Nomad and Solana Hack

Hacks afoot, check your funds [3-5 min read]

Welcome to the #21th edition of DeFi Fridays!

101 today:

• Major happenings in the ecosystem —

  Nomad bridge hacked: $190 million lost, 9000 Solana wallets hacked, and the ultimate DeFi Guide for Beginners

• On #DeFiwithBrew Twitter Spaces Event #15

Tweet of the week:

shivsak @shivsakhuja

Decentralization --- A key theme in crypto/web3 is decentralization. A big chunk of internet infrastructure today runs on AWS, Microsoft Azure & Google Cloud. If AWS had some downtime, you would think the internet just shut down.

Twitter Spaces Episode #15 with @DazaiCrypto

We invite you to Brew Money’s #15th Twitter Spaces Event on Building a Decentralized Future with @DazaiCrypto.

About Dazai: Dazai is a crypto investor and DeFi enthusiast. He is the founder of the Decentralized Foundation and an advisor for @sinaps_platform.

Build Bags Bigger🍻👊🏴‍☠️ @NurseDave10

@DazaiCrypto @egy_philosopher @rektdiomedes @NickDrakon @phtevenstrong @crypto_condom You were my go to guru for all the ‘node as a service’ protocols… many didn’t work out but your character throughout all was/ is exemplary… will ‘ape’ into @defo_app once its at least 6/12 established… trust is the truest currency… 🙏🍻👊

Find the event on @brew_defi or register on Luma.

Brew Money @brew_defi

GM folks! 🌅 After our much awaited Product Hunt launch, we are excited to announce our next #DeFiwithBrew Twitter Space with @DazaiCrypto from @defo_app! 🚀 #SpacesHost #DeFi #cryptocurrency https://t.co/Amqg3EG66h

DeFi 101: An Introduction to DeFi for Beginners

This week we launched the DeFi 101 Guide for Beginners on Product Hunt. We created this guide with the help of people who are at the forefront of the DeFi revolution.

Brew Money @brew_defi

Yesterday, we launched 'DeFi 101: An Introduction to Decentralized Finance' on @ProductHunt! bit.ly/3QkDD64 DeFi 101 Guide is a collection of 10 chapters that will help beginners understand core DeFi concepts!

bit.lyDeFi 101 by Brew Money - The only decentralized finance guide you’ll ever need | Product HuntWe have created the ultimate Decentralized Finance guide: DeFi101 as an introduction to DeFi for complete beginners. We have collaborated with the industry’s most influential voices to break down all concepts in an easy-to-understand format.

The guide covers 10 chapters explaining the core concepts of DeFi.

Reading Time: 5-7 minutes/chapter

Chapter 1: What is DeFi?

This chapter covers the basics of what decentralization means & what difference it makes when applied to finance. Resources on how to set up a wallet are also attached at the end of the chapter.

Chapter 2: Building Blocks of DeFi

The chapter covers an overview on what makes up the ecosystem of Decentralized Finance - Blockchain Networks, Tokens & Protocols.

Chapter 3: What is a Blockchain Network?

The simplest, jargon-free explanation of what a Blockchain is.

A snippet from the chapter.

Chapter 4: What are Crypto Tokens?

Stablecoins, Coins, NFTs - there are so many terms when it comes to DeFi tokens. This chapter explains each & every term you may have come across. Resources on how to buy crypto tokens are also attached at the end of the chapter.

Chapter 5: Lending and Borrowing in DeFi

The most confusing words in DeFi - Lending & Borrowing. This chapter explains the whys & hows of DeFi lending & borrowing. Questions like who borrows in DeFi & why are clearly explained.

Chapter 6: Decentralized Exchanges

What are decentralized exchanges, their emergence & future - explained. The chapter also has resources on how to use Uniswap - one of the leading DEXs currently.

Chapter 7: What is Staking?

There is a lot of confusion around staking and how to go about it in DeFi. This chapter differentiates staking & liquid staking.

Chapter 8: Crypto Derivatives in DeFi

What are derivatives in traditional finance & how is the concept being applied in decentralized finance?

Chapter 9: Yield Optimization Protocols

Yield or DeFi Farming is a well-known term in DeFi. However, the core concept behind it is hidden under layers of jargon. This chapter clears up DeFi Yield concepts in an easy-to-understand manner.

Chapter 10: Risks in DeFi

With all the hacks & scams going around in DeFi, it is important to stay aware of the possible implications of investing in protocols. This chapter covers the current risk scenario in DeFi.

Earn up to 10% APY on multiple Blue-Chip DeFi Protocols with Brew.

Get started with Self-Custody

Major News in the Ecosystem:

⚠️The Solana network was hacked for over $4 million.

• The hack was done from backdoor access to $SOL wallets

• The access was due to a fault in the Slope wallet ecosystem

OtterSec @osec_io

Over $4M was drained from Solana wallets over the past 2 days. We’ve been working directly with @solana and @slope_finance to investigate. Here’s what we found.

⚠️Over $190 million was stolen from the Nomad bridge!

• Some of it was part of a white-hat attack

• Over $17 million have been returned

  Nomad (⤭⛓🏛) @nomadxyz_

  Thank you to - 🍉🍉🍉.eth ($4m) - 0xE3F40743cc18fd45D475fAe149ce3ECC40aF68c3 ($3.4m) - darkfi.eth ($1.9m) - returner-of-beans.eth ($1m) - anime.eth ($900k) for returning a total of $11.2m to our recovery address! We’ve recovered a total of $16.6m so far.

⚠️Crypto firm Hashed confirmed that it lost over $3 billion during the Luna crisis.

💎 Wait for Brew Findouts💎

In this edition - we’ve found a not-so-hidden gem for our readers. 💎

Investrly

Let’s be honest, markets make a lot of noise. And the web3 market is no less. Scrolling away on #cryptotwitter will make sure you know that. And so, we have brought you a source that separates insights from the noise. 

Investrly is a newsletter publication on substack that empowers its readers to invest early in Web3 and learn & earn through their newsletter & podcast.

Find their recent edition here.

More Good Reads:

✍️Breakdown of the Solana Saga

Tristan ζ (in Seoul 🇰🇷) @Tristan0x

Tough day for everyone on Solana today, but here's a breakdown of what we know: 1/ At approximately 22:37 UTC yesterday a hacker began a widespread exploit, the extent of which has so far affected $4M+ of assets from 9.2k+ unique wallets.

✍️Breakdown of NFT tech

shivsak @shivsakhuja

What properties make NFTs a 100x technology? A visual 🧵 👇

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That’s it for today, folks. See ya next Friday. 🧢

Disclaimer: Nothing included in DeFi Fridays should be taken as financial advice. DeFi Fridays & investrly have mutually decided to mention each other in their newsletters.