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Decentralized perpetual contract protocols replicate high-leverage derivatives trading on-chain by leveraging shared liquidity pools and oracle-based pricing. Unlike AMM spot trading, perpetual systems involve complex margin accounting, dynamic PnL calculations, and liquidation mechanisms. Minor logic deviations — whether rounding errors or oracle latency — may lead to insolvency at the protocol level or user portfolio wipeout.
On December 1, 2025, Yearn — a long-standing decentralized yield aggregation protocol — was exploited, resulting in losses of approximately $9 million. The SlowMist security team has conducted the following detailed analysis of the incident:
On November 3, 2025, the long-established decentralized automated market maker (AMM) protocol Balancer v2 suffered an attack. Multiple projects — including its forked versions — were affected across several blockchains, resulting in total losses of approximately $120 million. This incident added further strain to an already sluggish DeFi ecosystem. The following is the SlowMist Security Team’s detailed analysis of the attack.



















































































