Is Eminance the first significant cryptoeconomic hack?
Contrary to most of the hacks, the smart contracts were not broken, they worked exactly as intended. But the economics were. 1/n $EMN

Basically there was a bonded curve were people can put $DAI to get $EMN at a price determined by the supply of $EMN. Then the EMN could be burnt to get various eTokens (eAave, eYFI, eSNX). At a price in EMN depending of the supply of the token. 2/n

$EMN could also be burnt to get $DAI back. And the eTokens could be burnt to mint back $EMN. 3/n

The hack was:
- Buy a large amount of EMN.
- Burn a part to get eToken.
- Burn the other part back to the curve getting you DAI (at a higher price, since some EMN were burnt to get eToken so the supply is lower).
- Burn the eToken to get EMN back.
- Burn EMN to get DAI back.
4/4