Orbit Protocol 🥮
378 posts
@OrbitLending
Introducing Orbit - The native lending protocol on @Blast_L2
Phase 2 Gold Distribution 6 is live: That’s 11 million new Blast Gold up for grabs! Some recent Blast ecosystem highlights👇
Theres 200%+ APY available for lending USDB on our main Orbit Pool 👀👀
Reimbursements have been completed All users who we're affected by the Duo depeg exploit have been refunded. disbursements assets were processed in USDB. We remind users who originally to deposited/wrapped on Duo Exchange that they have the option to withdraw their Duo assets for a 1:1 rate.
We are covering 100% of users in the Moon Pool that were affected by the depeg of @DuoExchange DETH All assets will be returned early next week in USDB at these market prices: DUO ETH = $1000 DUO USD = $0.72 ETH = $2350 USDB = $1 Yesterday a major holder of DETH was phished for approximately 12.5k DETH tokens, causing a significant depeg in the price of DETH. This allowed an exploiter to deposit a large sum of DETH into the Moon Pool, enabling them to drain other assets (LSTs, Kelp and ETHERFI, are unaffected). As a result, the pool reached 100% utilization, preventing lenders from withdrawing their funds Quickly after, we successfully minted a RESCUEFUNDS token in the Moon Pool to recover the exploiters DETH This was only possible because the Moon Pool is not Time Locked as it’s a riskier lending pool. The main Orbit Pool is completely unaffected, protected by a Time Lock, and remains the most secure lending pool on Blast After we recovered the DETH we received live updates from @blast and other partners that guided our decision. We have concluded we cannot speculate on DETH to repeg and will pay out users in USDB at market prices If you were affected, then create a ticket in our Discord Otherwise, we will pay you out directly to affected wallet We will be calculating users positions over the weekend and begin payouts early next week
We are covering 100% of users in the Moon Pool that were affected by the depeg of @DuoExchange DETH All assets will be returned early next week in USDB at these market prices: DUO ETH = $1000 DUO USD = $0.72 ETH = $2350 USDB = $1 Yesterday a major holder of DETH was phished for approximately 12.5k DETH tokens, causing a significant depeg in the price of DETH. This allowed an exploiter to deposit a large sum of DETH into the Moon Pool, enabling them to drain other assets (LSTs, Kelp and ETHERFI, are unaffected). As a result, the pool reached 100% utilization, preventing lenders from withdrawing their funds Quickly after, we successfully minted a RESCUEFUNDS token in the Moon Pool to recover the exploiters DETH This was only possible because the Moon Pool is not Time Locked as it’s a riskier lending pool. The main Orbit Pool is completely unaffected, protected by a Time Lock, and remains the most secure lending pool on Blast After we recovered the DETH we received live updates from @blast and other partners that guided our decision. We have concluded we cannot speculate on DETH to repeg and will pay out users in USDB at market prices If you were affected, then create a ticket in our Discord Otherwise, we will pay you out directly to affected wallet We will be calculating users positions over the weekend and begin payouts early next week
The whole discord is watching this chart. As it stands, the implied position of @DuoExchange based on their tweeting is that the phished party will have to own the $DETH to redeem their underlying collateral that is in a trade.
