Stryke Protocol Also Impacted by Exploit
The hacker behind the Orange Finance breach also targeted the vaults of Stryke Protocol, specifically its liquidity provision market. While Stryke Protocol claimed that its core features remain secure and uncompromised, it has temporarily halted all activity on Arbitrum as a precaution.
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Orange Finance, a partner to Stryke Protocol, focuses on concentrated liquidity within Arbitrum’s ecosystem. While Stryke Protocol itself did not lose funds directly, the hack affected a limited number of vaults associated with Orange Finance.
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Challenges Arising from Closed Smart Contracts
One significant issue following the breach is the closure of smart contracts, which has left both protocols with open positions. These positions are vulnerable to liquidation during market volatility, potentially leading to losses for liquidity providers. Many users attempting to manage their positions are encountering failed transaction notices, leaving them unable to secure their assets.
Stryke Protocol currently holds approximately $2.17 million in liquidity, making it a smaller player in the liquidity market. Previously known as Dopex, Stryke trades options for BTC, ETH, ARB, and BOOP tokens, focusing on key trading pairs.
Tokenless Protocols and High-Risk, High-Reward Returns
Both Orange Finance and Stryke Protocol operate without native tokens, instead rewarding users with points for activity. While neither protocol has announced plans for an airdrop, the potential for future tokens continues to attract users. Fortunately, the hack did not compromise any existing tokens, mitigating potential losses compared to broader market disruptions.
The protocols are notable for offering significant returns in exchange for liquidity provision on major decentralized exchanges like Uniswap and PancakeSwap. By focusing on highly active and liquid trading pairs, both Stryke and Orange Protocol have drawn users seeking high payouts. Recently, some vaults achieved annualized returns exceeding 1,020%, incentivizing liquidity providers to take on increased risk.
While the breach has caused disruption, the protocols’ history of high rewards and innovative approaches to liquidity provision may help them recover and retain user trust. However, the impact of the hack highlights the ongoing risks in DeFi and the importance of robust security measures.
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