Avalanche Updates
Avalanche's Platypus Protocol recently suffered an $8.5 million flash loan attack, which caused the de-pegging of its new stablecoin USP from the U.S. dollar, dropping 52.2%. However, a community collaboration has allowed for the recovery of almost a third of the funds. Meanwhile, Loco, an independent e-sports and live-streaming platform, is partnering with Avalanche to create a suite of Web3 products that will bring innovative fan experiences utilizing a custom Avalanche Subnet. Loco recently raised $42 million and has partnered with gaming publishers like Krafton, Activision Blizzard, and Riot Games.