A cadre of DeFi protocols are coordinating a 'permissioned arbitrage' to rescue about $300,000 in crypto that got frozen during one of the biggest hacks of 2023. realDannyNelson reports
Currently in discussion, the plan needs approval from Balancer’s community members, since the DeFi protocol would have to modify its mechanics. Organizers plan to hold a second vote on distributing the recovered tokens once the arbitrage is complete.
DeFi’s lego bricks lock together in complicated ways, and the Balancer situation offers another example. It has already gotten the green-light from three other protocols: TempleDAO, which will loan Balancer specialty stablecoins that it needs to conduct the arbitrage; Euler, who patched the smart contract; and Inverse, which wants its money back.
“Inverse is clearly very concerned about recovering their coins,” the pseudonymous Balancer contributor Tritium wrote in a forum post. Tritium did not immediately respond to a request for comment, and neither did representatives of TempleDAO or Inverse Finance.
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