On October 21, Wombat Exchange took to social media platform X to inform users about the unauthorized appropriation of its design by the decentralized exchange Velocore on the ZKsync network. Wombat stressed the necessity for its community to stay alert regarding this issue, citing potential security risks associated with such design thefts and advocating for thorough user research.
How Should the Community React?
In response to the situation, Wombat Exchange urged its members to exercise caution. The platform revealed that Velocore had utilized its design without consent, warning that such actions could introduce security vulnerabilities. Users were encouraged to remain informed and conduct their own evaluations to mitigate risks.
Wombat also requested that community members share the alert by retweeting the announcement to widen its reach. The message quickly gained traction, prompting users to think carefully about their reactions to Velocore’s actions.
What Did Velocore Say?
Velocore swiftly responded to the claims made by Wombat. Their officials acknowledged using Wombat’s mathematical formula but contended that it was not a direct copy. They clarified that the term “Wombat style” was employed merely for simplification, insisting that the formula was not unique to Wombat.
Despite asserting the functionality of their stablecoin pools, Velocore’s defense failed to convince many in the Wombat community, prompting ongoing scrutiny of the situation. The back-and-forth between both exchanges reignited conversations about security and originality within the ZKsync network.
- Wombat Exchange has alerted users about potential security risks.
- Community members are encouraged to report and research the issue.
- Velocore admits to using Wombat’s formula but denies copying.
- The incident has sparked wider conversations about originality in decentralized exchanges.
The exchange of words between Wombat and Velocore has not only heightened awareness about design integrity but also raised critical questions regarding user safety in the rapidly evolving landscape of decentralized finance.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
