DFX Finance v2 Relaunch FAQs
The DFX AMM v2 has been relaunched! Here are some FAQs regarding the relaunch.
What are the details of the guarded launch?
There is a per address per pool cap of minting 100,000 LPTs through depositing liquidity. No other limits are imposed.
Why deploy new smart contracts again rather than continue to use the ‘old’ contracts? What about the contracts on Polygon?
Smart contracts — once recorded and stored on the blockchain — cannot be altered or deleted, making it impossible to fix any discovered bugs.
The Polygon contracts are susceptible to the same attack vector and needed to be upgraded as well.
For those who still have not withdrawn their liquidity from the ‘previous’ pools on both networks, they can do so at — https://v2-old.dfx.finance/ *
* Polygon LPs can wholly withdraw their funds from their LP positions.
* Only applies to DFX pools (meaning, Balancer pools like the DFX/TEL/USDC pool are excluded).
How does this new iteration of the AMM ensure the security of funds?
We have commissioned Kalos (prev. HAECHI Audit) — a leading smart contract security audit firm — to perform a comprehensive code audit on the new smart contracts.
One of the key focus areas was the fix to the vulnerability that led to the previous attack; Kalos has confirmed that the issue has been resolved. The full audit report can be found here —https://github.com/dfx-finance/protocol-v2/blob/main/audits/2023-02-07-DFXv2-Kalos-Audit.pdf
We have also launched a Bug Bounty Program with Immunefi — the leading bug bounty and security services platform for Web3 — with the purpose of detecting potential code vulnerabilities and resolving them before they have an impact on our users.
How will affected users be made whole again?
While some of the lost funds have been partially recovered, we only see this as a first step to making DFX Finance users whole and for this reason, we have provided ~2.8 mil DFX tokens from our own DFX allocation to help take responsibility for the losses. Check the compensation plan specifications here — https://snapshot.org/#/dfx.eth/proposal/0x7dbb935b51ff7b4b1f2160405f4ed6b4df70b1769f3b476f6bd233e1d580532a
About DFX Finance
DFX is a decentralized foreign exchange (FX) protocol that facilitates the seamless exchange of fiat-backed stablecoins denominated in a growing number of currencies. The current reliance on USD-pegged stablecoins creates undue economic friction for those in other parts of the world,
and DFX is here to change that.✨
Using a hyper-efficient AMM, optimized for low volatility trading, DFX provides FX swaps with rates that will beat any bank, money changer, or FX platform.💱
We’re super excited to build the FX infrastructure for DeFi and would love to hear more of your ideas and comments on how we can make DFX better together! ❤
DFX Finance. Stablecoins for the world. 🌐
