PancakeBunny Partners with Chainlink to Avoid Future Flash Loan Attacks
Chainlink, a decentralized oracle network, has revealed cooperation with PancakeBunny, a decentralized cross-chain yield aggregator. This seems to be part of the company’s attempt to speed up its turnaround from a recent flash loan scam.
The agreement follows a successful attack on May 2021, when a hacker took advantage of the platform and altered the value of its cryptocurrency (Bunny).
“The exploiter did not break into any of our real vaults; rather, it was a price gouging powered by a Flash Loan attack,” says the source. An examination into the assault revealed various flaws in the smart contract code that allowed the exploiter to control the price more easily.
The PanckeBunny team discovered Chainlink to be the greatest option for preventing this in the foreseeable. PancakeBunny has teamed up with Chainlink to offer a suite of cutting-edge technologies and services that complement and allow the level of process integration necessary for a thorough examination of linked DAI pps.
Chainlink has a stellar record as an information and pricing feed provider because to its decentralized oracle network. Users may check live pricing feeds with Chainlink. The oracle nodes that create Chainlink’s pricing feeds are operated by the most important data suppliers. Furthermore, their pricing feeds come from reputable sources.
Chainlink protects PancakeBunny from future flash loan assaults by using an information gathering methodology that can’t be readily modified. The network does all of this while being decentralized at all tiers. In principle, changing the data across the network is incredibly difficult.
The resultant price feed would really be impossible to alter because PancakeBunny has already adjusted the code of its token price oracle to utilize Chainlink’s agreement. In the token’s minting protocol, attempts have been been done to identify any pair mismatch.
This was accomplished by modifying a section of the code. The team modeled a potential flash loan assault, which was effectively detected, to ensure that their efforts were genuine. The complete code has also been evaluated. PancakeBunny has adopted additional security steps to ensure the platform’s safety.