Furucombo (COMBO)

Basics

• Started in / Announced on:
• Mainnet release: 4-2020
• Based in:
• Furucombo, a drag-and-drop flash loan UI.

• From The Block (7-1-2021):

"As a DeFi aggregator, Furucombo connects different DeFi protocols, such as Uniswap, Compound, and Aave, in one place.

Token

Utility

• Launched a governance token (28-12-2020).

Technology

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• Built on:

• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:

Roadmap

• Can be found [Insert link here].

Audits

• Bug bounty program can be found [insert here].

Bugs/Hacks

• From Rekt (1-3-2021):

"In what is known as an “evil contract” exploit, the attacker made the Furucombo proxy contract think that Aave V2 had a new implementation.

The new implementation was, of course, malicious, and had the ability to transfer all approved tokens to addresses controlled by the attacker, as users had approved the Furucombo contracts to use their tokens on their behalf.

Summary:

1. FC proxy made caller-specified delegatecalls to trusted handlers, letting its storage be modified
2. a handler made caller-specified delegatecalls to an address read from storage
3. the handler exposed a function for setting that address

What have we learnt:

1. a "trust list" is useful but not a guarantee
2. developers should audit how a delegatecallee's functions can affect the caller's storage
3. consider restricting functions or parameters of callees
4. be wary of user-supplied inputs

It wasn’t just individuals who lost out, even Cream Finance suffered a loss, as the attacker “borrowed” directly from their treasury."

Competition

• From The Block (7-1-2021):

"Projects like 1inch and Yearn Finance also provide aggregation platforms, but Furucombo is different from both, CEO Hsuan-Ting Chu told The Block.

1inch only aggregates decentralized exchanges, while Furucombo aggregates all kinds of DeFi protocols, said Chu. As for Yearn Finance, he said, the protocol requires writing smart contracts to build a yield farming strategy. With Furucombo, everything is "permissionless."

"With Yearn Finance's yVault, you need to know how to communicate with the community, get their votes on your strategy, and wait for some engineer to help you with smart contract building on your strategy. Our strategies are not smart contracts, which means more secure and more efficient...no vote needed, no coding skill needed," said Chu."

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].
• Hsuan-Ting Chu; CEO
• From The Block (7-1-2021):

"The project plans to double its team of 12 to around 24 in the coming months."

Funding

• From The Block (7-1-2021):

"Raised $1.85 million in seed funding. The round was backed by SevenX Ventures, Defiance Capital, 1kx, Multicoin Capital, and Aave founder Stani Kulechov, among others."

• Binance X invested (9-2-2021).

Partners 

• Is partners with Sushiswap (22-1-2021). The partnership will focus on integrating SushiSwap on Furucombo. They will work with the SushiSwap core team to support AMM (Swapping and Liquidity pools).