Cover was hacked and became the biggest melon. While eating melons, they also dug into the 3% Basis of daily chemicals.

Cover was hacked, which became the biggest news in the cryptocurrency circle last night.
DeFi insurance has been hacked like this. Is DeFi still safe? Can we continue to play it?
Basis's BAC-DAI funding pool has nearly 100 million US dollars, second only to the ETH-USDT trading pair.
1. Cover’s melon was directly intercepted by Grap
Grap issued a large amount of Cover and looted the ETH in the Cover fund pool on uniswap and sushiswap; then returned the obtained funds to Cover.

From this perspective, it seems that Grap's behavior was to protect Cover, and he directly emptied the pool to prevent it from being taken away by others. After all, Cover's staff was still sleeping and failed to fix the bug in time. Banteg praised Grap's behavior.

Grap.finance's operation directly caused Grap to be exposed, and the price of Grap skyrocketed, increasing the hype point. But don't rush blindly, there is no need to take over.

Later, Cover Protocol officially announced that it would provide a new COVER token, which would take a snapshot of a certain point in time before the attack. This means that the cover token contract has been migrated again, and Cover has to make a third migration, safe->safe2->cover->cover2.
Of course, the 4350 ETH returned by Grap Finance will also be returned to users who have previously added liquidity through snapshots.
For the history before Cover, you can read the introduction made by Super Bitcoin.

Cover has been ravaged back and forth in various ways. We have to be careful with any measures he takes in the future, because there are always technical problems. No matter how good the economic measures are, a loophole will reduce the wealth to zero and the game will have to be restarted.
2. Cover Who will “cover”? Insurance has become a dangerous place <br />In life, we often hear reverse thinking: the more dangerous the place, the safer it is.
Well, Cover was hacked, which is very strange. It was supposed to be a place of protection, but it became a dangerous place.
These security incidents are always reminding developers and project owners to be careful at all times. You may be hacked while you are sleeping. After all, the DeFi protocol is also 24/7. <mpcpc js_editor_cpcad="" ="" src="/cgi-bin/readtemplate?t=tmpl/cpc_tmpl#1609201848585" 6"="" style="box-sizing: border-box; line-height: 28px;">
3. In the wild era of DeFi, chaos and opportunities coexist <br />This year, DeFi has created a lot of wealth effects, such as:
kr3p more than 100 times in two days;
meme airdropped a house;
Aave once went to zero, and then increased 100 times;
YFI has no private placement, no pre-mining, and no reservation, and it has increased by tens of thousands of times in just a few dozen days;
DeFi has also created many negative moments, such as hacker attacks, flash loan attacks, etc. The DeFi protocol has become a cash machine for hackers; of course, there are also many zero-coin attacks.
This phenomenon of DeFi reminds me of a passage in the article “Beijingers in New York”:
If you love someone, send him to New York, because it is heaven;
If you hate someone, send him to New York, because that's hell.
This can also be translated into the DeFi version.
If you love someone, take him to play DeFi, because it is a wealth printing machine;
If you hate someone, take him to play DeFi, because it is a wealth grinder.
There are opportunities and risks. The most important thing is to find your own way to make money.
4. Basis is a magical mine with a capital pool of 100 million US dollars and a daily return of about 3% . Here is a magical mining pool of DeFi - Basis. What is Basis? It can be understood as the Federal Reserve of the currency circle.
Basis's BAC-DAI fund pool is nearly 100 million US dollars, ranking 5th on uniswap. The mining income is about 3% per day, which has lasted for a month and has not collapsed. Statement: I have been mining in it.

If you see opportunities, then you have your choice; if you see danger, then avoiding it is a good choice. The following is a summary of Basis mining information for your reference.
Basis has two pools on uniswap:
1. BAC-DAI, dig BAS, daily chemicals 2~3%

2. BAS-DAI, dig BAS, daily chemical 1~3%
In Basis, there is also a single-coin pledge BAS. BAS can receive dividends from BAC inflation, which is about 10% per day.

BAC-DAI mining process:
1. Buy BAC from uni
2. Put BAC and DAI into the pool on uni to get LP
3. Go to basis.cash and select bank, then pledge the LP into BAC-DAI.
Risk points:
1. The price of BAC is relatively stable, fluctuating around $1. The BAC-DAI pool is relatively stable, but the possibility of BAC collapse cannot be ruled out;
2. The price of BAS fluctuates greatly, ranging from $100 to $500. Playing BAS is risky and profitable, so you need to be cautious and avoid taking over at high prices.
3. Basis was hacked and the project failed.
Basis related information query:
Official website:
https://basis.cash/
Mining yield:
https://bc.tools/
Statistics:
https://duneanalytics.com/donkhalil/basis-cash_1
BAC price candlestick chart:
https://www.dextools.io/app/uniswap/pair-explorer/0xd4405f0704621dbe9d4dea60e128e0c3b26bddbd
BAS price K-line:
https://www.dextools.io/app/uniswap/pair-explorer/0x0379da7a5895d13037b6937b109fa8607a659adf
BAC contract address:
0x3449fc1cd036255ba1eb19d65ff4ba2b8903a69a
BAS contract address:
0xa7ed29b253d8b4e3109ce07c80fc570f81b63696 (Xiao Zha's chat)