Balancer Labs Introduces Community Votes To End User gaming System
The protocol airdropped $3 million worth tokens to those users who have been storing assets in Balancer pools and along with that, it encourages them to store assets in the exchange’s pools to accumulate the mining rewards.
FTX Gamed BAL Issuance
A report by Twitter user Prediction Exchange, on June 25, states that the crypto derivatives exchange FTX gambled the issuance of BAL and estimated to receive more than 50 percent of this week’s distribution.
The founder and the CEO of FTX, Sam Bankmam-Fried, is not happy with his community vote move of Labs, in fact, he criticized it by saying that by doing so, the governance protocol of Balancer Labs would be undermined.
He further stated, “making any on the fly modifications is dangerous for a DeFI project. DeFi is all about creating permissionless systems that aren't at the mercy of people's whims”.
Attack May Be Good For Balancer Providers
The founder of DeFi platform Synthetix, Kain Warwick, also tweeted regarding the attack and said that the incentives designed by the platform have been gamed one way or the other.
According to him, in the long term, the attack would prove to be good for Balancer provider.
While supporting the Warwick statement, another twitter user named DegenSpartan has said that the platforms should look at these attacks as a bounty for improving the protocol. If the platform tackles with these attacks in its earlier stage then it might be possible that in future the platform does not have to experience another attack.
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