what's anubisdao?

AnubisDAO was an experimental decentralized autonomous organization (DAO) launched on the Ethereum blockchain in October 2021, designed as a community-driven DeFi protocol. It utilized a bonding curve mechanism for token distribution, allowing users to purchase ANUBIS tokens directly from a liquidity pool that grew with demand. The project aimed to foster a fair launch without traditional venture capital involvement, emphasizing transparency and community governance through token holder voting on protocol upgrades and treasury management. The protocol's architecture included automated market-making via the bonding curve, where token prices increased predictably with buys and decreased with sells, incentivizing early participation. Funds raised were intended for ecosystem development, such as liquidity provision and integrations with other DeFi primitives. However, shortly after launch, the project experienced a significant exploit where developers drained approximately $60 million in liquidity, leading to its collapse and highlighting risks in rapid, unverified launches. Post-incident, AnubisDAO became a case study in rug pull vulnerabilities, with on-chain investigations revealing fund flows to exchanges. The event underscored the importance of audited code, team doxxing, and secure liquidity locking in DeFi projects.

AnubisDAO suffered a $60 million hack.