4pm in DAOlabasas || DT Weekly #21
how to stay on that DAO grind, hacker steals Mangos????, hella bonus DAO links
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good tidings friends,
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🎙discussed on the pod
📞 stay updated on all the major DAOs’ pending governance
check out the Tally dashboard to stay looped in to all the major active DAO proposals. filter by chain, view past proposals, & view beautifully visualized governance data. based.
follow monetsupply for all your governance updates, stay for the spicy callouts and epic sh*tposting. the man has many talents
🥭 The Epic Mango Markets Hack Saga™️
tl;dr the hacker, who has since claimed responsibility, exploited the Solana based borrow/lend protocol, Mango Markets, by manipulating the price Oracle to artificially inflate the token by 300% and drain $114 million therefore rendering the protocol insolvent. here’s what happens next:
hacker claims “Code is Law” and if the code allowed the exploit the devs should direct their anger to the writers of the code and not the exploiter
culprit agrees to return $67 million to make those affected whole but keep the remaining $47 million calling it a “highly profitable trading strategy” 👀
read the full technical details of how the hack works here
never a dull market in web3, huh? another reminder there is still a TON of work to be done to reduce security risk and protect consumers
🤑 The State of DAO funding
take advantage of DAO cuffing szn and secure funding from some of the most reputable projects in web3
but please, we’re begging you, don’t be a grifter ⬇️⬇️⬇️
👨👨👦 subDAOs are the next “DAOvolution”
it’s well known DAO Talk studios is big on subDAOs, localized working groups, pods, etc. so we funded a deep-dive into two of the most prominent implementations. check it out!
punk4156 on how to engage with DAOs and get your idea funded
wild week. stay safe out there homies. don’t get hacked, provide value, don’t be extractive, be nice to each other, build cool sh*t. you know, the usual.
your friendly neighborhood DT bois