Klaytn blockchain network’s newest decentralized finance (DeFi) initiative, KLEX Protocol, has initiated a vampire attack to attract deposits from competing DeFi protocol KLAYswap. Per an official tweet, KLEX launched the vampire attack on August 29th, allocating $600,000 worth of KLAY tokens and 15 million KLEX tokens as incentives to lure users and investors away from KLAYswap. In the context of DeFi, a “vampire attack” is a technique where one DeFi protocol offers better rates of returns than another, helping attract customers and investors. Just like a bank may offer higher interest rates on deposits to attract users from other banks, DeFi engages in similar practices.
$285 Million in Bitcoin Shorts Wiped Out
