Bunni became the second crypto project this week to cease operations. The $8.4 million exploit in September caused financial hardship, which the team could not recover from.
Bunni has decided to re-license its v2 smart contracts from Business Source License to MIT license, allowing developers to use all the features developed by Bunni, garnering praise.Decentralized exchange Bunni has announced it is shutting down following an $8.
4 million exploit in September, and is now the second crypto project team to throw in the towel this week.“The recent exploit has forced Bunni’s growth to a halt, and in order to securely relaunch, we’d need to pay 6-7 figures in audit & monitoring expenses alone — requiring capital that we simply don’t have,” they said. The team said they didn’t have considerable amount needed to spend on development costs and other expenditures that was required to get the protocol back on track.Bunni DEX was built on Uniswap v4 to optimize returns for liquidity providers through the use of its custom mechanism called Liquidity Distribution Function. Prior to the exploit, Bunni was growing at an exponential rate, as its TVL skyrocketed from $2.23 million on June 10 to nearly $80 million on Aug. 19,Despite ceasing operations, the team has relicensed Bunni v2 smart contracts from Business Source License to MIT license, which is an open-source software license, which garnered some praise from the community. This will allow any developer to use all the features and innovations developed by Bunni, like liquidity distribution functions, surge fees and autonomous rebalancing. The team has also stated that users will be able to withdraw their assets via the website until further notice. Moreover, the remaining treasury assets will be distributed to BUNNI, LIT, and veBUNNI tokenholders after receiving the necessary legal approval; however, team members will not receive any funds. The team said it will continue to work with law enforcement agencies to recover the $8.4 million stolen by malicious actors.The team cited tough market conditions as the reason for closing shop. Despite the founding team stepping down, the network will continue to exist and will be community-driven.Ripple co-founder keeps ‘cashing out’ at the highs: Will it hurt XRP price?
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