Decentralized finance protocol Warp Finance has announced that it has relaunched with a security audit following last month’s flash loan attack.
Warp Finance suffered an almost $8 million flash loan attack on Dec. 17 as it became the latest in a long list of DeFi protocols to get exploited in 2020. It has now announced that it is back online and ready for business once again.
The announcement stated that a security audit concluded that the protocol should change its pricing oracles to prevent further attacks.
“The ultimate resolution to the identified issue was to switch from Uniswap price oracles to Chainlink price oracles, in order to correctly value LP tokens, and prevent future similar flash loan attacks.”
Warp Finance has now relaunched with Chainlink. Users can now continue taking loans on LP tokens. We will provide additional updates in the coming days. https://t.co/zq0DCprK78 — warp.finance (@warpfinance) January 15, 2021
Warping Ahead with Chainlink
Warp Finance added that a security review from an unnamed independent blockchain security consultant thoroughly reworked its code.
Warp, which enables users to deposit liquidity provider (LP) tokens and receive stablecoin loans in exchange, had previously had its code audited prior to its protocol launch in November .
It stated that there was no need for the present audit to review all aspects of the code beyond those related to flash loan vulnerability, but it did so anyway. The conclusion, as mentioned above, was a change of pricing oracles from Uniswap to Chainlink.
It will now utilize Chainlink price feeds for DAI/ETH, BTC/ETH, USDT/ETH, and USDC/ETH. These are used to determine the values for both the stablecoins being lent by users, as well as the LP tokens being used as collateral within loans.
“Unlike DEX-based price oracles, Chainlink ensures the manipulation of a single exchange has no effect over the pricing data being delivered to the Warp Finance protocol.”
The protocol claimed that 73% of the total of $7.76 million was returned to its users following the incursion in which the attackers used flash loans to borrow collateral and drain Warp Finance’s stablecoin pools .
The blog post added that the team has opened the platform for community testing and review before restarting liquidity mining incentives.
WARP Price Update
The DeFi protocol’s native token, WARP , is currently trading at around $92 according to Uniswap.info, which reports a 6% gain on the day.
WARP is not listed on any of the mainstream analytics websites such as CoinGecko or CoinMarketCap, so these figures may be spurious since anyone can list any token on Uniswap.
DeFi Pulse has also delisted the protocol after it was taken down for security audits and code patching.
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