In the ever-evolving landscape of decentralized finance (DeFi), it’s not just about technology; it’s also about the incredible community that makes it all happen. Today, we’d like to share a story about an extraordinary development that reflects the heart and resilience of our DeFi family: SmartDeFi Recovery (SDR).
In 2022, the DeFi world faced a significant challenge with exploit attacks. This left many of us—projects and investors alike—in a state of distress. But when things get tough, the DeFi community rallies, and this chapter in DeFi history gave birth to the SmartDeFi Recovery (SDR) initiative.
SDR wasn’t the work of just a few individuals; it was the brainchild of passionate members of our DeFi family. We came together to address the urgent need to recover funds locked in old SmartDeFi projects affected by these exploits. Instead of succumbing to despair, we embarked on a mission to safeguard these locked funds.
Our journey was no walk in the park—it lasted over 1.5 years and was filled with countless challenges. Together, we replicated the exploit contract, subjected it to rigorous testing, integrated a user-friendly interface, and even had third-party security audits. We knew we were on a mission to make things right.
The result of our collective efforts is the SmartDeFi Recovery Tool, a lifeline for investors impacted by the exploits. This powerful tool empowers all of us to recover our locked funds, breathing new life into projects that once faced uncertainty.
The recovery process is meticulous, involving a sequence of wrapping and unwrapping, converting tokens into their wrapped forms and back again. We’ve seen it through multiple cycles, adapting it to the unique needs of each project and our broader DeFi family.
But heroes often must make sacrifices. The process incurs fees from PancakeSwap, which, regrettably, are not refundable. The cost, ranging from 22% to 28%, includes fWrap taxes during wrapping and unwrapping. For larger amounts or situations requiring re-recovery, the cost can be higher.
We made a strategic decision to route flashloans through various pools, ensuring that some of the fees collected by PancakeSwap are allocated to our DeFi family. This choice reflects our unwavering commitment to the entire DeFi ecosystem.
As the recovery process advances and the outcome of our strategic routing decisions turn into reality, this will establish a new chapter for the DeFi ecosystem, marked by resilience and innovation.
The SDR initiative is a testament to the indomitable spirit of our DeFi family. It’s about turning adversity into opportunity and standing up against exploitation. Together, we’ve not only recovered funds but also rekindled hope for investors and projects alike.
The FEG team, working tirelessly alongside our DeFi community, has successfully recovered a majority of the projects impacted, cumulatively totaling nearly $1,000,000! This remarkable achievement underscores the strength and determination of our community in overcoming challenges and safeguarding the DeFi space.
Stay tuned for more developments from our DeFi family, including the upcoming SmartDeFi Launchpad, set to make waves in the DeFi world. Together, we’re forging a brighter, more resilient future for DeFi—one innovation at a time.
As we celebrate the collective achievements of our DeFi family through SmartDeFi Recovery (SDR), let’s remember that in the world of DeFi, the future is bright, and our shared commitment knows no bounds.
SmartDeFi Recovery Links:
To discover more about FEG and become a part of our DeFi community, visit us at feg.io. Dive into the details and documentation at docs.fegtoken.com to explore the full potential of FEG.For real-time interactions and engaging discussions, join our Telegram chat at t.me/fegchat. We welcome all like-minded individuals to connect, collaborate, and embark on this exciting DeFi adventure together.
