would be available within a week.
In the final stages of the recovery process, Yield Protocol stated that liquidity providers could now upgrade their strategy tokens before they could access their funds, which is an integral part of the protocol’s full recovery strategy from the Euler hack.
In a blog post by Yield Protocol, liquidity providers were prompted to upgrade their strategy tokens before they could regain access to their funds. Also, this upgrade process required users to navigate to the Yield Protocol application, connect their wallets, and then embark on an upgrade flow for all affected strategy tokens held in their possession. Upon completion, the users’ strategy positions would reflect their new v2.1 positions, signifying a successful recovery from the incident.
Yield Protocol also noted that the hack’s outcome wouldn’t result in any losses for the Yield community, marking the end of the protocol’s journey back to full restoration.
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