BGD Labs Presents Aave Governance V3

Tuesday, March 21, 2023

Quick Take

  • The Ronin hacker sends a message to the Euler exploiter.
  • Aztec Connect disables deposits on its privacy rollup.
  • Arbitrum releases DAO airdrop allocation details.
  • BGD Labs presents Aave Governance V3.

Ronin Hacker Sends Message To Euler Exploiter

The Ronin bridge exploiter has sent an on-chain message to the Euler exploiter. The message contains a link to a decryption tool and requests the Euler exploiter to use its private key with the tool to decrypt a message. The Euler team urged the Euler exploiter to not use the tool because it contains a vulnerability that could leak the private key.

The Euler exploiter responded to the team’s message, claiming they “still want to do the right thing.” Last week, the Euler exploiter sent 100 ether to a sanctioned wallet address associated with the Ronin bridge hack. The wallet is believed to be controlled by a North Korean hacking group known as the ​​Lazarus Group. The Euler exploiter is yet to return the remaining funds back to the protocol.

Deposits Are Now Disaabled On Aztec Connect

Deposits are now disabled on the Aztec Connect contract. Users can no longer deposit funds onto the Aztec privacy rollup. Withdrawals will be supported on Aztec Connect for one year. After March 21, 2024, Aztec Network will shut down its sequencer and users will need to rely on self-run software and community-run sequencers for withdrawals.

Aztec Network is also subsidizing gas fees for user withdrawals for the next 12 months. The Aztec Connect contract currently holds over $17 million worth of assets. Last week, Aztec Network announced that it will sunset its rollup infrastructure. Aztec Network will now focus on its universal ZK language called Noir.

Arbitrum DAO Airdrop Allocations

Arbitrum released the full list of eligible DAOs and their allocations for the Arbitrum airdrop. A total of 135 DAOs will receive a share of 113 million $ARB tokens. All projects on Arbitrum with a DAO and a community treasury were considered for the airdrop. An exception was made for the Protocol Guild collective on Ethereum.

Factors used to determine the allocation for each DAO include the deployment date, Arbitrum exclusivity, transaction volume, and TVL. Arbitrum-native projects TreasureDAO and GMX received the top allocation of 8 million tokens each. All eligible DAOs are allocated a minimum of 75,000 tokens. Arbitrum’s bridge contract recently surpassed 1 million ether in deposits.

BGD Labs Presents Aave Governance V3

BGD Labs, a development initiative that contributes to Aave, introduced Aave Governance V3, a governance upgrade that aims to minimize voting costs. The upgrade will enable governance voting on non-Ethereum networks with initial support for Polygon. BGD Labs also proposes for the Aave DAO to cover the voting cost for participants.

Aave Governance V3 also introduces support for stkABPT and aAAVE as voting tokens. The new voting system will no longer require historic balances of voting assets, which BGD Labs says will make AAVE and stkAAVE token transfers up to 75% cheaper. BGD Labs will soon post a temperature vote on Snapshot for its proposal.

SocketScan Multichain Explorer

Socket, an interoperability protocol behind the Bungee bridge aggregator, released an updated version of its SocketScan multichain explorer. The explorer allows users to track bridging transactions across all chains and bridges in a unified platform. The explorer only shows bridge transactions executed through Bungee or a dapp integrated with Socket Plugin.