Someone on the street sparked up a gang war, minting fake HOES. Following the SYRUP exploit, bad actors attacked the Thugs Finance DRUGs staking pools.
Let’s begin with the urgent news. This week Pancake Swap devs identified an issue with their SYRUP smart contract code. This exploit allowed bad actors to stake much more syrup than they had. This issue also pertained to the HOES staking (farming GUNS)as it is forked code from SYRUP. This issue persisted with both projects but had a slightly smaller effect on GUNS farming as it was only a single pool, where SYRUP staking had multiple.
The Thugs team did a great job of documenting their response and solution, so you can check out their medium here if you would like to goin more depth. I will continue to summarize their actions here. Upon realizing, the Thugs team, lead by 8ball,decided to leave 50,000 GUNS in the pool to allow users to have time before they could not claim their tokens. The Thugs team also supplied the Beefy Finance team $2,500 worth of GUNS to ensure their users could withdraw their tokens.
At this point in time, the dev team over at Thugs is working to secure and improve the HOES smart contract. During this period, the GUNS rewards are paused for about 1-2 weeks. Once the contract is resecured, the GUNS rewards will resume in the same manner. This will also come with the launch of the Traphouse v2, which the THUGS team is boasting to be “better than ever.”
Since there are no more rewards currently being distributed, the circulating supply of GUNs is deficient, at 818,729,making it very scarce. The THUGS team has teased the use cases of GUNs tokens here, but the release is still unknown. This event could be a catalyst for price, but at this point, it is unknown. You can supply your GUNs for the time being in the new Traphouse pools.
The team has ensured that there is some use for GUNs holders. There have been two LP pools added, which boast yields with APY’s ranging from 400%-600%, which distribute in DRUGs. It is essential to keep in mind the risks of impermanent loss(IL) when providing liquidity.
· GUNS-BNB LP (NarhwalSwap)
· GUNS-BNB LP (PancakeSwap)
Overall, the Thugs team extinguished the issue and is currently working on fixing their smart contract. The team displayed great response in the face of a crisis and has stated its plans to continue moving forward and innovating in the space. In the meantime, token holders can still earn DRUGs through staking and can also earn them by providing liquidity to pools using various tokens. It is inevitable to run into setbacks when developing a project, but what is important is that issues are handled quickly and professionally. The Thugs team was able to do precisely this and plans to get right back to work, expanding their project.