0VIX Protocol on Polygon Pauses Activity After $2M Hack

The attack appears to have been caused by a vulnerability in the protocol’s code, which allowed the attacker to steal funds from the protocol’s liquidity pools.

As a result of the exploit, 0VIX has paused its protocol and is urging all users to withdraw their funds immediately. The team has also stated that it is working on a fix to prevent similar attacks from happening in the future.

An attack on the vGHST token of 0VIX, a lending protocol on Polygon and Polygon zkEVM, resulted in an alleged loss of $2 million, prompting the 0VIX team to temporarily halt its lending markets and investigate the issue. According to blockchain security firm PeckShield, the attackers utilized a flash loan of $6.12 million in stablecoins to manipulate the vGSHT lending pool on 0VIX.

The 0VIX protocol is a decentralized lending platform that allows users to borrow and lend cryptocurrencies. It operates on the Polygon network, a layer 2 scaling solution for Ethereum that aims to reduce transaction fees and increase transaction speeds.

The incident highlights the importance of conducting thorough security audits and testing before deploying any smart contract or decentralized application (dApp) on a blockchain network.

In addition, it serves as a reminder for users to exercise caution when using decentralized protocols and to always do their own research before investing or using any platform.

This is not the first time a DeFi protocol has been exploited, and unfortunately, it likely won’t be the last. As the decentralized finance industry continues to grow and evolve, it is crucial for developers and users alike to prioritize security and take the necessary precautions to prevent attacks and protect funds.

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Celer’s cBridge is a decentralized and non-custodial, asset-bridging technology that supports 140+ tokens across 40+ blockchains and layer-2s, such as Polygon’s zkEVM.

With the integration of cBridge on 0VIX Protocol, all 0VIX users can now seamlessly and securely bridge to Polygon zkEVM within the 0VIX app. All in a single, one-click, low-cost transaction!

Click here to bridge to zkEVM now 

Have you joined the purple wave and onboarded to zkEVM yet? If you haven’t, check out the step-by-step instructions below.

How to onboard to zkEVM

First, add the zkEVM network to your wallet. You can do that directly with 0VIX. Go to https://app.0vix.com, connect your wallet, click on “zkEVM Mainnet” at the top-right corner and confirm the pop-ups — you are set now!

How to bridge 

Now that you have the zkEVM Mainnet network in your wallet, let’s move onto the next step — getting some funds bridged to zkEVM.

In this example, we will bridge ETH from Ethereum to zkEVM. However you can bridge from many other chains including, Arbitrum, zkSync, Polygon PoS, & Binance Smart Chain.

1. Go to https://app.0vix.com/bridge and choose “Ethereum Mainnet” as the “From” chain and “Polygon zkEVM” as the “To” chain

2. Enter the amount of ETH that you’d like to bridge. For this walkthrough guide, the amount will be 0.2 ETH.

You will then see the approximate amount of ETH to receive on Polygon zkEVM.

3. Click on “Transfer” and then, after reviewing the details, click on “Confirm Transfer”.

You will get a pop-up from MetaMask with a prompt to pay the gas fee (make sure to leave some ETH in your wallet for that).

Afterwards, you should be good to go! Wait until the transfer is completed and you should receive it on Polygon zkEVM.

How to deposit assets on 0VIX on zkEVM 

Now that you are on Polygon zkEVM, time to put your assets to work! Are you looking for lending or borrowing, or just simply parking your assets for juicy yields? As the zkDeFi leader, 0VIX has more than $1M TVL spread across $ETH, $USDC, $USDT and $MATIC — the four main assets on zkEVM!

Everyone can simply supply any of these four assets on 0VIX to earn great yields without any impermanent loss or liquidation risks:

$ETH: 4.4% APY

$USDC: 2.6% APY

$USDT: 1.8% APY

$MATIC: 0.6% APY

Try it for yourself with the following steps:

1. Go to https://app.0vix.com and Connect your wallet in the top right corner

2. Pick the asset you’d like to supply by clicking on the asset, in this case ETH (which you have bridged over in the previous step), and then click on the Supply button

4. Confirm all of the necessary MetaMask prompts and you should be good to go!

5. If you would like to borrow any assets, the process is similar, but please keep in mind the liquidation risks that are there if you borrow different assets from your collateral.

All clear? Start enjoying the one-click, one-transaction, cross-chain swap feature on 0VIX now! Seamlessly bridge to zkEVM with the newly integrated cBridge widget on https://app.0VIX.com!

Join the Discord if you have any further questions: https://discord.com/invite/0vix

Note: As Polygon zkEVM is still relatively new, the maximum size of the new $ETH liquidity pool on cBridge is limited to 100 $ETH. This is to cap the risk exposure of liquidity providers to the new ecosystem. According to Celer, these strategies and limits will be revisited over time. 

About Celer Network

Celer is a blockchain interoperability protocol enabling a one-click user experience accessing tokens, DeFi, GameFi, NFTs, governance, privacy solutions and more across multiple chains. Developers can build inter-chain-native dApps using the Celer Inter-chain Message SDK to gain access to efficient liquidity utilization, coherent application logic, and shared states. Users of Celer-enabled dApps will enjoy the benefits of a diverse multi-blockchain ecosystem with the simplicity of a single-transaction UX, all from a single chain.

About 0VIX

0VIX is the first veTokenomics lending market on the zkEVM with dynamic interest rates on Polygon. 0VIX is leading a new standard of risk measurement powered by world-class tech and R&D. It focuses on providing stable and sustainable yields across Polygon’s multi-chain solution Supernets supporting DAOs, Enterprise and FinTechs. Founded by an experienced DeFi and FinTech team, the 0VIX protocol aims to bring billions of dollars of liquidity to DeFi with crypto native as well institutional focus.

Website | Twitter 

SOURCE:
https://0vixprotocol.medium.com/onboard-to-zkdefi-with-0vix-x-celer-b707f61c54a 

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