According to ChainCatcher, market reports indicate that a DeFi protocol, YO Protocol, experienced an abnormal swap event on Ethereum. A user exchanged approximately $3.84 million worth of stkGHO for only about $122,000 in USDC. Analysis suggests the incident was caused by two combined factors: 1) the initiator submitted an incorrect estimated output value, rendering the slippage protection ineffective; and 2) the transaction path was abnormally configured, passing through high-fee, low-liquidity pools, which led to significant fee extraction and price impact. The team has now purchased GHO and re-deposited it into stkGHO in an attempt to mitigate the issue.
YO Protocol Experiences Abnormal Swap Transaction, 3.84M stkGHO Exchanged for 122K USDC
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Summary
A major abnormal swap occurred on the YO Protocol, categorized as on-chain news, where a user exchanged 3.84 million stkGHO for only 122,000 USDC. ChainCatcher reported that the incident involved incorrect output estimates and a flawed transaction path through high-fee pools. In response, the team implemented a protocol update, repurchasing GHO and redepositing it into stkGHO to resolve the issue.
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