New year, new moves! 2025 is off to a strong start for Cod3x, and this past month was packed with action. From deep dives into AI and DeFAI on Cod3x Club to major breakthroughs like $TONY’s launch on Solana and the expansion of our Cod3x Create alpha test, we’ve been keeping things exciting. Plus, Ironclad is making waves with its exclusive launch of Liquity V2 on Base. Let’s break it all down!
Cod3x
Events
Last month, Cod3x Club continued delivering high-quality discussions, even in Corval’s absence. Charles stepped up as the host for two episodes, proving his ability to lead engaging conversations. Many of the discussions focused on AI, DeFAI, and American politics, culminating in an insightful episode featuring Josh from Irys, the first Layer 1 programmable datachain.
Featured Episodes
- How AI Agents Are Eating Memecoins’ Lunch
- DeFAI Frauds Exposed!
- Pump, Dump, and Power: How Politics Meets Crypto
- Will DeepSeek Bring An End to American AI Dominance? (Featuring Josh from Irys)
Additionally, Justin was a guest on the Wealth28 podcast, where he discussed the state of DeFAI, Cod3x, and Big Tony.
Announcements
$TONY on Solana
One of the biggest announcements in January was the launch of $TONY on Solana, in collaboration with the Hyperlane team. This is the same token as on other chains, sharing the same market cap. Due to Solana’s volatile nature, $TONY saw $5 million in trading volume within the first five minutes.
Cod3x Create V0.1 Alpha Testing
The closed Alpha testing of Cod3x Create V0.1 was a massive success! With live testing events almost every day, users got hands-on experience with the most advanced tool for running autonomous AI trading agents. The tests generated valuable feedback, shaping the next update.
Cookie3 Growth Partnership 🍪
Cod3x has officially joined the Cookie3 Growth Partner Program and will participate in Cookie DAO’s Multi-Airdrop Farming. Stay tuned for more details on how you can get involved in this huge campaign!
Yield on Base: cdxUSD/mBASIS Vault
We’ve partnered with MidasRWA to launch the cdxUSD/mBASIS vault on MorphoLabs. Now, you can deposit mBASIS and borrow up to 86% of your collateral in cdxUSD—maximizing exposure to mBASIS yield.
💰 mBASIS Highlights:
- Tokenized delta-neutral basis trade.
- 7-day APY: ~10% (peaking at 40% during strong funding rate periods).
- Zero slippage minting using USDC, USDT, or DAI.
Mentions
The release of Cod3x Create’s Alpha version and a sneak peek at V0.2 (check it out) generated huge coverage across Crypto Twitter. Here are some of the top mentions:
- 🔗 The DeFi Edge
- 🔗 DeFi Mochi
- 🔗 Sametulutea
- 🔗 BraceForNow
- 🔗 LadefiF
- 🔗 HakResearch
- 🔗 52web3
- 🔗 Defi0xJeff
- 🔗 Diego DeFAI
- 🔗 Francesco Web3
- 🔗 DecentralisedCo
- 🔗 Crypthoem
We also got featured on major YouTube channels like ErhanK and Crypto Banter!
- 🔗 Cod3x Mention on ErhanK
- 🔗 Cod3x Mention on Crypto Banter
Must-Read from Justin
Ironclad
Announcements
Mode’s Season 4: Agentic Economy
Mode launched Season 4: Agentic Economy, introducing $2M in OP incentives and an official veMODE bribe market. You know who to vote for 😉
Ironclad Exclusive: Liquity V2 on Base
Ironclad has signed an exclusive agreement to launch Liquity V2 on Base! Over the past year, Liquity has been issuing licenses to teams to launch friendly Liquity v2 forks on various networks alongside their official launch on Mainnet. Each implementation will be unique, on their own respective networks, and in support of Liquity itself.
We are excited and honored to be the ones to bring Liquity v2, under the Ironclad banner, to one of the most successful networks in DeFi.
More details on revenue sharing, ICL tokenomics updates, and stablecoin implementation are coming soon.
New Listings on Ironclad
1. uniBTC is now live for lending and borrowing on Ironclad, with co-incentivized rewards from Bedrock.
1. Midas DeFAI Integration – A new natural language DeFAI tool on Mode has integrated Ironclad for lending/borrowing.
Ionic Exploit Aftermath
On February 4, Ionic suffered an exploit due to a social engineering scam. A hacker managed to mint a fake LBTC token and use it as collateral, allowing them to borrow as much as possible. This left the markets fully utilized and under-collateralized. The hacker then used the borrowed funds (primarily mBTC) to borrow everything they could from Ironclad and LayerBank on Mode.
At this stage, only Ionic’s markets became insolvent, while Ironclad and LayerBank remained solvent but frozen (illiquid). The hacker’s wallet was subsequently frozen on Mode, and mBTC bridges were shut down to prevent further fund transfers.
On February 7, the hacker managed to bypass the L2 sequencer using an escape hatch mechanism, allowing them to push some transactions through to the L1. They then bridged additional funds out of Mode via Meson—an mBTC bridge that had yet to be disabled. In response, a decision was made to burn all mBTC receipts on Mode to mitigate further liabilities.
Impact on Ironclad
We are currently awaiting further updates from the Mode, Merlin, and SEAL_911 teams. As it stands, our markets remain solvent, accounting for the mBTC receipts that were burned by Merlin as a security measure. In the meantime, we have frozen all markets and reduced interest rates to near zero while awaiting the next steps.
Our deepest sympathies go out to those affected by this exploit. Despite the challenges, we remain optimistic about a resolution and encourage everyone to stay calm as the investigation continues.
Looking Ahead
That’s a wrap for January! We’re charging into 2025 with big moves, and this is just the beginning. Stay tuned for more updates, deep dives, and game-changing launches coming your way. If you haven’t already, join us in the Cod3x Discord to be part of the action.
See you next month!