Explaining how MOCHI stole $35 million

11/11 AndreCronje reported MOCHI's project on Twitter for stealing CURVE's money, how did they do it?

First of all, what kind of project is mochi? They are a stable currency project of FORK spell. In short, you can deposit various ERC-20 assets to print and issue USDM, which is their own stable currency, which contains some Good Assets and Junk Assets

If he does not interact with other protocols, the USDM printed is just shit, and no one will agree.

As the infrastructure of the Ethereum main network, CURVE provides many stablecoin application scenarios. The main section of CURVE is a lot of high-quality stablecoins. On the other hand, in the factory section, each project party can list its own liquidity pool on CURVE, which contains many turkey and wild dog stablecoins.

The characteristic of CURVE compared with UNI is that the slippage when exchanging currency can be less, and the cost of stable currency exchange will be lower in comparison. So MOCHI created a USDM+3POOL pool in it

So MOCHI is going to do something. They use the MOCHI governance tokens printed on their hands to print USDM, and use these junk USDM to exchange for a bunch of DAI in CURVE. Because the pool depth is not enough, they actually don't put much cash out, because there is no Who put money into a mine

But MOCHI used DAI to buy a lot of CVX, so what is the use of CVX? CVX is a pool that CONVEX helps CURVE to automatically compound interest. You can get a lot of votes, so what's the point of buying votes.

After buying the votes, you can vote on CURVE to open the CRV reward for his own USDM pool. After the reward is opened, a large number of whore parties will enter the pool to dig, and APR will come in when the money comes in. The depth of the pool is enough when the money comes in. Well, then who is so cool

The MOCHI team is really cool. They use their own junk coins to exchange a large amount of other people's USDT USDC DAI, and use the air dollars they print to exchange for other people's excellent assets.

So the AC boss directly tweeted and informed the public about this, and the CURVE team immediately took the USDM pool off the shelves, and said that if the DAO thinks it wants to be resurrected, it can be revived, but the various remarks on Twitter are all Most of the condemnation, it should be difficult

And these few steps totaled $35 million for the USDM team, I am extremely envious