Spartan Protocol

Overview of Spartan Protocol

  • Spartan Protocol, a decentralized protocol built on Binance Smart Chain for incentivized liquidity and synthetic assets, was exploited earlier Sunday UTC due to “a flawed liquidity share calculation” in the protocol, resulting in a loss of more than $30 million, according to a Medium post by on-chain analysis and security startup PeckShield.
  • Spartan protocol tweeted about the exploit on Saturday night, explaining that “the attacker used $ 61 million in BNB to overcome pools via […] a still unknown route of economic exploitation to withdraw around $ 30 million in funds from the pools.
  • Spartan protocol team ensures that they will rebuild with a focus on review, unlike Uranium Finance which, after the $50 million exploit, said the project won’t be reborn and is currently activating the distribution of 300k.
  • Spartan Protocol tweeted about the exploit late Saturday, explaining that the “Attacker used $61m in BNB to overcome the pools via […] as yet unknown economic exploit path to remove roughly $30m in funds from the pools.”
  • Spartan Protocol claims to have ‘no investors, no team tokens, and no treasury,’ stating that the team’s personal funds were backstopping liquidity in the protocol and that those funds were stolen as well.
  • Spartan Protocol is based on the Binance Smart Chain, a VM-compatible delegated proof-of-stake (DPoS) blockchain with fast block times and a focus on decentralization.
  • The Spartan Protocol is described to provide incentives to enable deep capital formation in liquidity pools, with safe and sustainable creation of synthetic assets.
  • Spartan Protocol price Index provides the latest SPARTA price in US Dollars , BTC and ETH using an average from the world's leading crypto exchanges.
  • Spartan Protocol is a community-driven automated market maker (AMM) that facilitates synthetic asset creation, incentivized liquidity, and asset swaps.
  • Spartan Protocol has made a few nice improvements to the UI and made clear information on their website with the community's help.
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    Hoe koop ik Spartan Protocol Token?

    Spartan Protocol Token kopen op Binance is een fluitje van een cent.Met deze uitleg ben je binnen enkele stappen de trotse eigenaar van SPARTA.

    How do I buy Spartan Protocol?

    It is not possible to buy all cryptocurrencies with U.S.dollars.Bitcoin, Bitcoin Cash, Ethereum, Litecoin and other popular cryptocurrencies can be purchased with U.S.dollars using Coinbase or BlockFi.Once you have purchased Bitcoin using Coinbase, you can then transfer your Bitcoin to an exchange such as Binance to purchase other cryptocurrencies, including Spartan Protocol.

    How do I get started?

    Synthetic assets are not live yet.However multiple implementations are being worked on currently to ensure ‘SpartanSynths’ is the best it can be.We recommend you to join our social channels to stay tuned for updates from our community contributors.The wider community is welcome to join in once a testnet UI has been launched.A tutorial on the creation of synthetic assets is to follow upon the launch of a (public) testnet of a more finalised implementation.

    How does Spartan Protocol Work?

    There are several key components of Spartan Protocol, each in various stages of development and deployment.The Spartan Protocol platform offers a range of applications and tools seen on many popular decentralized finance (DeFi) platforms such as Aave, Compound, and Synthetix.However, many elements are still to be fully implemented, and additional features could be added at any time.Moreover, Spartan protocol shouldn’t be confused with Akropolis Protocol and its Sparta product.

    How Is the Spartan Protocol Network Secured?

    Spartan Protocol is based on the Binance Smart Chain, a VM-compatible delegated proof-of-stake (DPoS) blockchain with fast block times and a focus on decentralization.

    How Many Spartan Protocol (SPARTA) Coins Are There in Circulation?

    Spartan Protocol (SPARTA) has a circulating supply of 64,147,511 tokens and a maximum supply of 300,000,000 SPARTA as of March 2021.

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    So, What Exactly Happened?

    Apparently, an attacker used $61 million in BNB to conduct a Flash Loan attack on the Binance Smart Chain and siphon out a staggering $30 million in funds from the Spartan pools.As per PeckShield, this is the first proper Flash Loan attack on Binance Smart Chain.In a flash loan attack, the hacker lends a large amount of money to cause price fluctuation and then profit from it.

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    Swipe is a platform that connects crypto and commerce.Businesses can create card programs for users to make their purchases across the globe.Currently, FTX and Binance cards are powered by Swipe's business API.The Swipe token ($SXP) is a software and a digital wallet system that allows users to buy and spend fiat money and crypto-assets whether or not they are physically present at the place.This is different from other cryptocurrencies that are simply a protocol built on a distributed network.

    What Is Spartan Protocol (SPARTA)?

    The Spartan Protocol is intended to provide incentives for deep capital formation in liquidity pools with safe and sustainable creation of synthetic assets.It claims to be the first major liquidity project on the Binance Smart Chain (BSC), which was chosen thanks to its near-instantaneous settlements and low gas fees.

    What is Spartan Protocol?

    Spartan Protocol is building a decentralized exchange (DEX) using an automated market maker (AMM) algorithm and liquidity-sensitive fees.One of the unique aspects of Spartan Protocol is that it facilitates the creation of synthetic assets proportional to the amount of liquidity in a pool.

    What is Spartan Protocol?

    The Spartan Protocol is described to provide incentives to enable deep capital formation in liquidity pools, with safe and sustainable creation of synthetic assets.It claims to be the first major liquidity project on the Binance Smart Chain.

    What is Spartan Protocol?

    The Spartan Protocol incentivises the formation of capital in liquidity pools, such that they can be used for the synthetic token generation, lending, derivatives and more.

    What is the value of Spartan Protocol?

    One Spartan Protocol (SPARTA) is currently worth $1.21 on major cryptocurrency exchanges.You can also exchange one Spartan Protocol for 0.00002184 bitcoin(s) on major exchanges.The value (or market capitalization) of all available Spartan Protocol in U.S.dollars is $78.13 million.

    What is/was Spartan Protocol?

    Spartan Protocol provided a platform for incentivized liquidity and synthetic assets.The SPARTA token had an internal pricing mechanism without having to rely on external oracles for price settlement.Such a system could provide a fundamental basis for a trustless network of swaps, synthetic tokens, lending, derivatives, and more – at least in theory and according to the team.

    What Makes Spartan Protocol Unique?

    SpartanPools are Spartan Protocol’s incentivized liquidity pools that drive on-market capital formation.The liquidity pools are facilitated by an automated market maker (AMM) algorithm that has liquidity-sensitive fees.The fees are there to ensure that the system can detect correct token purchasing at all times, allowing for scalable and risk-tolerant growth.

    What Was The Attack Process Used?

    Here is a summary of how the attack went down, as detailed by a report shared by Wu Blockchain.

    Where can I get Spartan Protocol wallet?

    Spartan Protocol produces its own wallet software that is available for download on its website, which allows you to store Spartan Protocol on your computer.For maximum security, you can store your cryptocurrencies on a dedicated hardware wallet such as a TREZOR wallet or a Ledger Nano X.If you do not wish to buy a hardware wallet, you may consider using a mobile wallet such as Atomic Wallet, Jaxx, or Coinomi to store multiple cryptocurrencies with some added security benefits.

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    Who Are the Founders of Spartan Protocol?

    The Spartan Protocol project has been developed in a decentralized manner from the moment of its inception and has no official team or treasury.

    History of Spartan Protocol