bZx is a decentralized finance (DeFi) protocol that allows users to borrow, lend, and trade assets. It is one of the oldest DeFi protocols, having launched in 2018. However, bZx has also been one of the most unluckiest DeFi protocols.
In 2020, bZx was hacked twice, resulting in the loss of over $60 million. The hacks were caused by vulnerabilities in the bZx code. The bZx team has since fixed the vulnerabilities and implemented new security measures.
Despite the hacks, bZx has continued to grow. It is now one of the largest DeFi protocols by total value locked (TVL). However, bZx has not been able to shake its reputation as an unlucky protocol.
In this blog post, I will share my personal take on bZx’s tumultuous year. I will discuss the hacks, the team’s response, and the future of bZx.
The hacks
The first hack of bZx occurred in February 2020. The hacker exploited a vulnerability in the bZx code to steal over $35 million in ETH. The bZx team was able to recover some of the stolen funds, but the hack was a major setback for the protocol.
The second hack of bZx occurred in September 2020. The hacker exploited a different vulnerability in the bZx code to steal over $25 million in ETH and other assets. The bZx team was again able to recover some of the stolen funds, but the hack was another major setback for the protocol.
The team’s response
The bZx team has responded to the hacks in a number of ways. First, the team has fixed the vulnerabilities in the bZx code. Second, the team has implemented new security measures, such as a bug bounty program and a formal security audit process. Third, the team has compensated users who lost funds in the hacks.
The future of bZx
Despite the hacks, bZx has continued to grow. It is now one of the largest DeFi protocols by TVL. The bZx team is also working on a number of new initiatives, such as a decentralized exchange and a lending platform.
I believe that bZx has the potential to be a major player in the DeFi space. The team is experienced and has a good track record of innovation. However, bZx will need to overcome its reputation as an unlucky protocol.
My personal take
I think that bZx has been unlucky. It has been hacked twice, which is more than most other DeFi protocols. However, I think that the team has learned from its mistakes and has taken steps to improve security. I am also impressed with the team’s commitment to compensating users who lost funds in the hacks.
I believe that bZx has the potential to be a major player in the DeFi space. The team is experienced and has a good track record of innovation. I am bullish on the future of bZx.
bZx has had a tumultuous year. It has been hacked twice, but it has also continued to grow. The bZx team is experienced and has a good track record of innovation. I believe that bZx has the potential to be a major player in the DeFi space.
