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anchored·3JHF5J…Q76nSummary
Silo Finance V1 is a non-custodial isolated lending protocol launched on Ethereum mainnet in August 2022, enabling permissionless markets for long-tail crypto assets by confining risk to individual lending pools (Silos). The protocol experienced two security incidents in 2023: a critical interest rate manipulation vulnerability discovered by a white-hat researcher (no user funds lost) and a white-hat drain of approximately $45,000 in SILO incentive tokens due to a separate contract flaw. The deployed production version of V1 diverges from the audited codebase, a risk the team has publicly acknowledged but not fully remediated through re-audit.
Connected Entities
1 entities- + 8 more
Timeline(18 events)
December 2021
SILO governance token launch; protocol begins minting 1 billion tokens over four years.
2022
Early community airdrop distributed to initial participants.
April 2022
SILO token reaches all-time high of approximately $1.05.
7 May 2022
Certora begins formal verification of Silo V1 protocol; process runs through July 15, 2022.
15 July 2022
Certora formal verification completes; five issues uncovered (two high, three medium) that ABDK and Quantstamp had missed.
August 2022
Silo V1 launches in beta on Ethereum mainnet with nine pools capped at 500 ETH each.
September 2022
Silo V1 full public launch on Ethereum mainnet.
February 2023
Silo V1 deployed on Arbitrum.
27 April 2023
White-hat researcher @kankodu reports critical interest rate manipulation vulnerability (IRMv1) via Immunefi; estimated $3 million at risk on Ethereum mainnet.
May 2023
New interest rate model (IRMv2) coded, tested, and deployed on Arbitrum markets, capping utilization at 100% and interest at 10,000% per year.
7 May 2023
Governance proposal executed on Ethereum to transfer control and apply IRMv2 fix to mainnet markets.
10 May 2023
Certora begins formal verification of IRMv2 fix.
24 May 2023
Certora confirms IRMv2 eliminates all identified exploit vectors; no user funds were lost.
6 June 2023
Silo Finance publishes public vulnerability disclosure detailing the IRMv1 flaw, attack mechanics, and remediation. Immunefi publishes bugfix review. Bounty of 100,000 USDC awarded to researcher.
21 July 2023
RAMSES protocol discovers vulnerability in Silo incentives contract allowing full drain of approximately $45,000 in SILO tokens. Immunefi closes bug report as out-of-scope. RAMSES performs white-hat drain to RAMSES Treasury.
22 July 2023
RAMSES contacts Silo team directly; drained funds returned in full. Both parties attribute communication failure to Immunefi triage process.
2024
Governance proposal to deprecate XAI stablecoin published, citing peg instability and pool imbalances.
2024
Silo Finance publishes 2024 roadmap announcing transition toward V2 architecture.
Decision Log
- hash: Cn5EHoHcYDkgXPbLuihorG5ekxWYtDSGtfitWJKousJs
- hash: GCxngRLr3jnBy7zpiPREqLu4sZMo3E52sKrdLWxSbZKN
- hash: 6uXrbpqCEtowhHKpRxeDszivijwsoFP8LmJPTHhZD3TJ
This investigation is cryptographically anchored to the Solana blockchain (3 events). 15 of 19 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:22 AM
last updated: 8/30/2026, 3:54:59 AM
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