Solana projects reopen after getting funds back from Mango Markets

Quick Take

  • DeFi projects UXD Protocol and Tulip have been given back their tokens that were lost during the Mango Markets exploit.
  • Both projects have taken steps to reopen their services in full on the Solana blockchain.

Two Solana-based decentralized finance (DeFi) protocols, Tulip and UXD, have recovered tokens from Mango Markets, a lending protocol that recently suffered a major exploit. This has enabled both projects to start reopening their services, giving confidence back to the Solana DeFi scene.

The projects were affected when Mango Markets suffered a price manipulation attack and lost $114 million in user deposits. Through negotiation efforts, the protocol managed to recover $67 million of the stolen funds.

The Mango Markets team opened claims on Oct. 20, allowing users, including other Solana projects, to recover funds they had lost during the attack. UXD Protocol and Tulip Protocol have recovered their respective funds and taken initial steps to reopen their individual services.

UXD to restart new stablecoin mint

UXD Protocol, which is a decentralized stablecoin protocol on Solana, notified users that it has recovered all assets lost during the Mango exploit. The stablecoin maintains value by allocating funds into third-party investment strategies, including supplying its USDC stablecoin holdings on lending platforms to earn yields.