Kyberswap Will Launch The Elastic Contract Upgrade At 4:00 PM Today
- KyberSwap will cease mining and mining incentives on April 18 at 4:00 p.m. UTC to install an improved Elastic smart contract.
- All KyberSwap users’ initial prizes will be unaffected.
- Kyber Network encourages users to withdraw their liquidity and receive mining incentives before April 18 at 4:00 p.m.
KyberSwap, a DEX aggregator and liquidity platform, announced on Twitter that mining and mining incentives would be suspended on April 18 at 4:00 p.m. UTC until an improved KyberSwap Elastic smart contract is deployed.
All KyberSwap users’ initial prizes will be unaffected. Mining will resume when the new smart contract is launched. Kyber Network encourages users to withdraw their liquidity and receive mining incentives before April 18 at 4:00 p.m.
Any liquidity that has not been taken by then will be handled as an emergency withdrawal and restored to LP’s original wallet. Unclaimed mining awards, on the other hand, will be forfeited.
Kyber Network, the company behind the decentralized exchange KybeSwap, urged liquidity providers to withdraw cryptocurrency from Elastic, a protocol for automated market formation.
The company claimed in a tweet on Monday that it had found a “potential vulnerability” and recommended liquidity providers remove their assets as soon as feasible. The fronted attack assault led to a $265,000 USDC loss. The KyberSwap team promised to pay all impacted consumers.
Despite the fact that the nature of the vulnerability has not been revealed, Kyber Network claims that no user money has been lost. It was also stated that the protocol of KyberSwap Classic was unaffected.
PeckShield analysts discovered that the stolen cash was taken from the BitMart cryptocurrency exchange. According to KyberSwap, there is no smart contract vulnerability. Users should be careful while signing for permission and reviewing transaction details, according to the developers.
In June 2022, Kyber Network unveiled the Elastic protocol. Liquidity providers may use the protocol to concentrate liquidity by employing a limited price range for the token pair, simulating larger levels of liquidity.
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