Delivering Ecosystem Security with Chainlink
Hello Bunny Fam,
Thanks to your unwavering partnership and support, we are on our way to a solid recovery, even as we navigate the current market turbulence. And beginning with our updates to relaunch PancakeBunny following the recent attack, Team Bunny has implemented a multi-faceted plan to enhance our security against malicious actors.
<CODE SECURITY article: https://pancakebunny.medium.com/code-security-the-past-present-and-future-4404009f301d>
The Problem of Ecosystem Security
However, as the Team has continued to reflect deeply on the recent attacks on PancakeBunny and other projects on the BSC, we have come to the conclusion that our products must begin to address certain persistent structural vulnerabilities of the DeFi ecosystem. DeFi users and projects must acknowledge that there exist critical upstream and downstream dependencies which unnecessarily require code fixes to be made reactively in real time in the absence of coordination and joint planning, which in turn renders third party reviews of the vertically-integrated value chain all but impossible.
The only way to future-proof any security enhancements will be to develop innovations that begin to resolve such ecosystem vulnerabilities. Consequently, Team Bunny is designing its slate of products to work together to address core structural issues. Please stay tuned for further details about strategic services (such as QFi) that have been designed to connect vital parts of the Defi ecosystem in a more vertically-integrated and robust way, supporting the application of security best practices across connected projects and not just within them.
Partnering With Chainlink to Deliver Ecosystem Security
PancakeBunny is partnering with Chainlink to deliver a slate of innovative products and services that support and enable the degree of process integration necessary for a full-stack review of connected DApps. Supporting upstream and downstream projects in this way will require Team Bunny to assume additional operating costs, but we are firmly committed to use product innovation to drive improvements in security for the entire ecosystem.
Chainlink offers a number of key features that make it integral to the success of our increasingly complex strategies. Consider our cross chain Multiplexer, now in Restricted Beta. Our Multiplexer is the first of a series of strategies that use sophisticated asset-mirroring mechanisms to stack BSC returns on top of yields earned natively on your original blockchain. Farming using mirrored assets that have been created through cross chain collateralization is necessarily significantly more transaction-heavy than simpler, single-chain strategies. As a result, deciding whether to open, increase, decrease, or close a position requires the consideration of a multitude of signals in real time, such as current vs. opening value of your position, the size of the liquidity buffer, the moment-to-moment BSC profit from farming and swap fees, the moment-to-moment Ethereum profit from swap fees, any change in price of the collateralized asset, any change in price of the borrowed asset, any change in price of the farmed asset, the liquidation trigger, etc. — all of which require direct and reliable access to fast, definitive, credible, and secure price feeds.
As the leading provider of the price feeds in the world, Chainlink’s decentralized oracle network constitutes the largest aggregation of high-quality data sources and secure off-chain computations in the industry. Managed by a global, decentralized community, Chainlink currently underpins billions of dollars in value transacted through smart contracts across DeFi, insurance, gaming, and other major industries.
Chainlink’s price feeds lead the world in a number of areas:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned up from outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like malicious flash loans exploits.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record for reliability, even during high gas prices and infrastructure outages.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
- Reputation — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
Additionally, because Chainlink’s price feeds use a reference contract model, price updates are asynchronous (occurs over multiple blocks) while data queries from smart contracts remain fully synchronous (occurs within a single transaction). This allows PancakeBunny to receive the market-wide price of an asset at any point in time.
Bunny Fam, we are committed to developing increasingly secure, sophisticated strategies that maximize returns and also to designing those strategies to work together to address persistent ecosystem vulnerabilities. We are proud to be partnering with Chainlink in this endeavor, as our sophisticated strategies rely on access to definitive truth. Over time, 1) with the increasing commodification of gas and 2) as asset mirroring and cross chain strategies increase in importance, it becomes increasingly important to chart the cross chain future with a category leader like Chainlink. Please stay tuned for further updates about our strategic slate of products, and remember, as always — Keep Calm and HOP ON!
CHAINLINK is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
PANCAKEBUNNY delivers best-in-class auto-compounding yields (currently of up to 250%) on the Binance Smart Chain. Launched in December 2020, Pancake Bunny has now accumulated over USD 1 Billion in Total Value Locked (TVL). In the past 30 days, PancakeBunny has shared over USD 17 million with the $BUNNY Community and seen an average of 73,000 Daily Active Users (DAU). With the recent launch of its cross chain Multiplexer, PancakeBunny now enables double-farming on Ethereum and BSC by using asset-mirroring instead of bridging to create assets for farming on the target blockchain. For more information about Pancake Bunny, visit https://pancakebunny.finance
MOUND is the innovative team behind Pancake Bunny. MOUND is dedicated to putting compounding, high-yield returns in the palm of everyone’s hand. Team MOUND is composed of developers and entrepreneurs with extensive experience and success in games, social platforms, quantitative financial services, and blockchain applications. Our Team is dedicated to creating value through product innovation and an unrelenting focus on the user.
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