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Let me talk about the DeFi projects I've played and got hacked. I won't mention the ones I haven't played, as I've played too many and forgotten some, so I'll just write based on my impressions. The following are the projects where I had money stored but withdrew before they got hacked, luckily avoiding the mines: yfi finance, the ace project of AC, the ancestor of yield farming, also got hacked; yfv finance, a clone of yfi, got hacked two or three times and was eventually shut down by hackers; cream finance, also shut down by hackers, was hacked due to a miscalculation of collateral value in yusd from yfi above, leading to a looped loan hack; sushi finance, xsushi had a profit loophole, but it wasn't a big issue. At that time, aave's xsushi also had the same value calculation problem as cream, but it couldn't be exploited. curve finance, I stored u, but the various eth derivatives that got stolen, I avoided; rdnt finance, shut down by hackers; packagebunny finance, shut down by hackers; qubit finance, shut down by hackers; ankr, I stored eth, but bnb was stolen, I avoided it; alchemix fi, got hacked long after I exited; abracadabra money, got hacked long after I exited; Blast, because a big holder of Deth got phished, various assets in the lending protocol were borrowed by hackers, forming bad debts. —— Mines where I lost some money: harvest finance: This was really painful, I didn't store u but I held a lot of farm at the time, even though only 30 million was hacked out of a 1 billion TVL, the farm price was halved; armor fi, hackers tricked the project team into dumping tokens, lost a bit but it was okay; prisma finance, hackers took a small portion of the pool's money. —— Mines where I lost money but got it back: O3swap, this was a mine where a lot of money was stolen, Shenyu and many big holders were also involved, luckily it came back in the end, thanks to many white hat companies for their help; kava network, used multichain for cross-chain bridge, I stored it on the kava official website. Then the founder of multichain was caught, and after a few days of withdrawal and deposit, the door was permanently closed. The u in Ftm also became worthless; Defrost finance, the project team claimed to have lost 3 private keys simultaneously and got hacked, I spent some money to locate and contact the project team, and got them to turn the hacker into a white hat. But, the largest depositor had about 10m USD, which was a bankrupt institution in the US, and after being taken over by lawyers, the money was never withdrawn, maybe the lawyers didn't know how to operate, in the end, the money was probably taken by the project team; ParaSpace, it seems Shenyu's team preemptively executed the hacker's transaction and saved the money, thanks. —— Mines where I truly lost all my principal: Evodefi, a bridge, suddenly got stuck on withdrawals and then disappeared; Cetus finance, an official Dex, with a strong background, the incident was a bit unexpected. —— There might be some omissions of projects that got hacked, and various rule traps and rug pulls, I won't write about those that weren't hacked by hackers. Anyway, after playing all the way, I feel like I've been walking a tightrope to make money, and I've chosen more conservative projects in the later stages, but this time I really stepped on a landmine. I should gradually reduce my investment in DeFi in the future, and do some stock investments, so I can sleep more peacefully.

Let me talk about the DeFi projects I've played and got hacked. I won't mention the ones I haven't played, as I've played too many and forgotten some, so I'll just write based on my impressions. The following are the projects where I had money stored but withdrew before they got hacked, luckily avoiding the mines: yfi finance, the ace project of AC, the ancestor of yield farming, also got hacked; yfv finance, a clone of yfi, got hacked two or three times and was eventually shut down by hackers; cream finance, also shut down by hackers, was hacked due to a miscalculation of collateral value in yusd from yfi above, leading to a looped loan hack; sushi finance, xsushi had a profit loophole, but it wasn't a big issue. At that time, aave's xsushi also had the same value calculation problem as cream, but it couldn't be exploited. curve finance, I stored u, but the various eth derivatives that got stolen, I avoided; rdnt finance, shut down by hackers; packagebunny finance, shut down by hackers; qubit finance, shut down by hackers; ankr, I stored eth, but bnb was stolen, I avoided it; alchemix fi, got hacked long after I exited; abracadabra money, got hacked long after I exited; Blast, because a big holder of Deth got phished, various assets in the lending protocol were borrowed by hackers, forming bad debts. —— Mines where I lost some money: harvest finance: This was really painful, I didn't store u but I held a lot of farm at the time, even though only 30 million was hacked out of a 1 billion TVL, the farm price was halved; armor fi, hackers tricked the project team into dumping tokens, lost a bit but it was okay; prisma finance, hackers took a small portion of the pool's money. —— Mines where I lost money but got it back: O3swap, this was a mine where a lot of money was stolen, Shenyu and many big holders were also involved, luckily it came back in the end, thanks to many white hat companies for their help; kava network, used multichain for cross-chain bridge, I stored it on the kava official website. Then the founder of multichain was caught, and after a few days of withdrawal and deposit, the door was permanently closed. The u in Ftm also became worthless; Defrost finance, the project team claimed to have lost 3 private keys simultaneously and got hacked, I spent some money to locate and contact the project team, and got them to turn the hacker into a white hat. But, the largest depositor had about 10m USD, which was a bankrupt institution in the US, and after being taken over by lawyers, the money was never withdrawn, maybe the lawyers didn't know how to operate, in the end, the money was probably taken by the project team; ParaSpace, it seems Shenyu's team preemptively executed the hacker's transaction and saved the money, thanks. —— Mines where I truly lost all my principal: Evodefi, a bridge, suddenly got stuck on withdrawals and then disappeared; Cetus finance, an official Dex, with a strong background, the incident was a bit unexpected. —— There might be some omissions of projects that got hacked, and various rule traps and rug pulls, I won't write about those that weren't hacked by hackers. Anyway, after playing all the way, I feel like I've been walking a tightrope to make money, and I've chosen more conservative projects in the later stages, but this time I really stepped on a landmine. I should gradually reduce my investment in DeFi in the future, and do some stock investments, so I can sleep more peacefully.

In 2022, Fantom Opera TVL peaked at $8.8B. ​ After the catastrophic @multichain bridge incident, which resulted in the loss of 100s of millions, the ecosystem collapsed and never recovered. ​ With the imminent launch of @0xSonicLabs mainnet, hype has now finally returned to the ecosystem. ​ Will Sonic bring back the former DeFi glory? ​ @RedactedRes went deep down the @0xSonicLabs rabbit hole to uncover what the hype is all about and what it means for the Fantom universe. ​ Keep reading for ████████ alpha on $S. ⤵️ ​ ➊ WTF is Fantom? ​ @FantomFDN Opera is an alt-L1 blockchain that is fully EVM compatible but provides fast finality alongside faster and cheaper execution (vs. Ethereum). ​ Fantom's key innovation is Lachesis, a fast, leaderless, and Byzantine Fault Tolerant (BFT) consensus mechanism. ​ Instead of a linear blockchain, Lachesis uses a Directed Acyclic Graph (DAG) where nodes store transactions as event blocks, which can be confirmed simultaneously. ​ Lachesis nodes only exchange and sync individual events. When enough nodes approve an event, it's added to the DAG and subsequently confirmed. ​ This structure enables Lachesis to reduce communication overhead and allows for nearly instant transaction finality. ​ Led by charismatic builders like @AndreCronjeTech or @danielesesta, the ecosystem was among the big winners of the alt EVM narrative, and was able to successfully bootstrap a vibrant ecosystem of applications. ​ Fueled by the resulting degen activity on the chain, the ecosystem grew into a Top 5 chain in terms of TVL end of 2021 / early 2022. The downfall since then, accelerated by the @multicoin implosion and the FTX disaster, has been steep. ​ Even after those major events passed, Fantom continuously lost mindshare, users and liquidity to other emerging ecosystems, as L2s ($ARB, $OP, etc.) and altVM chains (see $SOL or $SUI now) took over. ​ Today, the excitement around EVM execution layers has in general notably cooled down. ​ The exceptions here are @monad_xyz, @megaeth_labs and @berachain. ​ What makes them unique, is that they scale the EVM to another level from what alt EVM chains are capable of today (Monad and MegaETH), innovate around novel DeFi primitives or economic models (Bera), and that they are strongly community-focused (Monad and Bera). ​ With @0xSonicLabs, the Fantom team aims to merge these three ideas into the ultimate "anti VC coin bet". Let us explain anon. ​ ➋ WTF is Sonic? ​ Sonic is a high-performance EVM blockchain developed by @0xSonicLabs (Sonic Labs). ​ Built on Fantom’s architecture but with substantial upgrades, Sonic offers a secure gateway to Ethereum and achieves sub-second finality. ​ In the long-term the team wants to scale the chain into an entire ecosystem of execution layers, capable of handling millions of transactions daily. ​ The Sonic chain runs the Fantom Virtual Machine (FVM), which is fully compatible with the Ethereum Virtual Machine (EVM) but offers significantly faster performance. ​ With upcoming upgrades such as parallelization on the tx execution level (think Monad) in the coming months, Sonic aims to further increase its throughput. ​ One of the key innovations within Sonic is the introduction of the Sonic Gateway, a next-generation bridge architecture that significantly enhances security for users and decentralized applications (dApps). ​ This new architecture addresses some of the vulnerabilities present in existing systems, offering greater protection towards bridging risks than the current Fantom Opera network. ​ Another key feature of Sonic is the native gas monetization, which allows builders to earn up to 90% of the gas fees their apps generate, which is a unique incentive to build on Sonic. ​ In an interview a few months ago, @michaelfkong also emphasized Sonic's role as a "best-in-class decentralized sequencer" for both L1 and L2 execution layers. ​ According to Kong, Sonic has the potential to handle up to 180 million transactions per day with sub-second finality, which aligns with the vision of enabling Sonic-based app-specific L2s as part of a broader ecosystem strategy. ​ The native token of the Sonic network is $S. ​ Upon launch, $FTM holders will be able to exchange their tokens on a 1:1 basis for $S, onboarding existing Fantom users into the Sonic ecosystem. ​ $S plays various roles in the ecosystem: ​ ➤ Paying transaction fees ➤ Running validators / delegated staking ➤ Governance voting ➤ +++ ​ Unlike most newly launched (low float / high FDV) tokens, $FTM (soon) $S is free of what people often refer to as "predatory VC tokenomics". ​ $FTM has a max supply of 3,175M with all tokens unlocked and 2'800M $FTM (88%) already circulating. Okay cool, but will there be an airdrop? ​ Yes anon. ​ Sonic Labs also plans to incentivize users through an airdrop of 190.5 million $S tokens, aimed at both existing @FantomFDN Opera users and new participants. ​ The incentives will focus on driving total value locked (TVL), transaction volume, and ecosystem growth. ​ To support sustainable development in the long-term, Sonic Labs will also mint additional $S tokens six months after launch. ​ These funds will be used to grow adoption, expand the development team, and implement robust marketing campaigns. ​ What about inflation? ​ In an effort to prevent inflation, unused tokens will be burned annually, ensuring that the total supply remains controlled and dedicated to network growth. ​ Sonic has a 3.5% target block reward rate to incentivize validators, while burning 50% of transaction fees for non-gas-monetized apps. ​ Thanks to the migration of $FTM block rewards to $S, the 3.5% target block reward rate is achievable without inflation in Sonic’s first four years. ​ At the end of this time period, new $S tokens will be minted to ensure this target rate (and the security of the network) is properly and consistently maintained. ​ This will lead to an overall annual inflation of roughly 1.75%. Under the leadership of @AndreCronjeTech, Sonic’s CTO and a highly respected figure in decentralized finance (DeFi), things could get really interesting. ​ In his role, Cronje is currently leading the design and development of Sonic, with a focus on the new native bridge technology (Sonic Gateway). ​ He stated: ​ “𝐴 𝑠𝑡𝑎𝑛𝑑𝑎𝑟𝑑 𝐸𝑡ℎ𝑒𝑟𝑒𝑢𝑚 𝐿2 𝑛𝑒𝑒𝑑𝑠 𝑐𝑜𝑛𝑓𝑖𝑟𝑚𝑎𝑡𝑖𝑜𝑛 𝑜𝑛 𝐸𝑇𝐻 + 𝑢𝑠𝑢𝑎𝑙 𝑓𝑟𝑎𝑢𝑑-𝑝𝑟𝑜𝑜𝑓 𝑡𝑖𝑚𝑒. 𝑂𝑛 𝑆𝑜𝑛𝑖𝑐, 𝑎𝑠 𝑎𝑛 𝐿1 (𝑚𝑜𝑟𝑒 𝑖𝑚𝑝𝑜𝑟𝑡𝑎𝑛𝑡𝑙𝑦 𝑎𝑛 𝑎𝐵𝐹𝑇 𝐿1), 𝑜𝑛𝑙𝑦 𝑐𝑜𝑛𝑠𝑒𝑛𝑠𝑢𝑠 𝑎𝑝𝑝𝑟𝑜𝑣𝑎𝑙 𝑖𝑠 𝑟𝑒𝑞𝑢𝑖𝑟𝑒𝑑 (𝑠𝑢𝑏-𝑠𝑒𝑐𝑜𝑛𝑑 𝑓𝑖𝑛𝑎𝑙𝑖𝑡𝑦) 𝑓𝑜𝑟 𝑐𝑜𝑛𝑓𝑖𝑟𝑚𝑎𝑡𝑖𝑜𝑛. 𝑇ℎ𝑒𝑟𝑒 𝑖𝑠 𝑎𝑙𝑠𝑜 𝑛𝑜 ‘𝑙𝑜𝑛𝑔𝑒𝑠𝑡 𝑐ℎ𝑎𝑖𝑛 𝑟𝑢𝑙𝑒’ 𝑖𝑛 𝑒𝑓𝑓𝑒𝑐𝑡, 𝑤ℎ𝑖𝑐ℎ 𝑒𝑙𝑖𝑚𝑖𝑛𝑎𝑡𝑒𝑠 𝑡ℎ𝑒 𝑛𝑒𝑒𝑑 𝑓𝑜𝑟 𝑎𝑛𝑦 𝐶𝐸𝑋 𝑑𝑒𝑝𝑜𝑠𝑖𝑡 𝑝𝑟𝑜𝑚𝑝𝑡 𝑜𝑓 ‘𝑤𝑎𝑖𝑡𝑖𝑛𝑔 𝑜𝑛 10 𝑐𝑜𝑛𝑓𝑖𝑟𝑚𝑎𝑡𝑖𝑜𝑛𝑠…’, 𝑒𝑡𝑐. 𝑊𝑖𝑡ℎ 𝑆𝑜𝑛𝑖𝑐, 𝑜𝑛𝑙𝑦 1 𝑐𝑜𝑛𝑓𝑖𝑟𝑚𝑎𝑡𝑖𝑜𝑛 𝑖𝑠 𝑟𝑒𝑞𝑢𝑖𝑟𝑒𝑑 𝑓𝑜𝑟 𝑎 ‘𝑓𝑖𝑛𝑎𝑙𝑖𝑧𝑒𝑑’ 𝑡𝑟𝑎𝑛𝑠𝑎𝑐𝑡𝑖𝑜𝑛. 𝐿𝑖𝑘𝑒 𝑎 𝑡𝑟𝑢𝑒 ‘𝑓𝑖𝑟𝑠𝑡-𝑐𝑙𝑎𝑠𝑠 𝑐𝑖𝑡𝑖𝑧𝑒𝑛’, 𝑆𝑜𝑛𝑖𝑐 𝐺𝑎𝑡𝑒𝑤𝑎𝑦 ℎ𝑎𝑠 𝑎 𝑓𝑎𝑖𝑙𝑠𝑎𝑓𝑒 𝑤ℎ𝑒𝑟𝑒 𝑢𝑠𝑒𝑟𝑠 𝑐𝑎𝑛 𝑟𝑒𝑐𝑜𝑣𝑒𝑟 𝑡ℎ𝑒𝑖𝑟 𝑓𝑢𝑛𝑑𝑠 𝑜𝑛 𝑡ℎ𝑒 𝑐ℎ𝑎𝑖𝑛 𝑡ℎ𝑒𝑦 𝑏𝑟𝑖𝑑𝑔𝑒𝑑 𝑓𝑟𝑜𝑚.” ​ Aside this, @AndreCronjeTech is also looking to introduce novel DeFi primitives to Sonic. ​ One of the most groundbreaking ones is the native credit score integration, which targets the $11.3 trillion unsecured lending market. ​ By extracting and transforming blockchain data, the Sonic team, led by Cronje, has developed a privacy-focused credit scoring system that doesn’t require KYC or personal identifiable information (PII). ​ This innovation opens the door to decentralized, unsecured lending on a massive scale, providing users with access to credit while preserving their privacy. ​ In recent Twitter posts, Cronje has also hinted at other primitives which will exclusively be launched on @0xSonicLabs. ​ ➌ The Path from Fantom to Sonic ​ The Sonic network is currently in testnet and the launch of mainnet is expected by end of the year, which will also mean that $FTM holders can migrate their tokens to $S. ​ @0xSonicLabs has been showcasing exceptionally strong numbers on the testnet, both in terms of user activity as well as performance. With consistently sub-second block-time and finality, Sonic is shaping up to be the first "next-gen" EVM alt L1 that makes it to market, essentially front-running other players like the before mentioned Monad (even though technologically different). ​ While Sonic Labs will continue to support Fantom Opera for the time being, validator rewards will be migrated to the new Sonic chain, and as validators and user migrate, the transition will be complete. ​ What about applications? ​ @0xSonicLabs has recently launched Sonic Boom, a developer program that offers significant $S incentives to build on Sonic. ​ Since the chain is fully EVM compatible, it will likely be easy for many apps from other EVM chains to migrate and/or expand to Sonic too. ​ Most Fantom Opera (OG) protocols have already officially announced that they will be deploying on Sonic. ​ This includes: ​ - @beethoven_x (DEX & Liquid Staking) - @Equalizer0x (DEX & Derivatives) - @TarotFinance (Lending) - @polterfinance (Lending) - @SpookySwap (DEX) - @mummyftmfi (Perp DEX) - @Lynx_Protocol (Perp DEX) - @WigoSwap (DEX) - @worldofumans (NFT Collections) - @SilverSwapDex (DEX) - @paint_swap (NFT Marketplace) - @ShadowDexFi (DEX) - @fMoneyMarkets (Lending) - +++ ​ ➍ ████████ Conclusion ​ @0xSonicLabs undoubtedly set out on an ambitious mission. ​ The competition in the market is fiercer than ever and many doubt that the EVM L1 narrative can still succeed amid Ethereum's rollup-centric roadmap (also don't forget Celestia & co) and innovation around altVMs. ​ Especially @solana has been very successful in establishing itself as a major DeFi ecosystem with significant adoption and activity, while Move-based chains like @Aptos or @SuiNetwork have also been garnering mindshare. ​ Considering the hype around @monad_xyz, @berachain and @megaeth_labs (loading), it seems though as if there is still a narrative and some interest. ​ Amid the still persistent dominance of Solidity in terms of value secured per programming language and the large talent pool the EVM has, that is hardly surprising. ​ However, as mentioned earlier in this post, there is also other elements that can be crucial in defining a project's success. ​ That includes community and ecosystem, both of which are things that teams have to consistently and actively work on. ​ @berachain for example introduces novel mechanics such as a bribery system or PoL, and strongly activates the community (through strongly meme-driven positioning), which gives it an edge on attracting both builders and users vs. many other ecosystems. ​ While also being strong on the community side, @monad_xyz adds technical supremacy and unlimited scale to the mix, which once again makes for an interesting mix wrt bootstrapping a healthy ecosystem. ​ Incentives, both for users (airdrops) and builders (gas monetization, dev programs, etc) are also key, and once again an area where all of the above mentioned projects excel. ​ Now what does that mean for @0xSonicLabs (aside tough competition)? ​ Sonic benefits from the fact that it has an existing ecosystem of builders and users to tap into. While it remains to be seen how successful the activation of that eco is in the end, so far it looks very promising. ​ Combined with the USP of not being "a low float / high FDV coin to make VCs rich", that puts Sonic in a unique position vs. its competitors. ​ However, that likely won't suffice to maintain mindshare and relevance in the long term. ​ With its quite degen/memetic positioning and novel builder incentives and DeFi primitives (the @berachain way), as well as bringing massive scale to the EVM (the @monad_xyz way), alongside well thought-through incentive mechanisms (Sonic Boom + airdrop), Sonic does however have a clear plan of making it happen. ​ It will definitely be interesting to see how @0xSonicLabs evolves from here, and if the ecosystem returns to the former $FTM DeFi glory in the months to come. ​ ⚠️ This is not financial advice and the report is NOT sponsored by any third-party.