$100m stolen from Solana, projects like Uniglo seem safer


The $100 million theft from Solana once again shows the weakness of DeFi, and it is a good decision to invest in NFT-based projects like

Cryptocurrency markets are facing a second hack this week after Mango Market drained $100 million due to a hack. According to the lending protocol, the hack was possible due to oracle price manipulation.

The Mango debacle is the second high-profile hack after the $500 million Binance Smart Chain hack a few days ago.

OtterSec founder Robert Chen described the hack as an “economic design flaw” and said the hacker manipulated the value of collateral on Mango Markets and then borrowed heavily against that collateral, ultimately draining the protocol of $ 100 million. The hacker basically wiped out Mango’s money.

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Investors are interested in NFT related projects

After the last two incidents, the data suggests that investors are more interested in DeFi projects that do not have leveraged exposure but include NFTs.

GLO Vault currently supports the Uniglo protocol with stables, but includes non-fungible tokens (NFTs), like Cool Pets, in its investment strategy. As a result, the protocol envisioned an acceleration of investor buy-in into the future deflationary DAO (short for decentralized autonomous organization), with GLO as its native currency. has since promised to include more NFTs in its future asset acquisitions to support the protocol. In addition, the DAO also offers deflated tokenomics, which uses the so-called “Ultra Burn” mechanism. This tool allows the protocol to redeem and burn GLO tokens without interruption, resulting in a constant appreciation of value for all holders.

In addition, Paladin Blockchain Security has audited all smart contracts related to to ensure the safety of all funds against the increasing number of hacked projects. It should be noted that all funds linked to the protocol are protected by a multi-sig 2/4 wallet.

Final Thoughts

Many decentralized finance players are having problems due to the increasing number of hacks. However, they only affect a small percentage of the entire space, although many protocols care about their investors and do everything to ensure a secure investment environment. The DAO, backed by NFTs, seems to tick all the boxes for investors; therefore the project deserves a successful pre-sale with a launch scheduled for November 19th. See and decide for yourself.

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