- CoW Swap introduces an MEV-blocking RPC.
- Arbitrum proposes two new AIPs.
- Euler releases its plan for user redemptions.
- Sentiment recovers 90% of funds from exploiter.
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CowSwap Introduces MEV Blocker RPC Endpoint
CoW Swap, Agnostic Relay, and Beaver Build jointly developed MEV Blocker, an RPC endpoint that pays users for MEV generated from their transactions. Over 30 Ethereum projects have joined forces to support the new RPC endpoint. MEV Blocker returns at least 90% of MEV to users and allocates 10% to validators as a reward.
An RPC is a communication protocol used by dapps to connect to Ethereum. Instead of sending transactions to the mempool, MEV Blocker routes transactions through a network of searchers designed to block frontrunning and sandwich attacks. Bundles are then submitted to all major block builders, including Flashbots and bloXroute. Users can visit mevblocker.io to add the endpoint to their wallet.
Arbitrum Proposes New AIPs
The Arbitrum Foundation committed to not moving any of the remaining 700 million ARB tokens in its possession until a budget is approved by governance. Arbritrum faced scrutiny after it transferred 750 million ARB tokens to the foundation without governance approval. 50 million ARB tokens have already been spent by the foundation.
Arbitrum shared two new governance proposals. The first proposal, AIP-1.1, seeks a four-year vesting schedule on the 700 million ARB tokens and a $36 million annual operational budget. The second proposal, AIP-1.2, seeks to remove references to AIP-1 in the Arbitrum Constitution. Among other changes, AIP-1.2 also seeks to lower the threshold required for posting an AIP to 1 million ARB.
The proposals come after Arbitrum governance voted against AIP-1. Arbitrum also published a transparency report outlining actions that have already been executed. Voting for the new proposals is set to start on April 8th via Snapshot and will remain open for one week.
Euler Proposes Redemptions Plan
Euler Finance published a proposal outlining how it plans to execute the redemption of user funds. The proposal seeks to freeze the USD value of all protocol assets at the time of the hack on March 13th. The proposal then seeks to compute a Net Asset Value (NAV) for each account by converting the value of the account’s assets into ETH.
Users will then be able to claim their funds in the form of recovered assets proportional to the NAV of their position at the time of the hack. A total of 95,556 ETH and 43.06 million DAI were recovered from the exploiter. Euler will deploy a new smart contract for executing redemptions on EOAs. Redemptions for users with a smart contract wallet or multi-sig will be processed on a case-by-case basis.
Sentiment Recovers 90% Of Drained Assets
Sentiment successfully recovered 90% of assets that were drained from its protocol earlier this week. After a period of onchain and offchain communication with the exploiter, Sentiment reached a deal for the return of ~$900k worth of assets in exchange for a 10% bounty. The protocol plans to release details for the restoration of user assets in the coming days. Sentiment is an under-collateralized lending protocol native to Arbitrum.
Superfluid Releases Subscriptions ToolKit
Streaming payments protocol Superfluid released a toolkit for automating recurring subscriptions. Developers can use the toolkit to integrate crypto-native checkouts and streaming subscriptions. Superfluid Subscriptions support payments in any ERC-20 token across eight networks. Superfluid Subscriptions is currently in a limited early release.