Exploit: Chainlink price feeds to shield against flash loan attacks at Warp Finance

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Warp Finance was in the headlines last month when it took Twitter to expand on the “complex flash loan attack” it was a target of. In that event, poor players managed to borrow more than the collateral value, while also resulting in a loss of $7.7 million worth of stablecoins from the protocol.

It should be remembered, though, that Warp Finance was able to recover 73% of users’ funds. Recently, the project has announced that its team has been in touch with several security experts since the incident, with the goal of finding “the next best steps to insure a safe re-launch” of the protocol.

Having completed the mission, Warp Finance today revealed that it has agreed to incorporate Chainlink price feeds, a move that the team hopes would help insure the re-launch of the protocol.

In that announcement, the protocol also mentioned that the source of the exploit was an uncertain, playable price oracle. That’s why the Warp Finance team dubbed Chainlink as the most stable oracle approach on the market, one that could help secure their ecosystem.

“Our research and due diligence concluded that Chainlink was the most secure, reliable, and proven oracle solution, and will protect the Warp Finance ecosystem from similar flash loan-funded price oracle attacks moving forward.”

Furthermore, Chainlink price feeds will be used for DAI/ETH, BTC/ETH, USDT/ETH, and USDC/ETH.

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The Warp Finance team have thanked Chainlink for the performance and efficient operation of the Oracle Provider during times of intense blockchain network congestion and sudden hardforks in the past. In fact, the protocol also highlighted how the Chainlink oracle nodes are security-reviewed and managed by trained DevOps teams. Adding to the announcement,

“Backed by proven cryptoeconomics, high-quality data, and provably secure and reliable oracle infrastructure, Chainlink’s time-tested and battle-hardened Price Feeds will ensure the Warp Finance protocol is resistant to flash loan attacks.”

To date, more than 300 ventures have been incorporated with the Oracle Provider, with 29 such integrations taking place in October 2020 alone. This list contains 74 blockchains, 98 DeFi ventures, 23 data vendors, 44 nodes, and more.

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