Investigating the DAO Maker Project Degen Zoo Security Incident

On April 3rd, in response to yesterday’s security incident, the official team of the DAO Maker project Degen Zoo stated in Telegram that the investigation concluded that it was possible to add an agent contract to make the code scalable. Proxy contracts allow projects to build fixed contracts and test content without stopping the game.

Degen Zoo: The project code is secure and is considering adding an agent contract to prevent further downtime checks

The DAO Maker project Degen Zoo experienced a security incident recently, triggering an investigation from the official team. On April 3rd, the official team released a statement on Telegram, revealing their findings on what caused the security breach. According to their investigation, it was possible to add an agent contract to make the code scalable. Proxy contracts were used to build fixed contracts and test content without disrupting ongoing operations.
In this article, we will delve deeper into the DAO Maker project Degen Zoo security incident and explore the causes and implications.

Understanding the DAO Maker Project Degen Zoo

DAO Maker is a platform that helps new projects to raise capital safely and effectively through token offerings. DAO Maker’s main goal is to support projects with strong fundamentals and decent earning potential. Degen Zoo is just one project that launched on the DAO Maker platform.
Degen Zoo is a decentralized platform that combines yield farming, liquidity provision, and gaming features. Users can stake their assets to earn rewards and participate in different games to win tokens. The platform aims to provide a fun and fair gaming experience for users while promoting the adoption of DeFi.

The Security Incident

On April 2nd, the DAO Maker project Degen Zoo experienced a security incident that resulted in the loss of a significant amount of funds. While the exact amount is unknown, the incident sparked an investigation from the official team.
The official team released a statement on Telegram the following day, revealing that the security breach was caused by the possibility of adding an agent contract to make the code scalable. Proxy contracts were used to build fixed contracts and test content without interrupting ongoing operations.

Proxy Contracts and Agent Contracts

Proxy contracts are contracts that provide a layer of abstraction over the underlying contract, making it easier to add new features and update existing ones. Proxy contracts can also be used to test and deploy contracts in a more controlled environment.
Agent contracts are contracts that are controlled by third-party entities. Agent contracts can interact with the underlying contract on behalf of someone else. The agent contract can perform tasks on behalf of its owner, such as sending transactions or calling functions.

The Implications

The security incident at DAO Maker project Degen Zoo highlights the importance of smart contract security. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. Though this can have benefits, like decentralization and transparency, it also means that contracts cannot be changed once deployed without a hard fork.

Conclusion

In conclusion, the security incident that happened at the DAO Maker project Degen Zoo is a reminder that security breaches can happen to any project. It is essential to prioritize smart contract security, especially in the DeFi space, where the risks are higher. The use of proxy contracts and agent contracts should always be closely scrutinized to prevent similar incidents from happening in the future.

FAQS

1. What is DAO Maker?
– DAO Maker is a platform that helps new projects to raise capital safely and effectively through token offerings.
2. What happened to the DAO Maker project Degen Zoo?
– Degen Zoo experienced a security incident that resulted in the loss of a significant amount of funds.
3. What are proxy contracts and agent contracts?
– Proxy contracts provide a layer of abstraction over the underlying contract, while agent contracts are contracts controlled by third-party entities that can interact with the underlying contract on behalf of someone else.