PancakeBunny, a decentralized cross-chain performance aggregator, has announced a partnership agreement with Chainlink, a decentralized network of Oracles. This is part of your efforts to speed up your recovery from a recent flash loan exploitation. The deal follows an incident in May 2021 when an attacker exploited the platform and manipulated the price of its (Bunny) token.
"The exploiter did not breach any of our royal vaults, it was more of a market manipulation fueled by a Flash Loan attack."
Chainlink the best solution for PancakeBunny
The investigation of the attack discovered some vulnerabilities in the smart contract codes that made it easier for the exploiter to manipulate the price. To avoid this in the future, the PanckeBunny team found Chainlink as the best solution.
"PancakeBunny has partnered with Chainlink to offer a list of innovative products and services that support and enable the degree of process integration necessary for a complete review of connected DAI pps."
Chainlink has an incredible reputation as a provider of data and pricing through its decentralized oracle network. With Chainlink, users can check prices live. The major data providers operate the Oracle nodes that generate the Chainlink prices. Also, your pricing sources come from reliable sources. Chainlink uses a data collection model that cannot be easily tampered with and protects PancakeBunny from future flash loan attacks. Most importantly, the network achieves all of this while remaining decentralized at all levels. In essence, the data on the network is almost impossible to alter.
Since PancakeBunny has already modified its token pricing oracle code, the resulting price feed would be difficult to manipulate as the oracle is enabled to take advantage of the Chainlink contract. Additionally, efforts have been made to detect any pair imbalances in the token minting contract. This was done by updating a part of the code. To be sure of their effort, the team simulated a possible blitzkrieg attack that was successfully intercepted. They have also audited all the code. PancakeBunny has taken other security measures to solidify the protection of the platform.
Insecurities around the Binance Smart Chain ecosystem
The Binance Smart Chain ecosystem has been a huge target of hackers. Some of these attacks are difficult to detect as the methods used by hackers have become more sophisticated. In May 2021, it was reported that around $ 167 million was stolen from 11 BSC protocols. PancakeBunny only lost $ 45 million in the attack. This has affected investor confidence in the affected platforms.