{"id":48015,"date":"2023-04-18T09:16:59","date_gmt":"2023-04-18T13:16:59","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=48015"},"modified":"2023-04-18T09:17:04","modified_gmt":"2023-04-18T13:17:04","slug":"kyberswap-launches-improved-elastic-protocol-today-at-4pm-utc","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/kyberswap-launches-improved-elastic-protocol-today-at-4pm-utc\/","title":{"rendered":"KyberSwap Launches Improved Elastic Protocol Today at 4PM UTC"},"content":{"rendered":"\n<p class=\"has-medium-font-size\">KyberSwap to launch its Elastic protocol with a new smart contract after a fronted attack that caused a $265K USDC loss from BitMart.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/04\/kyberswap.png\" alt=\"KyberSwap Launches Improved Elastic Protocol Today at 4PM UTC\" class=\"wp-image-48022\" width=\"588\" height=\"329\" \/><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">KyberSwap, a <a href=\"https:\/\/coinscreed.com\/staging\/square-ceo-discusses-plans-to-create-a-decentralized-exchange-for-bitcoin.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">decentralized exchange<\/a> (DEX) aggregator and liquidity platform, announced that it will suspend mining and mining rewards on its Elastic protocol today at 4:00 PM UTC to deploy an upgraded smart contract. The upgrading follows a fronted assault that cost <a href=\"https:\/\/www.techtarget.com\/searchsecurity\/news\/252510543\/BitMart-the-latest-crypto-exchange-to-suffer-cyber-attack\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">BitMart $265,000 USDC<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a>.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">According to KyberSwap\u2019s <a href=\"https:\/\/twitter.com\/KyberSwap\/status\/1469998958949738496\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Twitter post<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a>, the upgrade will not affect the initial rewards of KyberSwap users. Mining will resume once the new smart contract is live. Kyber Network, the company behind KyberSwap, advises users to withdraw their liquidity and claim their mining rewards before 4:00 PM UTC today.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Users must withdraw their liquidity by then or KyberSwap will treat it as an emergency withdrawal and return it to their original wallets. However, KyberSwap will forfeit any unclaimed mining rewards.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Kyber Network further stated that the Elastic protocol has no smart contract vulnerability and no user monies were lost. The business blamed unscrupulous users for the fronted attack. Kyber Network urged users to be careful when signing permissions and reviewing transaction details.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">KyberSwap's<a href=\"https:\/\/blog.kyberswap.com\/announcing-our-new-kyberswap-protocol-kyberswap-elastic-2\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"> Elastic protocol <span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a>lets users construct and manage liquidity pools with variable fees and rewards. The protocol went live in February this year and it has over $100 million in total value (TVL) from users.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">KyberSwap is one of the top crypto <a href=\"https:\/\/coinscreed.com\/staging\/dex-aggregator-1inch-network-launches-new-hardware-wallet.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">DEX aggregators<\/a>, delivering users with the best rates and liquidity across several DEXes. KyberSwap also provides features such as limit orders, gas-free transactions, and fiat on-ramps.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>KyberSwap to launch its Elastic protocol with a new smart contract after a fronted attack that caused a $265K USDC loss from BitMart.\u00a0 KyberSwap, a decentralized exchange (DEX) aggregator and liquidity platform, announced that it will suspend mining and mining rewards on its Elastic protocol today at 4:00 PM UTC to deploy an upgraded smart [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":48022,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[376,7907],"class_list":["post-48015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-cryptocurrencies","tag-kyberswap"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/04\/kyberswap.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/48015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=48015"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/48015\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/48022"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=48015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=48015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=48015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}