Raft’s $R Stablecoin Suffers $3 Million Exploit
An attacker was able to mint 6.7 million uncollateralized R using a series of flash loans.
Raft suffers a $3.3 million exploit.
Obol mainnet open beta on December 1st.
Aragon introduces a plugin for multichain governance.
EtherRock NFT sells for 100 ETH.
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Stablecoin protocol Raft experienced an exploit resulting in a loss exceeding $3 million. Raft allows users to mint its R stablecoin through CDPs using ETH or LSTs as collateral. An attacker was able to mint 6.7 million uncollateralized R using a series of flash loans. The stablecoins were then swapped for ETH on Balancer. Unexpectedly, the attacker burned 1,570 ETH, valued at around $3.3 million, by transferring it to a null address. Defillama engineer 0xngmi noted that the burn led to a net loss for the attacker. Raft has since halted the minting of new R. Users who have active positions on Raft can still repay their positions and withdraw their collateral.
Obol Network is set to launch its Mainnet Open Beta on December 1st, allowing anyone to operate distributed validators (DVs) on mainnet. The DVs, which distribute a validator's key across multiple nodes, enhance Ethereum’s fault tolerance by ensuring continued validation even if a node in the cluster goes offline. Obol also introduced the Obol SDK, a TypeScript tool for creating and managing DV clusters, and Obol Splits, a series of smart contracts for handling reward, principal, and fee allocation within DV Clusters. Obol is also initiating a credential program for validators who successfully complete DV-related tasks.
Aragon introduced a multichain governance plugin that uses LayerZero for cross-chain messaging and zkSync Era for cost-effective vote settlement. The plugin allows DAOs to manage assets and permissions across multiple EVM chains from a single mainnet DAO contract, helping improve cross-chain protocol governance. The plugin is open-source and will be available on the Aragon App in early 2024.
An EtherRock NFT sold for 100 ETH, which is equivalent to approximately $209,000. EtherRock is a collection consisting of 100 NFTs, each featuring a distinct clipart image of a rock. The collection was originally created in 2017. Following the sale, the minimum price to acquire an EtherRock is now 150 ETH.
Poloniex hacked out of $120 million
Poloniex hacker burns $2 million
RISC Zero introduces Bonsai Pay
Aztec Sandbox v0.14.2
Introducing ERC-7555 and ERC-7556
Uniswap Wallet Integrates MEV Blocker
Swap protection shields users from front-running and sandwich attacks.
Polygon proposes for Celo to build on Polygon CDK.
Uniswap Wallet integrates MEV Blocker.
Kwenta Staking V2 goes live.
Vote to deploy Aave V3 on Polygon ZK-EVM.
Uniswap Wallet integrated swap protection as a default feature on all Ethereum Mainnet transactions. Swap protection shields users from front-running and sandwich attacks. The added protection layer may result in slightly higher auto slippage for certain swaps to help increase the chances of a successful transaction. Swap protection is powered through the MEV Blocker RPC endpoint from CoW Protocol. MEV Blocker directs user transactions to a private mempool and even refunds users a portion of the MEV generated from their transactions. Swap protection is only available in Uniswap Wallet mobile. Users can disable the feature if desired.
Polygon Co-Founder Sandeep Nailwal published a proposal seeking for the Celo Ecosystem to consider the deployment of its Layer 2 solution as a ZK-powered chain using Polygon CDK. The transition would provide Celo with EVM-equivalent compatibility, enhanced security through ZK proofs, low-cost transaction fees, and interoperability with other ZK-powered chains. Nailwal also offered implementation partners to support Celo core developers in deploying a CDK-based chain. The proposal comes after Celo Labs' own proposal to transform its L1 into an L2 network based on the OP Stack with EigenDA for data availability. Celo is an EVM L1 chain focused on payment infrastructure.
Kwenta launched Staking V2, an upgrade to a new set of smart contracts that introduce a checkpoint system for tracking staked balances. The upgrade introduces the ability to transfer escrow entries, a two-week cooldown for unstaking, support for smart contract-based staking, early vesting, and auto-compounding rewards. Kwenta V1 stakers are required to manually migrate their positions to the new V2 contracts in order to continue receiving rewards. Only KWENTA staked in the v2 contracts will count towards DAO voting power. Kwenta is an Optimism-native perpetual DEX built on Synthetix.
A snapshot proposal to deploy Aave V3 on Polygon ZK-EVM is now open for voting. The initial deployment seeks to support WETH, WMATIC, and USDC as collateral for borrowing USDC. The deployment aims to expand Aave’s presence across L2 networks. Polygon ZK-EVM is an EVM-equivalent ZK Rollup with just over $18 million in TVL
USDC and EURC naming.
Polynomial optimistic indexer.
Furrend pet lovers app on Base.
FOAM on the OP Stack.
Alchemy adds Solidity course.
Potential Scenarios For The Merge
Core developers updated The Merge TTD notes to reflect two scenarios for Ethereum’s PoS upgrade timeline.
Potential scenarios for The Merge.
Orbiter Finance releases an L2 data tracker.
Circle and Tether support ETH PoS.
Socket releases Plugin bridge widget.
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The Goerli Merge is expected to happen on Thursday, August 11, 2022 at 00:24:12 UTC (that’s a couple hours after this email has been sent). Goerli is the last of three public testnets to undergo the transition to Proof of Stake before the transition on Ethereum Mainnet.
Bordel.wtf
Days of PoW are numbered. Bordel.wtf is counting them.
Ethereum developers updated The Merge TTD notes to reflect two scenarios for Ethereum’s PoS upgrade timeline. In the first scenario, the Bellatrix upgrade would be set to happen on August 31st. A TTD value for The Merge would then be targeted for September 15th. In the second scenario, the Bellatrix upgrade would be set for September 6th with a TTD value targeted for September 20th. Ethereum developers aim to find a TTD value which is hit after the Bellatrix mainnet upgrade but before the end of September. The challenge lies in estimating hashrate volatility, which affects how soon the chain reaches a TTD value. A Bellatrix Epoch height and TTD value for The Merge on Ethereum Mainnet is expected to be selected during this week’s consensus layer call.
Circle Pay and Tether are now among the latest companies to announce support for ETH PoS in the event of a hard fork during The Merge. Circle stated that USDC, as an Ethereum asset, can only exist as a single valid version of the chain. The company’s plan is to exclusively support the upgraded Ethereum PoS chain. Tether stated that the transition to PoS should not be weaponized to cause confusion and harm within the ecosystem. Tether is also exclusively supporting the PoS chain in alignment with the Ethereum Foundation. Circle and Tether are the industry’s largest stablecoin issuers with a collective market cap of over $110 billion.
Interoperability protocol Socket released Socket Plugin, a widget that allows dapp developers to build their own bridge using Socket’s liquidity layer. Plugin is a React component that can be imported in any React (JS/TS) project. Developers can customize the widget theme, preselect chains to support, whitelist bridges, and curate token lists. Plugin taps into Bungee, Socket’s cross-chain bridge aggregator. With just a few lines of code, dapp developers can give users access to Bungee’s optimized bridging routes across eight supported chains. The bridge also supports cross-chain swaps and destination gas bridging with Bungee’s “Refuel” feature.
Uniswap also released a Swap widget, allowing developers to integrate the DEX into their dapp. Swap is also a React component that can be imported into any React project. The widget has built-in wallet connection functionality with support for WalletConnect and MetaMask. The colors, font, token lists, and the default input and output tokens can also be customized. Developers can integrate the Swap widget to build a custom front end for Uniswap, enable swaps within a DeFi application, or as a token conversion tool for gaming and NFT use cases.
Orbiter Finance released a new data aggregation and analysis dashboard for the Ethereum L2 Rollup ecosystem. The tool tracks on-chain dapp data across Arbitrum, Optimism, and zkSync. Metrics tracked include daily transactions, daily active users, new users, interactions, TVL, and new contracts. Orbiter sources data from RPC endpoints and external APIs from rollup explorers.