Certik Haechi Halborn
Certik Haechi Halborn
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Last updated: Nov 22, 2022
Solarflare is a decentralized exchange and an automated market maker that gives users access to all DeFi offerings on the Moonbeam parachain on the Polkadot Network. It launched on January 13, 2022, and is a part of Solarbeam Foundation, which consists of Solarbeam - a DEX and AMM on the Moonriver parachain on the Kusama Network, and Solarflare - a direct fork of the first.
The platform allows users to make peer-to-peer transactions without releasing the custody of their tokens. There are several features available to users: swap, liquidity pools, farms, and staking, which reward them with the native token FLARE.
In addition to the features stated above, there is also the Swap for Gas tab, which allows swapping supported tokens for GLMR to pay for the transaction fees. Only 0.5 GLMR is enough to pay for gas for around 10 transactions.
The Solarflare dApp also has a dashboard with analytical tools and graphs.
Metamask, SubWallet, Talisman wallet, and Wallet Connect are some of the supported by Solarflare wallets. Nevertheless, before using the Solarflare app, users must manually switch the network to the Moonbeam parachain and have its native token GLMR to pay for transactions.
The swap has a 0.25% Solarflare fee for any trade and in order to help newcomers use the dApp, the Solarflare team has prepared a tutorial.
In the staking tab, users can lock their FLARE tokens to get veFLARE. The longer the lock period, the more veFLARE the users get. veFLARE can then be staked to earn more FLARE in addition to the locked tokens.
By providing liquidity users can also earn part of the protocol’s trading fees in proportion to their share of the pool, but the fees differ depending on the pool - 0.20% for Standard pools and 0.02% for Stable ones. Besides the fee difference, Standard pools have higher slippage than Stable pools.
FLARE can be used to earn rewards by providing liquidity and staking it on the platform, but in the future, it is planned to also become a governance token.
The token launched on January 13, 2022, at a price of $0.10 per token, in a liquidity pool on the platform with initial liquidity of $2,000,000 FLARE & $200,000 of GLMR, and a max supply of 400 million tokens.
There were no pre-sales, private sales, or pre-listing allocations of FLARE. The token is distributed through a declining curve of emissions where 70% of all supply will be distributed among LPs, 10% to the treasury, and 20% will be evenly distributed to the team and strategic partnerships with a 12-month linear unlock starting since the release of the token.
The FLARE treasury gets a 0.05% fee on all trades. Half of the collected funds are then used for buybacks and token burns.
For additional information about the project’s tokenomics, users may refer to the official documentation.
After Nomad Bridge upgraded its protocol, a bug in the code cost the users of the bridge $190 million.
All transactions must have two steps - first, they must be validated, then processed. In the case of Nomad, they were all automatically validated, so the attacker just needed to process a transaction - they found a working one, replaced the address with his own, and re-broadcasted it. There were a series of 0.01 WBTC transactions from the Moonbeam network to the Nomad bridge, which released 100 WBTC on the Ethereum network.
The affected assets on Solarflare were - BTC, ETH, USDC, DAI, USDT, and farms - GLMR/USDC, FLARE/USDC, GLMR/ETH, 3POOL, MULTICHAIN/3POOL, GLMR/BTC, ETH/BTC.
The Solarbeam foundation disabled the Nomad bridge on Solarflare and deactivated the affected assets and farms immediately.
Although the white hat hackers already have returned 382.72 ETH to the Nomad wallet, the users of the bridge, including the Solarflare ones, still haven’t received their funds back.
Solarbeam’s audits also apply to Solarflare, because the last is a direct fork of the first. Certik found eight major and one medium issue, including centralization, supply, pool rewards, and pool validity problems. All of them were resolved. Another audit, done by Haechi found one major issue - failure to distribute appropriate rewards, which was resolved.
The Solarflare team is pseudonymous and consists of 3 core members: founder - firek1d, co-founders - Solar Ape, and Two Tooths.
As stated by the Solarbeam Foundation, there are 3 steps left in the project’s current roadmap. The first is the launch of an NFT Launchpad, that will allow creators to release their collections and NFT connoisseurs to buy them. The second step is a Launchpad platform, which is going to be used to kickstart crypto projects on the Moonbeam parachain. The last step is implementing a governance system to make Solarflare truly decentralized by transferring control and decision-making regarding the development of the project to the community.
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