Difference between revisions of "Akropolis (AKRO)"

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''"Akropolis [https://medium.com/akropolis/the-importance-of-choosing-the-right-oracles-for-decentralized-finance-chainlink-and-akropolis-9387b98d289 provides] a platform and toolkit for largely scalable, well-coordinated and transparent informal economies. Akropolis empowers and enables people to build, scale and professionalize informal financial organizations via our comprehensive, user-friendly and complete platform. We take the best of legacy financial systems and through technology, re-engineer them to adapt them to a wider, more inclusive and borderless user base."''
== Basics ==
== Basics ==
* Based in:
* Based in:
*Founded in:
*Founded in:
* [[Mainnet]] release:
* [[Mainnet]] release:
* ''"Akropolis [https://medium.com/akropolis/the-importance-of-choosing-the-right-oracles-for-decentralized-finance-chainlink-and-akropolis-9387b98d289 provides] a platform and toolkit for largely scalable, well-coordinated and transparent informal economies. Akropolis empowers and enables people to build, scale and professionalize informal financial organizations via our comprehensive, user-friendly and complete platform. We take the best of legacy financial systems and through technology, re-engineer them to adapt them to a wider, more inclusive and borderless user base."''
== History ==
== History ==
== Audits & Exploits ==
== Audits & Exploits ==


*The [[Bug bounty|bounty program]] [https://dropsearn.com/events/akropolis-bug-bounty-program/ offered] by Akropolis has a maximum reward of $40,000 ([https://docs.defisafety.com/finished-reviews/akropolis-0.7-process-quality-review 20-9-2021]).   
*The [[Bug bounty|bounty program]] [https://dropsearn.com/events/akropolis-bug-bounty-program/ offered] by Akropolis has a maximum reward of $40,000 ([https://docs.defisafety.com/finished-reviews/akropolis-0.7-process-quality-review 20-9-2021]).   
* Akropolis’s Delphi savings pool was audited twice, the team said in the Discord, [https://twitter.com/akropolisio/status/1303237413171531780 once] by [[CertiK]] and another by an undisclosed team (12-11-2020). 
* Akropolis’s Delphi savings pool was audited twice, the team said in the [[Discord]], [https://twitter.com/akropolisio/status/1303237413171531780 once] by [[CertiK]] and another by an undisclosed team (12-11-2020). 
*The other team [https://twitter.com/Darrenlautf/status/1417493473385660433/photo/1 seems] to have been [[SmartDec]] (20-7-2021).  
*The other team [https://twitter.com/Darrenlautf/status/1417493473385660433/photo/1 seems] to have been [[SmartDec]] (20-7-2021).  
*Scored [https://docs.defisafety.com/finished-reviews/akropolis-0.7-process-quality-review 76%] on [[DeFi Safety]] (20-9-2021):
*Scored [https://docs.defisafety.com/finished-reviews/akropolis-0.7-process-quality-review 76%] on [[DeFi Safety]] (20-9-2021):


<span data-key="7a3cc384f7e2465bb3eb047708b66756"><span data-slate-zero-width="z"></span></span>''"[[CertiK (CTK)|Certik]] [https://github.com/akropolisio/sparta/tree/develop/audit published] two Akropolis Sparta audit reports before the mainnet launch.''
<span data-key="7a3cc384f7e2465bb3eb047708b66756"><span data-slate-zero-width="z"></span></span>''"[[CertiK (CTK)|Certik]] [https://github.com/akropolisio/sparta/tree/develop/audit published] two [[Akropolis Sparta]] audit reports before the mainnet launch.''


<span data-key="41e24e1e61af439d884479a2043dfbde"><span data-slate-zero-width="z"></span></span>''[[MixBytes]] [https://raw.githubusercontent.com/akropolisio/delphi/release-1.0/Akropolis%20Delphi%20Staking%20module%20Smart%20Contracts%20Audit%20(3)%20(2).pdf published] a Delphi staking audit report after the mainnet launch.''
<span data-key="41e24e1e61af439d884479a2043dfbde"><span data-slate-zero-width="z"></span></span>''[[MixBytes]] [https://raw.githubusercontent.com/akropolisio/delphi/release-1.0/Akropolis%20Delphi%20Staking%20module%20Smart%20Contracts%20Audit%20(3)%20(2).pdf published] a Delphi [[staking]] audit report after the mainnet launch.''


<span data-key="04da33c2b2614d08a5a20aec2be57f2e"><span data-slate-zero-width="z"></span></span>''MythX [https://github.com/akropolisio/delphi/blob/release-1.0/Mythx%20%20Report%20-%20Staking.pdf published] a Delphi staking report after the mainnet launch.''
<span data-key="04da33c2b2614d08a5a20aec2be57f2e"><span data-slate-zero-width="z"></span></span>''MythX [https://github.com/akropolisio/delphi/blob/release-1.0/Mythx%20%20Report%20-%20Staking.pdf published] a Delphi staking report after the mainnet launch.''
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''Notes On Audit Results:''  
''Notes On Audit Results:''  


''The MythX audit underlined countless low-severity issues in the Akropolis' Delphi smart contracts. However, none of them identify if they have been corrected or not, which is concerning. All of the fixes underline in both Certik reports have been mitigated or completely fixed. The MyxBytes audit underlined several medium and major issues. However, all of them have since been fixed by the Akropolis team."''
''The MythX audit underlined countless low-severity issues in the Akropolis' Delphi smart [[contracts]]. However, none of them identify if they have been corrected or not, which is concerning. All of the fixes underline in both Certik reports have been mitigated or completely fixed. The MyxBytes audit underlined several [[medium]] and major issues. However, all of them have since been fixed by the Akropolis team."''


=== Bugs/Exploits ===
=== Bugs/Exploits ===


* When [[KuCoin]] got [https://cointelegraph.com/news/freeze-pause-reboot-projects-react-differently-to-200m-kucoin-hack hacked] (28-9-2020), Akropolis reportedly paused all AKRO transactions and blacklisted the hacker's known [[address]]. This shows [[centralized]] powers.
* When [[KuCoin]] got [https://cointelegraph.com/news/freeze-pause-reboot-projects-react-differently-to-200m-kucoin-hack hacked] (28-9-2020), Akropolis reportedly paused all AKRO [[transactions]] and blacklisted the hacker's known [[address]]. This shows [[centralized]] powers.


==== 11-11-2020 Hack ====
==== 11-11-2020 Hack ====
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* [https://docs.defisafety.com/finished-reviews/akropolis-0.7-process-quality-review From] [[DeFi Safety]] (20-9-2021):
* [https://docs.defisafety.com/finished-reviews/akropolis-0.7-process-quality-review From] [[DeFi Safety]] (20-9-2021):


''"Governance information was found at <nowiki>https://wiki.akropolis.io/sparta/#akro-governance</nowiki>, however there are no details explicitly detailing what the admins have control over.''
''"[[Governance]] information was found at <nowiki>https://wiki.akropolis.io/sparta/#akro-governance</nowiki>, however there are no details explicitly detailing what the admins have control over.''


''a) [[Smart Contract (SC)|Smart contracts]] are clearly labelled as upgradeable through the voting process.''
''a) [[Smart Contract (SC)|Smart contracts]] are clearly labelled as upgradeable through the voting process.''
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== Oracle Method ==
== Oracle Method ==


* ''"We started thinking about integrating oracles, and most specifically [[Chainlink (LINK)|Chainlink]], around 8 months ago when we revised our projects’ direction and architecture. We have now reached a more stable phase where we launched our MVP into the [[Ethereum (ETH)|Ethereum]] Network and are working towards our own chain on [[Substrate]]. After seeing Chainlink’s trailblazing advancements in the [[oracle]] space, the choice of Chainlink was natural. We are happy to have the opportunity to work alongside such a great team that is also building towards the Web3 vision,” said Alex Maz, Akropolis’ CTO"''. Announced: [https://medium.com/akropolis/the-importance-of-choosing-the-right-oracles-for-decentralized-finance-chainlink-and-akropolis-9387b98d289 25-7-2019]
* ''"We started thinking about integrating [[oracles]], and most specifically [[Chainlink (LINK)|Chainlink]], around 8 months ago when we revised our projects’ direction and architecture. We have now reached a more stable phase where we launched our MVP into the [[Ethereum (ETH)|Ethereum]] Network and are working towards our own chain on [[Substrate]]. After seeing Chainlink’s trailblazing advancements in the [[oracle]] space, the choice of [[Chainlink]] was natural. We are happy to have the opportunity to work alongside such a great team that is also building towards the [[Web3]] vision,” said Alex Maz, Akropolis’ CTO"''. Announced: [https://medium.com/akropolis/the-importance-of-choosing-the-right-oracles-for-decentralized-finance-chainlink-and-akropolis-9387b98d289 25-7-2019]


== Privacy Method ==
== Privacy Method ==
Line 103: Line 104:


* ''"Akropolis’ model [https://medium.com/akropolis/the-importance-of-choosing-the-right-oracles-for-decentralized-finance-chainlink-and-akropolis-9387b98d289 proposes] the creation of AFOs ([[Autonomous Financial Organizations (AFO)|Autonomous Financial Organizations]]), run like [[DAO|DAOs]], that are generated by people who trust each other and would like to leverage their power as a group to conduct financial operations. For the time being, the financial integrations are subject to [[DeFi]] protocols and trading. However, according to our long term plan, especially after deploying the Akropolis Chain to allow scaling and interoperability, some of these financial operations will require an interface with traditional financial institutions such as banks, credit issuers, insurers, and others. ''
* ''"Akropolis’ model [https://medium.com/akropolis/the-importance-of-choosing-the-right-oracles-for-decentralized-finance-chainlink-and-akropolis-9387b98d289 proposes] the creation of AFOs ([[Autonomous Financial Organizations (AFO)|Autonomous Financial Organizations]]), run like [[DAO|DAOs]], that are generated by people who trust each other and would like to leverage their power as a group to conduct financial operations. For the time being, the financial integrations are subject to [[DeFi]] protocols and trading. However, according to our long term plan, especially after deploying the Akropolis Chain to allow scaling and interoperability, some of these financial operations will require an interface with traditional financial institutions such as banks, credit issuers, insurers, and others. ''
<br />


== Usage ==
== Usage ==
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== yEarn and Akropolis Relationship ==
== yEarn and Akropolis Relationship ==
* [[Andre Cronje]] [https://medium.com/iearn/%CE%BC%CE%B1-%CF%84%CE%BF%CE%BD-%CE%B4%CE%B9%CE%B1-yearn-x-akropolis-16f5351af35e announced] (30-11-2020) the [[yEarn]] partnership with Akropolis, which would have the following results:
* [https://medium.com/iearn/clarifying-2020-mergers-an-independent-iron-bank-a6f8f3f4c25e UPDATE] (25-2-2022): all of the following [[YEarn (YFI)|Yearn]] mergers of [[SushiSwap (SUSHI)|SushiSwap]], C.R.E.A.M. Finance, Akropolis, [[Pickle Finance (PICKLE)|Pickle Finance]], [[Iron Bank]] are unmerging again.
# "''Akropolis & Yearn merge development resources''
*[[Andre Cronje]] [https://medium.com/iearn/%CE%BC%CE%B1-%CF%84%CE%BF%CE%BD-%CE%B4%CE%B9%CE%B1-yearn-x-akropolis-16f5351af35e announced] (30-11-2020) the [[yEarn]] partnership with Akropolis, which would have the following results:
# "''Akropolis & [[Yearn]] merge development resources''
# ''Akropolis & Yearn [[TVL]] increases''
# ''Akropolis & Yearn [[TVL]] increases''
# ''Akropolis gets access to Yearn, Pickle, and [[Cream Finance (CREAM)|Cream]] products, and can integrate its DCA solutions with these''
# ''Akropolis gets access to Yearn, Pickle, and [[Cream Finance (CREAM)|Cream]] products, and can integrate its DCA solutions with these''
# ''Yearn gets access to new investment strategies created by Akropolis''
# ''Yearn gets access to new investment strategies created by Akropolis''
# ''Yearn accesses Akropolis business development expertise and exposure to its institutional client network''
# ''Yearn accesses Akropolis business development expertise and exposure to its institutional [[client]] network''
# ''Akropolis vaults merge with Yearn v2 vaults and become eligble to earn [[Pickle Finance (PICKLE)|Pickle]] through the forthcoming Pickle Gauge, and leveraged through the forthcoming Cream v2 lending protocol.''
# ''Akropolis vaults merge with Yearn v2 vaults and become eligble to [[earn]] [[Pickle Finance (PICKLE)|Pickle]] through the forthcoming Pickle Gauge, and leveraged through the forthcoming Cream v2 lending protocol.''
# ''A new token will be introduced that tracks the losses incurred by the victims in the recent Akropolis exploit. It will be distributed proportionally through a snapshot."''
# ''A new token will be introduced that tracks the losses incurred by the victims in the recent Akropolis exploit. It will be [[distributed]] proportionally through a [[snapshot]]."''


== Competition ==
== Competition ==
Line 126: Line 126:
* Got hacked and [https://rekt.ghost.io/akropolis-rekt/ lied] about it at first (12-11-2020).
* Got hacked and [https://rekt.ghost.io/akropolis-rekt/ lied] about it at first (12-11-2020).


== Team, Funding, Partnerships, etc. ==
== Team, Funding, Partners ==
=== Team ===
=== Team ===
* Full team can be found [here].
* Full team can be found [here].
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Making these free wiki pages is fun but takes a lot of effort and time.
Making these free wiki pages is fun but takes a lot of effort and time.


If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.
If you have enjoyed reading, tips are appreciated :) This will help us to [[keep]] expanding this archive of information.


[[ETH]] tip [[address]]: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31
[[ETH]] tip [[address]]: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31

Latest revision as of 08:33, 11 March 2022

"Akropolis provides a platform and toolkit for largely scalable, well-coordinated and transparent informal economies. Akropolis empowers and enables people to build, scale and professionalize informal financial organizations via our comprehensive, user-friendly and complete platform. We take the best of legacy financial systems and through technology, re-engineer them to adapt them to a wider, more inclusive and borderless user base."

Basics

  • Based in:
  • Founded in:
  • Mainnet release:

History

Audits & Exploits

"Certik published two Akropolis Sparta audit reports before the mainnet launch.

MixBytes published a Delphi staking audit report after the mainnet launch.

MythX published a Delphi staking report after the mainnet launch.

Notes On Audit Results:

The MythX audit underlined countless low-severity issues in the Akropolis' Delphi smart contracts. However, none of them identify if they have been corrected or not, which is concerning. All of the fixes underline in both Certik reports have been mitigated or completely fixed. The MyxBytes audit underlined several medium and major issues. However, all of them have since been fixed by the Akropolis team."

Bugs/Exploits

11-11-2020 Hack

"Here’s how the attacker took advantage of this system by creating a malicious token contract which called deposit again (reentrancy). This is the attack contract.

1. Create faketoken

2. Deposit faketoken

3a. Get a callback to faketoken, deposit 25k DAI

3b. Get credited for 25k DAI of deposits

4. Get credited for 25k DAI of deposits

5. Withdraw 50k DAI

Credit samczsun. Because the attacker was able to use their contract as the deposit token, they were able to use reentrance with a dYdx flash loan. We should note that the smart contracts that the hacker interacted with had been audited by two separate security companies, Smartdec and Certik.

Smartdec have a reasonably good track record, however, for Certik, Akropolis is an unwelcome addition to the growing list of projects that they have audited before an exploit. The fact that Akropolis were so quick to lie to their users shows that not all the blame lies on Certik or the hacker."

Governance

Admin Keys

"Governance information was found at https://wiki.akropolis.io/sparta/#akro-governance, however there are no details explicitly detailing what the admins have control over.

a) Smart contracts are clearly labelled as upgradeable through the voting process.

b) Defined roles (Borrower, and LP) are outlined.

There is no pause control documentation."

  • After the partnership announcement with yEarn the following was also mentioned (30-11-2020):

"To facilitate high iteration, testing, and deployment speeds, the Akropolis multi-sig keys will be rotated."

DAO

Treasury

Token

Launch

Token allocation

Utility

Token Details

Stablecoin

Coin Distribution

Technology

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

How it works

Fee Mechanisms

Upgrades

Staking

Liquidity Mining

Scaling

Different Implementations

Interoperability

Other Details

Oracle Method

  • "We started thinking about integrating oracles, and most specifically Chainlink, around 8 months ago when we revised our projects’ direction and architecture. We have now reached a more stable phase where we launched our MVP into the Ethereum Network and are working towards our own chain on Substrate. After seeing Chainlink’s trailblazing advancements in the oracle space, the choice of Chainlink was natural. We are happy to have the opportunity to work alongside such a great team that is also building towards the Web3 vision,” said Alex Maz, Akropolis’ CTO". Announced: 25-7-2019

Privacy Method

Compliance

Their Other Projects

Roadmap

  • Can be found [Insert link here].
  • "Akropolis’ model proposes the creation of AFOs (Autonomous Financial Organizations), run like DAOs, that are generated by people who trust each other and would like to leverage their power as a group to conduct financial operations. For the time being, the financial integrations are subject to DeFi protocols and trading. However, according to our long term plan, especially after deploying the Akropolis Chain to allow scaling and interoperability, some of these financial operations will require an interface with traditional financial institutions such as banks, credit issuers, insurers, and others.

Usage

Projects that use or built on it

yEarn and Akropolis Relationship

  1. "Akropolis & Yearn merge development resources
  2. Akropolis & Yearn TVL increases
  3. Akropolis gets access to Yearn, Pickle, and Cream products, and can integrate its DCA solutions with these
  4. Yearn gets access to new investment strategies created by Akropolis
  5. Yearn accesses Akropolis business development expertise and exposure to its institutional client network
  6. Akropolis vaults merge with Yearn v2 vaults and become eligble to earn Pickle through the forthcoming Pickle Gauge, and leveraged through the forthcoming Cream v2 lending protocol.
  7. A new token will be introduced that tracks the losses incurred by the victims in the recent Akropolis exploit. It will be distributed proportionally through a snapshot."

Competition

Pros and Cons

Pros

Cons

  • When KuCoin got hacked (28-9-2020), Akropolis reportedly paused all AKRO transactions and blacklisted the hacker's known address. This shows centralized powers.
  • Got hacked and lied about it at first (12-11-2020).

Team, Funding, Partners

Team

  • Full team can be found [here].
  • Alex Maz; CTO

Funding

Partners 

  • MAMA, a member, according to their website (27-4-2021).

(:

Knowledge empowers all and will help us get closer to the decentralized world we all want to live in!

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If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.

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