Optimism Calls For OP-Geth RollBack

Coined as the Regolith upgrade, the fork will implement changes to deposit processing on the rollup.

Optimism Calls For OP-Geth RollBack

Quick Take

  • Gitcoin introduces its gtcETH liquid staking index token.
  • The Liquid Collective deploys its LsETH token.
  • Tender.Fi suffers a $1.6 million exploit.
  • Optimism prepares for its Optimism Goerli hardfork.

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Optimism Highlights 🔴✨

Optimism Calls For OP-Geth RollBack
Optimism is asking infrastructure providers to roll back op-geth to a previous version after discovering issues with a recent release. Once ready, node operators on Optimism Goerli are required to update their op-node and op-geth clients ahead of a hardfork on March 17th. Coined as the Regolith upgrade, the fork will implement changes to deposit processing on the rollup.

Gitcoin Introduces gtcETH Liquid Staking

Gitcoin introduced gtcETH, an index token of liquid staking derivatives that contributes a portion of staking rewards to Gitcoin. gtcETH was created on Index Coop, a dapp for creating custom index tokens. It also uses the same methodology as Index Coop’s dsETH liquid staking token index, which consists of rETH, wstETH, and sETH2. gtcETH features a 3.24% variable APY for holders. 1.75% of the staking rewards are donated to Gitcoin. Index Coop keeps a streaming fee of 0.25% for providing the service. Two initial liquidity pools for gtcETH have also been seeded on Uniswap v3. Gitcoin did not specify how it plans to allocate funds received from gtcETH holders.

LsETH Liquid Staking For Institutions

Liquid Collective, an enterprise liquid staking project, deployed its $LsETH liquid staking token. Coinbase Prime and Bitcoin Suisse, which are members of the collective, launched $LsETH support for institutional customers. The token is set to be listed for trading on Coinbase. Holders can also transfer out $LsETH for use in DeFi. Liquid Collective says $LsETH holders are protected against slashing events thanks to a coverage program with Nexus Mutual. $LsETH staking consists of node operators with multi-cloud, multi-region, and multi-client infrastructure, including Coinbase Cloud. A KYC check is required as part of minting and redeeming $LsETH.

Tender.Fi Hacked By A White Hat

Tender.Fi, a borrowing protocol native to Arbitrum, was exploited for nearly $1.6 million by a white hat. The attacker was able to drain all borrowable tokens on the protocol after having deposited a single GMX token. The attacker left a message in the transaction calldata, stating the exploit was related to a misconfigured Oracle. Once Tender.Fi reached out, the white hat agreed to return all stolen funds minus 62.15 ETH, which was kept as a bounty. Tender.Fi then repaid the bounty’s value back to the protocol to make users whole. It was later confirmed that a decimal error caused the contract to return the price of GMX with 38 decimal places instead of 18.

Uniswap developer Mark Toda released a framework for executing sponsored transactions. The framework uses Permit2, a contract by Uniswap that features time-bound and signature-based token approvals. It allows users to set any amount of ERC-20 tokens as payment for getting their transaction executed by a Sponsor. Permit2 allows a Sponsor to batch token transfers and verify signatures on behalf of a user. Once a user specifies and signs a set of operations along with an ERC-20 token tip, a Sponsor contract can pull user tokens, verify the signature, perform the operations, and pay the executor. The code for the framework has not been audited.