Yield Protocol has recovered completely from the Euler hack and is now waiting for users to exchange their tokens.

On June 27th, Yield Protocol announced that it had fully recovered from the Euler flash loan attack. Liquidity providers can now update their strategy tokens, according to the protocol’s Twitter. This was the final step in the protocol’s recovery after a “long journey.”

Yield Protocol was one of 11 decentralized finance protocols that suffered losses following the attack on the non-custodial lending protocol, Euler Finance. It stopped mainnet borrowing after the hack on March 13th and claimed losses from its liquidity pools were under $1.5 million. Euler lost over $195 million in the attack.

On May 18th, Yield Protocol announced that it was “back in full swing” and that users could borrow and lend for the June and September series. It stated at that time that it would take “about a week” for users to be able to claim replacement tokens.

Related: Euler Finance attack: How it happened, and what can be learned

Yield Protocol worked with Euler to return the funds after Euler recovered most of its losses from the hackers in April, as recounted in a blog post. It then went through the complex process of deploying 26 new contracts and executing about 300 permissioned calls to reset the fixed-yield token maturities and restore the protocol.

Protocol restoration on Mainnet is complete! We have now fully recovered the protocol from the Euler hack and the liquidity provider bug. LPs are once again earning fees. To withdraw, LPs need to first upgrade their strategy tokens. View instructions here https://t.co/wVbPXrJKsy

— Yield Protocol (@yield) June 27, 2023

Users can make themselves whole by swapping their liquidity provider tokens for new ones that were minted during the restoration process. The bloggers commented:

“We are fortunate that the outcome of this hack will not result in losses to the Yield community. Nevertheless, it has been a very long journey back to full protocol restoration.”

In May, Yield Protocol also weathered the discovery of a bug in its strategy contracts that required it to pause the protocol for two weeks.

Magazine: ‘Deflation’ is a dumb way to approach tokenomics… and other sacred cows

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Amendments and Upgrades: XRPL on the Rise!

Exciting news for fashion forward individuals! The highly anticipated fixReducedOffersV1 has received an 80% approval...


Former ConsenSys AG Employees Taking on Joseph Lubin in an Equity Court Case! A Drama Unfolding in the US!

Lubin accused of unfairly transferring key assets to U.S. company, causing 27 individuals to lose equity in Swiss com...


Polygon 2.0 Roadmap includes unified liquidity, restaking, and new chains on demand.

Polygon, a staking solution for Ethereum, states that its new architecture will incorporate a shared bridge and a coo...


NerdBot Research Report TG BOT, the Newcomer in the Track, a Must-have Tool for Blockchain Experts

Nerdbot is a bot on Telegram, specialized in on-chain data and a must-have for experts in the field.


CEX price feed safeguards against $100M vulnerability to prevent Curve price collapse.

Curve Finance is a highly regarded DeFi protocol renowned for its exceptional liquidity services, although it encount...


North Korean hackers suspected in $54M CoinEx breach, according to blockchain data.

An unfortunate incident occurred on Tuesday where the hot wallet of the crypto exchange, which typically holds users'...