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Last updated: Oct 23, 2023
Furucombo is a LEGO-inspired DeFi-tool, created for users who want to benefit from investing in the cryptocurrency market without learning how to code. Furucombo lets users optimize their DeFi strategy by a simple drag and drop mechanism, visualizing complex DeFi algorithms into cubes with pre-set orders, called ‘combos’.
The name Furucombo refers to the Japanese video game 太鼓達人, where the player needed to hit all drums to get a whoop “Full combo”, just as a DeFi tool’s user needs to execute all cubes to complete a transaction.
Furucombo received $1.85 million of investment in a seed VC round on January 7, 2021. The main investors were Multicoin Capital, 1kx, Stani Kulechov, DeFiance Capital, and SevenX Ventures.
The Furucombo project allows users to create numerous automated actions in a single pattern that can be implied by them as investment strategies, with just a few clicks. These automated patterns can reach and utilize the services of numerous platforms such as Uniswap v2, Aave v2, SushiSwap, Curve, Yearn, Compound, Maker, 1Inch, Paraswap, Uniswap v3, B-Protocol, and Synthetix.
Users can create limit orders to automatically rebalance their portfolios against market volatility. It is also possible to use flash loans to execute collateral swaps or debt swaps in one transaction. Furucombo sends the user's funds directly to selected protocols and sends all funds back to the user's wallet after the transaction is completed.
There is still some risk in using Furucombo, even while the tool is not charging any fees at the moment. ETH is needed to pay the gas fees, and in case a combo involving a flash loan will fail, the user still needs to pay the transaction fees regardless of the outcome.
To interact with the Furucombo app it is first necessary to connect a wallet. After this, users can select different APYs or choose different pre-set strategies on Furucombo. The drag-and-drop tool allows users to build and customize different DeFi combinations, visualized as sets of cubes and called ‘combos’. All the chosen protocol actions are bundled into one transaction, significantly saving funds on gas fees. Currently, the list of wallets Furucombo supports includes MetaMask, Wallet Connect, Coinbase Wallet, Ledger, Formatic (Ethereum only), Postis, and Toruc.
Furucombo fees include a 20% performance fee on the auto-invest product collected and managed by the Furucombo Treasury.
The project aims to invite as many users as possible. There are eleven educational guides already published in the Furucombo tutorial section.
There is a disclaimer on the project’s website warning that Furucombo is beta software, and therefore may be highly unstable so should be used at the user’s own risk.
COMBO is Furucombo’s native token. Its total supply is limited to 100,000,000 tokens. 48 million will be allocated for community growth, and 25 million will be vested for the core team and future development. The tokens reserved for advisors and investors will also be vested.
Holding COMBO tokens gives Furucombo users the power to participate in the project’s governance system.
The current version of Furucombo does not charge any fees for using it. But the upcoming Furucombo v2 will charge fees from users to keep the platform running. After this upgrade, COMBO holders will receive their share of the collected fees as rewards for securing the platform. In some cases, LPs will be rewarded with tokens and fee returns from partner protocols.
In the future, Furucombo will also introduce premium features available only for COMBO holders.
In February 2021, Furucombo suffered a massive loss of roughly $15 million in ETH and ERC-20 tokens. A hacker tricked Furuсombo using a fake contract and managed to transfer 21 different assets into their wallet. The breach affected 22 Furucombo users who were later compensated by the project.
The project fell victim to a so-called “evil contract” attack. An evil contract is a smart contract masquerading itself to look like a legitimate version of another contract. In the Furucombo hack, the contract was made to appear as a new implementation of Aave v2. After it managed to trick Furucombo into believing it, the “evil contract” took advantage of poorly configured permissions in Furucombo user accounts, according to Halborn, which posted a research article on the incident. Users that had prior to the attack given permissions to the Furucombo protocol, allowed the malicious contract to perform transactions with them without further approval when they would interact with the “evil contract”.
Furucombo is a product of Dinngo Pte Ltd., a company registered in Singapore. According to the website, it is the first decentralized exchange registered as a money services business (MSB) with the US Financial Crimes Enforcement Network (FinCEN).
Uniswap v1 and Compound were the first DeFi projects supported on Furucombo. Since then the list of partners was significantly expanded. Users can now choose between Maker, Uniswap v2, Synthetix, Yearn, Kyberswap, Aave v1&v2, SushiSwap, QuickSwap, Curve, Oasis, B-Protocol, and Balancer v1 features to make their transactions.
In May 2021, Furcombo announced its bug bounty program, promising up to $250,000 in rewards for the information on vulnerabilities found in the protocols. The value of rewards will vary depending on the severity of a bug according to the OWASP risk rating model.
The developers’ team is currently working on the Furucombo v2 version, aiming to turn the project into a DeFi portal. After the upgrade, Furucombo will be able to connect to more protocols and integrate cross-chain solutions. Another feature promised to be implemented will be the launch of a pool combo system, enabling users to act as fund managers.
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