Akropolis (AKRO)

"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:

Audits & Exploits

• The bounty program offered by Akropolis has a maximum reward of $40,000 (20-9-2021).
• Akropolis’s Delphi savings pool was audited twice, the team said in the Discord, once by CertiK and another by an undisclosed team (12-11-2020). 
• The other team seems to have been SmartDec (20-7-2021).
• Scored 76% on DeFi Safety (20-9-2021):

"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

• When KuCoin got 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

• Akropolis token pool got drained of $2M in DAI (12-11-2020).
• From Rekt (12-11-2020):

"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

• From DeFi Safety (20-9-2021):

"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."

Technology

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

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

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.

yEarn and Akropolis Relationship

• UPDATE (25-2-2022): all of the following Yearn mergers of SushiSwap, C.R.E.A.M. Finance, Akropolis, Pickle Finance, Iron Bank are unmerging again.
• Andre Cronje announced (30-11-2020) the yEarn partnership with Akropolis, which would have the following results:

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."

Pros and Cons

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

Partners 

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

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