Protocon
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Protocon

[August Week 3] PEN TALK

Today’s topic

📌 First AMA of the Second Half, 2022 (By. CEO Jun)

📌 Going on a Grocery! Protocon is Listed on Bitmart

📌 DeFi Platform Acala’s Stablecoin aUSD Depegged

First AMA of the Second Half, 2022 (By. CEO Jun)

Protocon conducted AMA for the first time in the second half of 2022 on Telegram last Friday.

CEO Jun shared the latest news about Protocon and the roadmap. As the content was focused on technical terms, especially about mainnet development status and the background for the delay of launching, it took quite a long time to answer all the questions.

Through AMA, Jun stated that the further plan would be divided into two parts: 1. Getting technically ready for the mainnet opening 2. Building the ecosystem in advance. From the last AMA, Protocon has already mentioned that schedules around mainnet might be changed. Although we are prepared for the mainnet opening in the technical term, as there are not enough users/services for the mainnet, which can lead to a critical result, building an ecosystem will be prioritized. Moreover, Jun announced that Protocon is developing NFT projects, DeFi services, and Web Extension Wallet to contribute to building the ecosystem.

We are trying to control all the variables that can affect the network. Although it is going to take some time, please keep your eyes on team Protocon! We will do our best to build the perfect mainnet ecosystem. Stay tuned for the next partnership as well.

Going on a Grocery! Protocon is Listed on BitMart

Protocon has been listed on the global exchange, BitMart!

Founded in 2018, BitMart is a professional digital asset exchange platform. As a Chinese exchange based in New York, founded by former Wall Street members, BitMart now provides services to more than 180 countries and regions, with more than 2 million users, globally ranked 28th (CoinMarketCap, Aug 18th).

Starting from the deposit opening on August 11th, PEN/USDT trading has been made available from 13th, noon (KST). To go and trade PEN in Bitmart, check the link below!

https://www.bitmart.com/trade/en?symbol=PEN_USDT&layout=basic

Following the listings on Digifinex and Bibox, Protocon has already entered the top 30 exchanges in CMC rank! The listing of global exchanges is expected to contribute greatly to expanding Protocon’s popularity. Team Protocon is getting ready for bigger listings, setting our roadmap as stepping each step up the stairs of global exchanges. Protocon will never stop growing.

DeFi Platform Acala’s Stablecoin aUSD Depegged

Image credit: Acala official website

Last Sunday, Polkadot-based decentralized finance (DeFi) platform Acala’s native stablecoin, aUSD, depegged. Multiple hackers exploited a bug in a newly deployed liquidity pool to mint 1.28 billion tokens and right after the depeg, the price dropped to 99%.

Acala developers said the bug was caused by a misconfiguration of the iBTC/aUSD liquidity pool shortly after it went live on Sunday. After noticing this happened, the Acala team disabled the transfer functionality of the “erroneously minted aUSD” remaining on the Acala parachain. A wallet believed to belong to the attacker contained approximately 1.27 billion aUSD, and Acala struggled to get the minted aUSD back by hiring white hackers.

On Monday, Acala community members created a proposal that would result in the return of all erroneously minted aUSD to the protocol and the tokens later being burnt. Later on, Acala has confirmed that 99% of abusively minted coins were still in the Acala network and burnt $1.92 billion through a governance voting. Fortunately, the price of aUSD has also returned to $0.92, being pegged again.

This type of depegging incident after the Luna keeps on happening, making investors feel nervous, and we hope stablecoins stay ‘stable’ :(

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