The last five days have been undeniably difficult for Hundred Finance. The smart contract hack of the Meter.io token bridge on February 5th/6th created fallout that landed squarely on our platform. As a result of the bridge becoming compromised, BNB tokens on the Moonriver blockchain suffered a local price collapse that created an opportunity for malicious users to exploit our lending markets and generate bad debt.

While the negotiations we have been able to conduct with those in control of the relevant accounts have thankfully resulted in the successful return of more than half of the extracted funds, our investigation into options for the recovery of the remaining balance is ongoing while we simultaneously await word from the Meter project on their proposed compensation package.

Despite the time, energy and resources this unwelcome incident and its aftermath have required of us all, we on the team have continued to work actively on furthering the protocol and moving forward with the introduction of new features and integrations. For that reason, prior to the release at the earliest possible moment of a post mortem detailing the exploit and the next steps we and Meter are taking to address users facing a loss of funds, today we are able to publish a roundup of the many areas in which Hundred Finance is continuing to make progress.

One of the most exciting developments taking place currently for Hundred Finance is the imminent launch of Solidly, the new automated market maker (AMM) created by Andre Cronje for the Fantom ecosystem. Solidly will be a low cost, near zero slippage DEX that will allow for the trade in uncorrelated or tightly correlated assets. In January, Hundred was able to win a place among the Top 25 projects tasked with managing the protocol and the distribution of its native token, SOLID. We are currently in the closing stages of finalizing our plans for how to maximize long term revenue for veHND holders through the use of our hard-won NFT asset.

Users can now visit the Solidly site and explore the user interface and observe the pools and gauges being created. The first iteration of the gauges, where accounts will be able to deposit LP tokens to receive SOLID, are decided collectively by the whitelisted recipients of the project NFTs established during the Fantom TVL War. SOLID emissions will be assigned to these gauges based on votes cast on a dedicated page open to NFT holders to begin with, and later holders of locked veSOLID tokens. Each NFT-holding project is able to use the vote weight assigned to their NFT based on their TVL at the time of January’s snapshot, distributing this weight as either positive votes to improve emissions on their own and other gauges or negative votes to lower emissions on those that they oppose. Once the first epoch commences on Thursday, February 17th at 0:00am UTC, the gauges will then begin emitting liquid SOLID tokens that can be earned by projects and the public.

Our current intended approach to managing Hundred’s Solidly position is the creation of a HND-FTM pool and gauge. This will provide deep liquidity on the Fantom chain for HND while also allowing us to pair our protocol-owned HND tokens with our treasury FTM (received as a grant from the Fantom Foundation) and farm SOLID. These SOLID tokens can then be locked for veSOLID so that we are able to compound our position during this early phase of emissions and set the protocol up as a major fee revenue recipient. As farming SOLID will likely be a strategy employed by others, Thursday the 17th will also mark the point at which we’re all able to assess the most efficient pools for doing so. It may very well be the case that gauges holding assets that are less distributed, such as HND, provide much greater rates of return than those that offer commonly held pairs with comparatively high degrees of distribution and owners. For that reason, we shall be carefully observing how the market responds to the launch of Solidly so that we can act pragmatically in the interests of veHND holders. Needless to say, we are incredibly excited to see the impact of this innovation in DEX architecture and the value-add that Hundred Finance is able to reap from and deliver to it.

Internally, the next major breakthrough for the project in its delivery of multichain functionality is rapidly approaching. Currently, when users lock HND in order to receive the veHND necessary to participate in governance and receive gauge-granted APR boosts (amongst other things) they are restricted to the particular chain on which their veHND resides. The upcoming mveHND (mirrored veHND) deployment will surmount this limitation, allowing the benefits of a veHND balance to be experienced by the user equally wherever the Hundred Finance dApp is deployed.

The way in which we are engineering this improvement is through the generation of the mveHND token (with the ticker chosen by popular vote on Discord). mveHND will represent the sum of all veHND balances held across chains per user and will feature a contract that has a mirror_lock call eventually to be integrated with bridges. This will allow HND locks to be broadcast across chains through message passing, applying veHND balances and unlock dates across our network of dApp deployments.

On our end, the majority of the work needed to implement this upgrade in the protocol has now been done. At this point we are merely waiting for bridges to implement the message passing technology. While we wait for this to go ahead, however, we are looking to take a novel approach to applying its effects by holding an initial mirroring event (date to be decided) wherein we will carry out the process ourselves through the use of a merkle tree contract of our creation. This contract would contain the data on balances and unlock dates established through a snapshot, allowing veHND holders across chains to “claim” their mveHND and see their veHND balances at that point disseminated to all of our current deployments. This will have a boon to our veHND-holding community as they will have greater freedom to pursue boosted HND emissions as they please.

At the same time as working to implement new and exciting features and integrations with Hundred Finance, the team has also been hard at work spreading knowledge of the protocol to new crypto communities and participants in the DeFi ecosystem. In the last two weeks alone we have participated in three podcasts, one Discord AMA with SpookySwap and a presentation to Aladdin DAO. For anyone wishing to learn about the history of the project, its mission and the latest developments, consider having a listen to those among them that have been published so far:

Cryptonary is an online publication covering forthcoming news, trends and educational resources in cryptocurrency, fintech, blockchain and markets, all in one platform. In this episode of their regular podcast, host Stan talks to two core members of Hundred Finance, acidbird and TerraBellus, about the protocol’s mission to become a multi-chain lending protocol available on 100 different blockchains and why it decided to use the vote escrow tokenomics model of Curve Finance.

Food Farmer Finance is a collective of established DeFi 3.0 innovators, advisors, developers, yield farmers, and investors who have come together to create a Farming-as-a-Service (FaaS) platform that allows investors the chance to access a mixture of both simple and complicated yield generating strategies. In the first of their new series of podcasts, Hundred Finance introduces the project and discusses yield farming in the broader crypto ecosystem.

In the latest in its weekly series of Discord AMAs, SpookySwap is in conversation with acidbird from Hundred Finance. Discussing the project’s past present and future, as well as the latest developments taking place within the Fantom ecosystem.

Aladdin DAO uses collective value discovery to transfer crypto investments from venture capitalists to the hands of the community. Their Boule, a group of international specialists in DeFi, assesses promising DeFi projects and proposes the creation of vaults that allow community members to profit from their crypto investment. In this episode of their research presentations, vfat introduces Hundred Finance and its current work in delivering cross-chain lending and governance to the masses.

Fantom continues to deliver great benefits to veHND holders, again distributing Hundred a 75k FTM grant due to the TVL we have brought to the chain. As mentioned previously, our plan for these funds is to combine them with treasury HND and use them to generate income in the SOLID token. This will give us a solid foundation on the platform that can then be used to distribute the benefits of the Hundred Finance protocol to the multichain ecosystem that cryptocurrency has become.

Sticking with Fantom, our earliest partner on the chain, Beethoven X, instigated a special emissions system for their native BEETS token this year. Holders of fBEETS (the LP token received for supplying BEETS and FTM to their 80–20 pool) are able to vote every two weeks to steer 30% of all BEETS emissions to the pools of their choice. Since the commencement of the initiative in January, Hundred has performed consistently well in securing high returns for our When Two Become One (Hundred) pool. This success has been driven, in large part, by our kind supporters among the Beethoven X community, as well as from our ve-tokenomics inspired practice of delivering HND bribes to those who support us. As we look primed to move to providing a significant proportion of our Fantom liquidity through Solidly in the near future, we would like to take this as an opportunity to once again thank the Ludwigs for their ongoing collaboration in the activities of the project, especially as we look towards further opportunities to partner in activities on Fantom’s thriving DeFi space.

In a landmark achievement for the project, Hundred Finance’s Twitter account is now followed by more than 10,000 unique accounts. This will allow us to better disseminate information on our latest progress in the fields of cryptocurrency lending and multichain governance. What is more, our users are now able to better track their positions across multiple chains thanks to our full integration with Zapper DeFi dashboard. Zapper is an excellent tool for monitoring your portfolio, including assets, debts, liquidity pools, staking, claimable rewards, and yield farming activities while retaining control of your personal data! Just connect your MeteMask wallet or paste in the wallet address and track your Hundred Finance and other positions across chains.

As can be seen, the project continues to make great strides forward and forge for itself a place among the projects at the cutting edge of decentralized finance. In the coming weeks we look forward to releasing yet more information on our continuing development and collaborations, such as our upcoming integration with Liquid Driver. We on the team would like to express our continued thanks to our community for all of their support and for joining us in the pursuit of open finance available to all.