OP Incentives Now Live On Synthetix

More than 5.3 million OP tokens are being distributed to traders over the next 20 weeks.

OP Incentives Now Live On Synthetix

Quick Take

  • The Rocket Pool Atlas upgrade goes live.
  • CoW Swap adds support for partial limit orders.
  • OP incentives go live on Synthetix.
  • Taylor Monahan unveils an elaborate crypto exploit.

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Optimism Highlights 🔴✨

OP Incentives Now Live On Synthetix
Optimism token incentives are now live for Synthetix Perp traders. More than 5.3 million OP tokens are being distributed to traders over the next 20 weeks. In the first week, only 10,000 OP tokens will be distributed, followed by 100,000 OP tokens in the second and third weeks, and 300,000 OP tokens per week for the remaining 17 weeks. Traders are assigned a score based on their total trading fees paid, excluding gas fees. SNX stakers also receive a reward multiplier based on their stake amount. Traders can claim a pro-rata share of weekly rewards from the UI of the integrator dapp used, which includes Kwenta, Polynomial, Decentrex, and dHEDGE. The rewards come from Synthetix’s share of Optimism’s Phase 0 distribution.

Rocket Pool Atlas Upgrade Goes Live

Rocket Pool successfully executed its Atlas upgrade at block height 17069898. The release enables compatibility with Ethereum’s Shapella upgrade, allowing Rocket Pool node operators to claim rewards and execute validator exits. The release also brings gas optimizations and an increased deposit pool limit, among other updates. Atlas reduces the staking requirements for minipools from 16 ether to only 8 ether. Over 800 new 8-ether minipools, coined as LEB8 minipools, have gone live since the Atlas upgrade. Existing node operators with 16-ether minipools can also convert their pools to 8-ether pools. Minipool operators earn a 14% commission from rETH stakers.

Partial Limit Orders On CoW Swap

CoW Swap added support for partially fillable limit orders, which are executed gradually as liquidity becomes available at the limit price. Partial fills allow for faster order fills and even pass along any surplus to traders. Previously, CoW Swap only offered fill or kill limit orders, which requires liquidity to be available for the entire order. CoW Swap is an MEV-protecting DEX aggregator that uses a network of solvers to match peer-to-peer orders. Since partial limit orders are executed over time, they have a higher chance of being matched with another order in a transaction batch, leading to reduced fees. Partially fillable limit orders are enabled by default on CoW Swap.

Over 5,000 Ether Drained From Crypto Natives

Taylor Vano, a developer at MetaMask and Founder of MyCrypto, shared findings of an elaborate exploit that has drained over 5,000 ether since December 2022. Vano stated that the ongoing attack has targeted the wallets of crypto OGs who are reasonably secure, work in crypto, and generated wallet keys between 2014 and 2022. According to Vano, the unknown hacker has distinct on-chain movements, such as draining wallets at nearly the same time of day and usually on weekends. The exploit appears to be a private key compromise as Taylor believes the hacker obtained a cache of year-old data. The hacker also executes swaps inside victims’ wallets. Vano urges crypto users to avoid storing all assets on a single private key or seed phrase for several years. Instead, she suggests splitting up assets across wallets and using a hardware wallet. The exploit is also not entropy-related and is not exclusive to MetaMask users.

Kyber Network Urges LPs To Withdraw

Kyber Network is urging its Elastic LPs to withdraw all funds ASAP due to a potential vulnerability. The DEX aggregator says KyberSwap Classic remains unaffected and no user funds have been lost. Kyber Network did not release details of the vulnerability as the investigation is ongoing. Elastic is Kyber Network’s Dynamic AMM that auto-compounds LP yields. KyberSwap Elastic will be re-enabled once the vulnerability is mitigated.