TechFlow News, Victor Tran, co-founder and CEO of Kyber Network, stated on social media that over the past month, KyberSwap has faced unprecedented challenges due to the Elastic vulnerability. However, its core businesses, including the aggregator and limit order functionality, have continued to perform strongly.
KyberSwap will soon launch the Zap API—an innovative development that will make dApps, wallets, and other projects the most convenient entry points for users accessing DeFi liquidity protocols. Due to the Elastic exploit, the platform has implemented the KyberSwap Elastic Exploit Treasury Grant program to compensate affected users for 100% of their losses, while temporarily pausing the liquidity provider program and the KyberAI project.
KyberSwap has also reduced its workforce by 50%. To support departing team members, the company is creating a voluntary database to connect them with potential opportunities in the Web3 space. Other Web3 founders are encouraged to consider these talented individuals for their teams.
