Industry

Response to USDR Depeg: Ensuring Security and Community Trust

21/10/2023

Home | News & Insights Response to USDR Depeg: Ensuring Security and Community Trust We want to update our community about the incident with the USDR depeg, our immediate actions, and our plans for product development. Due to a series of events not related to LeechProtocol, USDR stablecoin was depegged by over 50%. This affected our high-risk pool integrated with the wUSDR-USDC pool on Thena. We have taken immediate measures, closing deposits for the high-risk pool to prevent further losses for our users. We have also communicated this incident through official channels. Our response involved swift action. We closed deposits for the high-risk pool to mitigate additional losses for our users. Transparency remains our priority, and we have informed the community about this incident through official communication channels. We advise all the users who provided liquidity to the high-risk pool to open the ticket in Discord and be guided by our support team. It’s important to note that only the high-risk pool was impacted by the USDR depeg. Our medium-risk, low-risk, and simple pools remain unaffected, as they are not associated with USDR. Future Risk Mitigation Plans Moving forward, we are committed to enhancing our risk management strategies. We are launching a new version of mixed pools, diversifying liquidity across multiple pools with varying risk levels. For example, a diversified mixed pool could reduce potential losses significantly in similar scenarios. Additionally, we are developing an automatic risk-handling system. This system will monitor depegging incidents, provide rug pool protection, and track anomalous activities. If risky activities are detected, we will swiftly swap liquidity into stablecoins like USDC/USDT to protect our portfolio. Recommendations for Future Risk Mitigation We urge our community members to carefully assess their risk tolerance and have a robust risk management strategy. Thoroughly review protocol documentation, ensuring a deep understanding of the protocols you engage with. Early identification of potential risks and proactive mitigation steps are crucial in safeguarding your investments. At LeechProtocol, your security and trust are paramount. We are dedicated to keeping you informed and safeguarding your assets. Thank you for your continued support and trust in our platform. What should you do next? Share: Twitter Facebook Telegram

Start of the 3rd Incentivization Epoch

21/10/2023

Home | News & Insights Start of the 3rd Incentivization Epoch We’re thrilled to announce the launch of our 3rd incentivization epoch, bringing more opportunities for rewards and engagement. Here’s a quick rundown of what you need to know: 1. Claim Your Rewards: If you’ve been providing liquidity during our 2nd incentivization epoch, it’s time to claim your well-deserved rewards! Your efforts are appreciated, and you can find the Claim button in the app.leechprotocol.com. Rewards will be sent to the BNB chain. Ask us any questions in our community chat! 2. 3rd Epoch Details: Our 3rd incentivization epoch for all pools (+25% APR per year) kicks off on October 12th and extends until October 26th. To be eligible for yields, you need to provide liquidity for at least 2 weeks. 3. Withdraw Anytime: You have the freedom to withdraw your liquidity at any time during the 3rd epoch. We believe in empowering our users, allowing you to manage your assets according to your preferences. 4. Claiming Your Rewards: While you can withdraw your liquidity at any time, rewards can only be claimed after the conclusion of the 3rd epoch of incentivization. To claim 100% of rewards, you must have provided liquidity for the entire 14-day duration. If you provided liquidity for fewer days, the proportion will be applied (e.g., 5 days of liquidity provision will entitle you to 5/14 of the total reward). Stay Updated! To stay in the loop about all things Leech Protocol, make sure to join our community and follow us on social media. Engage with us on Twitter for real-time updates, announcements, and exciting news about our platform. What should you do next? Share: Twitter Facebook Telegram

Leech Protocol Partners with Yield Yak

21/10/2023

Home | News & Insights Leech Protocol Partners with Yield Yak to Simplify Yield Farming on Avalanche Leech Protocol, an automated 1-click yield farming app, is thrilled to announce its partnership with Yield Yak, revolutionizing the landscape of yield farming on Avalanche. Yield Yak, a cutting-edge toolkit designed for DeFi users on Avalanche, brings simplicity and efficiency to the complex world of yield farming. With this groundbreaking collaboration, Leech Protocol’s algorithm takes charge, making yield farming hassle-free! Here’s how it works: 1️⃣ Seamless Liquidity Provision: Users provide liquidity effortlessly through https://app.leechprotocol.com, eliminating the need for manual bridging, swapping, or moving liquidity across platforms. 2️⃣ Smart Algorithm Integration: Leech Protocol’s advanced algorithm scans Yield Yak for the best Annual Percentage Rates (APRs) based on the user’s chosen risk level. 3️⃣ Automatic Allocation: Liquidity is automatically directed to Yield Yak when optimal conditions are met. 4️⃣ Continuous Optimization: If the APR decreases, the algorithm swiftly identifies the next pool with the highest APR, ensuring non-stop, high-yield returns for users. Join the #easyDeFi movement today and experience the future of simplified yield farming. Leech Protocol and Yield Yak are bridging the gap between complexity and accessibility, empowering users to maximize their earnings effortlessly. About Leech Protocol Leech Protocol is the first automated cross-chain yield aggregator platform dedicated to simplifying the DeFi experience for users. Through easy-to-use algorithms and strategic partnerships, Leech Protocol provides seamless access to high-yield opportunities, making DeFi accessible to everyone. About Yield Yak Yield Yak is a comprehensive toolkit tailored for DeFi users on Avalanche. Leveraging advanced technology, Yield Yak optimizes yield farming strategies, ensuring users enjoy maximum profits without the complexity. Follow Leech Protocol on Twitter and Yield Yak for the latest updates and announcements. What should you do next? Share Twitter Facebook Telegram