- Compound pauses ZRX, BAT, MKR, and YFI.
- Armada Network unveils its decentralized frontend platform.
- Arbitrum Nova block explorer is now live
- Polynomial shuts down its Gamma Vault.
Optimism Highlights 🔴✨
Polynomial Shuts Down Gamma Vault
Polynomial Protocol, an options protocol on Optimism, shut down its Gamma Vault. The vault’s strategy consisted of long call options and short perpetual futures. Polynomial cited the lack of significant volatility and difficult option price estimations as the reasons for the vault’s closure. The vault aimed to profit from short-term volatility. Since Gamma Vault was deemed unprofitable over the recent months, Polynomial is compensating Gamma Vault depositors with a share of 13k OP tokens to offset any losses. Users who deposited prior to October 19th also received a 10% multiplier.
Compound Pauses Low Liquidity Tokens
Compound governance passed Proposal 131, which pauses the token supply of four tokens on its V2 market. Users are no longer be able to use ZRX, BAT, MKR, and YFI as collateral for loans. The pause was made to reduce the risk of a potential oracle manipulation-based attack on low liquidity tokens. The proposal comes a week after Solana-based DEX Mango Markets suffered a $117 million exploit from a price manipulation attack on its native MNGO token. Compound founder Robert Leshner urges users to migrate their positions to Compound V3, which he says is resistant to the oracle attack vector.
Armada Network Decentralized Frontend
Armada Network unveiled the launch of its decentralized front-end hosting platform. Armada’s hosting service operates on a network of trustless community-run nodes and allows hosting to be controlled by any on-chain address. Thales, Synthetix, and Audius are among the projects to have partnered with Armada on the initiative. Currently, many decentralized organizations rely on core team members to update DNS records. Most open-source frontends also point to a centralized gateway. Armada aims to decentralize access to DNS and hosting controls. Armada plans to release a whitepaper with technical details in the near future.
Arbitrum Nova Block Explorer
Arbitrum released a block explorer for its Arbitrum Nova chain. The explorer is powered by Etherscan, providing users with a familiar interface to track their transactions. Arbitrum Nova uses a data availability committee for off-chain data storage. The chain is powered by Offchain Lab’s AnyTrust technology. Arbitrum Nova is being used to power Reddit’s community points program. Reddit Points are ERC-20 tokens that are earned by users for engaging in subreddit communities. Offchain Labs warns that Arbitrum Nova is still in a beta phase and could contain potential undiscovered vulnerabilities.
SAFE Transferability Proposal
SafeDAO Ecosystem Proposal (SEP) #2, a proposal seeking to enable SAFE token transferability, is now open for discussion until October 30th. Voting for the proposal is expected to go live next month. If passed, unvested tokens would still remain non-transferable in the vesting contract. SAFE is the native governance token for SafeDAO’s smart contract wallet protocol.