1/4 The Defrost team has been working around the clock to find out more details concerning the events of the past 48 hours.

A thread ⬇️ 2/4 On December 23, Defrost suffered a first hack involving a flash loan attack, which lead to the draining of the funds in the V2.

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What is the #DefrostV2? A thread 😎

The Defrost V2 is a new-generation decentralized leverage trading protocol on #Avalanche 🔥

You can:

💱 Trade major crypto assets on leverage

💵 Contribute their assets in lending pools powered by #SuperVaults to earn yields 2/7

Leveraged trading refers to borrowing assets to long or short #crypto 📚

👏 This allows traders to use greater capital with relatively little underlying funds, amplifying results

🚨 Traders can realize bigger profits when successful, but also suffer larger losses

❄️ Time for a FAQ thread ahead of our launch ❄️

1) What is #DefrostFinance?

📢 Defrost Finance (defrost.finance) is a decentralized protocol that allows you to leverage LP tokens & other pool tokens from @avalancheavax as collaterals for generating the $H2O #stablecoin 2) Why would you want to mint H2O?

📢 Because:

🪙 It gives you extra rewards on your LPs

💵 You get a #stablecoin you can use to invest elsewhere

🤑 You receive $MELT

💎 You get to re-stake both $MELT and $H2O in other pools (coming soon!). That means even more rewards.