Today Haven Protocol successfully deployed a hard fork (version 1.4.0) to rollback the chain to block 886575. This is part one of a two-stage recovery plan to mitigate the June 2021 exploits and strengthen the protocol as we build the future of private money. Thank you to our dedicated community for guiding this process.
Background
Beginning on June 22, 2021, malicious hackers attacked Haven Protocol, exploiting several related vulnerabilities. Following the attack, the protocol’s core team worked together with partners to conduct a wide-ranging review of the protocol and its processes. …
Fork process will securely restart Haven Protocol’s chain and open exchanges while third party audits are completed.
This document highlights the next steps regarding the upcoming hard forks for Haven Protocol. The team’s top priority is to open up exchange wallets and enable all transactions as soon as possible while completing thorough audits and external review of the updated codebase.
These updates are in response to the June 2021 exploits. For further details, please read our full report.
Rollback to block 886575
On July 8, 2021 the Haven Protocol community participated in a vote to decide on the best response to the June 2021 exploits. A decision was made by the community to roll back the chain…
Do not conduct any on-chain transactions until further notice (Exchange transactions should be unaffected).
Beginning on June 22, 2021, malicious hackers attacked Haven Protocol, exploiting several related vulnerabilities. Following an extensive investigation, we conducted a wide-ranging review of the protocol and processes to ensure as smooth as possible recovery from the exploit.
We proposed a chain rollback to remove most of the inflation caused by specific exploits, particularly those with an unknown amount.
Our investigation determined that the optimal rollback point is block 886575 (June 27, 2021 at 22:21:08 UTC). …
Introduction
Starting from June 22, 2021, hackers attacked Haven Protocol, exploiting several related vulnerabilities. This report explains the impact of these exploits, how they were resolved, next steps for the project, and our key learnings.
As painful as this process has been, it has hardened the team and the protocol. There is no doubt that the project is now stronger because of it.
The attack took advantage of several vulnerabilities:
- Miner reward validation hack
- xJPY to xBTC conversion/transfer
- Hidden burn/mint amount bug
- Zero value price record due to oracle being disabled
The fact these vulnerabilities were possible has highlighted weaknesses in…
Dear Havenauts –
We’d like to thank the entire community for your patience during this challenging period as we’ve worked to unpack, analyze, strategize and mitigate the effects of the multiple attacks on the Haven ecosystem over the past weeks.
We are proud that our community and developers were the first to unlock the potential of “colored coin” conversions on top of the Monero protocol, an achievement that had long been considered implausible. …
New xAssets on Mainnet
This month saw the launch of the next phase of xAssets to Haven’s mainnet. This was another very important step forward to increasing network utility. The addition of multiple fiat currencies increases global awareness and allows users and businesses to integrate the Haven WooCommerce Plugin (now live) and accept multiple currencies.
In addition, the first crypto pegged asset, xBTC, has been added giving anyone in the world the ability to have exposure to Bitcoin’s price movements from their own private Haven Vault with no counter-party risk or conversion slippage.
In addition to XHV, xUSD, xCNY, xEUR, xAU (Gold), xAG (Silver)…
Introduction
Bitcoin’s volatility and price crash during April and May 2021 provided Haven’s team and community the first opportunity to analyze how Haven performed during a significant market correction.
The lessons learned for our team? Protocol performance has been nearly flawless, circulating supply of XHV is fluctuating as expected, and the tools put in place to prevent extreme supply swings are working.
As you may know from Haven’s white paper, the circulating supply of XHV is now dynamic, fluctuating based on the minting and burning of xUSD during different market cycles:
“XHV is a pure Proof-of-Work (PoW) coin with the…
Haven’s developers continue to make steady progress on the THORChain integration. The bulk of the work right now is on Haven’s Bifröst chain client, which is nearing completion.
Last week we shared logs from a working swap, sending XHV to another chain:
New private assets
As part of our ongoing mission to increase usage and utility of Haven’s ecosystem today we are announcing the launch of 4 new private currencies:
- xAUD — Australian Dollar
- xCHF — Swiss Franc
- xGBP — British Pound
- xJPY — Japanese Yen
These new private currencies offer several key benefits. They appeal to users looking for stablecoins pegged to their native currency, which is incredibly useful when transacting via eCommerce gateways or direct transfers. They will also open up a broader range of options for those looking to store value.
xBTC is now live!
Following years of discussion…
The aim of Haven Protocol was always clear. Solve an ‘unsolvable’ problem, build the product, gain mass adoption — and then set it free. Now that a range of xAssets are live, this is the perfect opportunity to focus on the path ahead and give our community further details about our long term priorities.
Haven’s journey consists of three phases:
Haven Protocol
Ecosystem of private stable assets. Based on Monero. The world's first private stablecoin xUSD is now live.
