Over 14,000 active users in the last 24 hours
In the last 24 hours over 14,000 active users have flooded in bringing over $33 million along with them. The influx of active wallets has pushed PancakeBunny back to second place amongst Binance Smart Chain DeFi apps and 9th in the overall dapp rankings.
Binance Smart Chain DeFi application PancakeBunny was the victim of a vicious exploit in May 2021, with more than $200 million being drained from the platform. The attacker borrowed Binance Coin (BNB) before manipulating the asset’s price and dumping it on the platform’s BUNNY/BNB market. The ensuing conversation was one of lost trust and foul play, but fast forward 6 weeks and the DeFi platform is taking back its rightful place as the total value locked in its smart contracts once again climbs past $1 billion.
Importantly, the platform has outperformed one of its leading competitors as Uniswap V3 only amassed 13,200 unique active wallets within the same time frame. A small margin but one that shows the rising popularity of decentralized finance applications operating outside Ethereum.
Moreover, PancakeBunny has been hugely active in the last few weeks building a set of new and improved farms for its users. At the same time highlighting security issues to users more frequently. It appears the platform is working hard to regain trust, and it’s working. The recent 24-hour surge seems to have been caused by the arrival of the platform’s 4 new pools, offering farming opportunities with USDC, DAI, BTCB, and DOT tokens.
PancakeBunny was fast to act on the recent hack and showed that they were not behind the issues as they swiftly moved to reinforce the platform. According to an announcement published on the 3rd of June, the team behind PancakeBunny is implementing a multifaceted plan to enhance the protocol’s security. An important part of this was partnering with Chainlink to enable the protocol to introduce a suite of products and services that can be used to review connected dapps. The company said that enhanced screening will mean the team will have additional operating costs, but noted it was firmly committed to improving the ecosystem’s security. Importantly they have also redistributed some stolen funds back to affected investors.
Hacks and exploits on the rise
Given that Binance is the largest cryptocurrency exchange by volume in the world, its ecosystem drives a significant amount of transactions and trading. DeFi platforms running on BSC have attracted large user bases, but an unfortunate side effect due to this success has been the arrival of bad actors exploiting potential smart contract flaws. The result has seen millions of dollars vanish through these exploits. For example, BurgerSwap saw a combined $7.2 million worth of various tokens drained from its liquidity pools in May. Attackers also made off with around $6 million through a flash loan attack on Belt Finance in the same month. These attacks are not confined only to BSC. Rival sidechain Polygon experienced a rug pull this week as a yield farming app called PolyGold suddenly emptied its vaults and ceased to work while taking millions of dollars with it.
Recent exploits of some significant BSC-based DeFi platforms have prompted Binance to directly address questions regarding BSC security. Moreover, Binance moved to secure help from blockchain intelligence firm CipherTrace to track illicit transactions on the BSC network as it looks to build on its impressive performance this far.