Star Project Weekly | Tornado Cash Sanctioned; Offchain Labs Launches Arbitrum Nova (8.8-8.14)
During the week from August 1st to August 7th, the events worthy of attention in the progress of star projects include:US OFAC Adds Tornado Cash and Multiple Addresses to the Sanctions List；Offchain Labs Announces the Launch of Arbitrum Nova；Public chain project Aptos releases white paper；Cosmos pre-release interchain security v0.1；Solana fee marketplace coming soon；StarkNet launches recursive proof supported by Cairo general computing；Gitcoin Launches Gitcoin Passport, Web3 Identity System；FTX and Justin Sun are negotiating to acquire Huobi shares valued at $3 billion by Li Lin；MakerDAO Considers Buying $3.5 Billion in ETH, Vitalik Calls Risky and Scary；Acala suspected of being hacked, aUSD fell below $0.01；Curve.fi domain name server was stolen, users need to remove the relevant contract authorization。
Bottom-Layer1
Bottom-Layer1
Public chain project Aptos releases white paper
According to official news, the public chain project Aptos released the v1.0 version of the white paper, saying that the Aptos blockchain is a secure, scalable and upgradeable Web3 infrastructure.
The Aptos blockchain is natively integrated and uses the Move language internally for fast and secure transaction execution. The Aptos blockchain layer supports flexible key management functions, provides full transparency of all key-related operations, and simplifies wallet deployment with rich key management methods without complex infrastructure. Additional features such as transaction replay protection, Move-based key management, and re-signature transaction transparency enable a more secure user experience (UX).
It is reported that Aptos is a public chain project established by the original team members of Diem. The incentive test network 3 will start registration on August 19, and the main network is expected to be launched around the end of September.
Cosmos pre-release interchain security v0.1
According to official news, Cosmos announced the release of Interchain Security (Interchain Security) v0.1 pre-version, will cooperate with different Cosmos stakeholders to conduct extensive audits and tests in the next few months, and will officially release v1.0 after completion version and deploy to Cosmos Hub. According to reports, Interchain Security is a feature that allows the Cosmos Hub to share security with other blockchains.
Features of this pre-release include keeping validator sets in sync on the Consumer Chain, penalizing validator downtime and double-signing on the Consumer Chain, allowing the Consumer Chain to send a variable percentage of fees and inflation tokens to the Cosmos Hub as rewards. security payment, etc.
In addition, Cosmos will also launch a private testnet in early September, with a small number of Cosmos Hub validators participating. This testnet will serve as a trial run for the public testnet that will begin after the release of v1.0.
Solana founder Anatoly Yakovenko recently tweeted that the Solana communication protocol has been rebuilt based on QUIC, and the original protocol UDP has been disabled. Some RPC vendors have switched from UDP to QUIC. Currently, some wallets/users/bots have been able to add additional priority fees (Additional fees) to transaction settings, and fee markets (Fee markets) will be implemented after QUIC is fully adopted.
Previously in May, Solana officially released the mainnet Beta interruption report and mitigation measures, saying that three mitigation measures are currently being formulated to solve the stability and elasticity of the network, including rebuilding the Solana communication protocol based on QUIC, developing pledged equity-weighted QoS, and Adopt fee-based transaction prioritization.
NEAR releases JavaScript SDK, which will target more traditional developers
NEAR recently launched the JavaScript Software Development Kit (JS SDK) at ETH Toronto, the official hackathon of the Blockchain Futurist Conference. The NEAR JS SDK will allow JavaScript developers to access the network without learning a second language.
The toolkit can run in every browser, is easy to learn, requires no compiler settings, and comes preloaded with tool libraries such as RegExp, Math, and Array. (Crypto Slate)
Fantom launched a community vote to reduce the FTM staking rewards for validators
The Fantom community is voting on a governance proposal, which proposes to reduce the 13% annualized staking reward rate of FTM to reduce the rewards paid to network verifiers. A total of 3%, 4%, 5% and 6% are adjusted for staking rewards. % and remain unchanged, there are five options in total, and the release reward duration corresponds to 9.4 years, 7 years, 5.6 years, 4.7 years, and 2 years respectively.
Astar Network cooperates with Acala to launch the "Astar x Acala DeFi Rising" plan
Monero Has Completed Hard Fork Upgrade
Monero Has Completed Hard Fork Upgrade
Odaily News The open source privacy project Monero (XMR) has completed a hard fork upgrade, aiming to enhance the network with a series of new privacy protection features.
Bottom-Layer2
Bottom-Layer2
Arbitrum developer Offchain Labs announced the launch of the Arbitrum Nova chain for all end users and developers, which is the second chain launched in the Arbitrum ecosystem and aims to be the premier solution for Web3 games and social applications.
According to reports, Arbitrum Nova is a brand new chain built on Arbitrum's AnyTrust technology, which is optimized for ultra-low-cost transactions. (PR News Wire)
Arbitrum has partnered with Reddit to bring its community points system to the public blockchain. Reddit will build its community points system on Arbitrum Nova. This will allow developers to build games, social and other applications that use Reddit tokens. (The Block)
StarkNet launches recursive proof supported by Cairo general computing
StarkWare, a zero-knowledge proof technology development company, announced that Recursive Proving, a recursive proof powered by Cairo's general-purpose computing, is now live on the mainnet, which can expand StarkEx applications and StarkNet through a single proof.
The advantages of recursive proofs include reducing on-chain costs by compressing multiple proofs into 1, reducing latency, and opening up the possibility of submitting proofs to StarkNet, as statements can be incorporated into StarkNet smart contracts, which allows Build an L3 deployment on top of it.
Polygon announces Gnosis Bridge to help users transfer assets between Polygon and Ethereum
infrastructure components
infrastructure components
Gitcoin Launches Gitcoin Passport, Web3 Identity System
Gitcoin announces Gitcoin Passport, a Web3 identity system. Users can collect verifiable credential "stamps" from different authenticators, such as Bright ID and Proof of Humanity. By aggregating multiple credentials in one place, Passport distributes trust among multiple entities, and applications integrated with Gitcoin Passport do not need to rely on intermediaries to verify user identities.
The investigation progress of the Solana ecological wallet Slope update attack indicates that during the investigation and multi-party review, no other vulnerabilities were found except for the previous Sentry server implementation problem. The independent audit findings include:
1. From July 28th to August 3rd, there was a vulnerability in the Sentry server implementation of Slope Wallet on mobile devices, which could inadvertently record sensitive data in the event that the application generated an error event;
2. There is no evidence that all layers of security (such as transmission and storage) are compromised. All transmissions to Sentry servers are secured with HTTPS end-to-end encryption, and access to Sentry servers is controlled through three-factor authentication.
3. As previously confirmed by Ottersec, the investigation team has cross-compared all hacked addresses (a total of 9232 addresses) with all exposed addresses in the Sentry database, and found that the number of all hacked addresses is greater than the total number of addresses exposed from the Sentry server. Sentry A small portion (1444 addresses) of the server's total exposed addresses has been confirmed to be exhausted.
Although auditors have no hard evidence linking the Slope vulnerability to an exploit, its existence puts a large number of assets at risk. During the investigation and rigorous scrutiny by multiple parties, no other vulnerabilities were found. Therefore, we believe that the latest patched version of the Slope wallet is safe to use. The Slope team will continue to receive regular audit reports and work closely with security professionals.
Phantom: No Phantom system found to have been compromised in the Aug. 2 theft
secondary title
CeFi
FTX and Justin Sun are negotiating to acquire Huobi shares valued at $3 billion by Li Lin
Bloomberg reported that Li Lin of Huobi is seeking to sell his majority stake in the exchange at a valuation of $3 billion. Huobi has held discussions with various financial personnel to sell about 60% of the company he founded nearly a decade ago, according to people familiar with the matter. Both Justin Sun and FTX made initial contact with Huobi regarding the share transfer. Shareholders such as ZhenFund and Sequoia China learned of Li Lin’s decision at the shareholders’ meeting in July. The transaction may be completed as early as the end of this month. Li Lin is seeking a valuation between US$2 billion and US$3 billion, which means a sale The transaction value may reach more than 1 billion US dollars. It was unclear whether the acquisition might involve Hong Kong-listed Huobi Technology Holdings Ltd.
Afterwards, Justin Sun replied that he did not participate in the negotiations on the acquisition of shares in Huobi.
Odaily News In response to reports on Huobi’s share sale negotiations, Huobi responded that there is currently no plan for the transfer of major shareholders’ shares, the company’s operations are normal, and it will continue to provide customers with safe and reliable services.
Ripple Labs Considers Acquiring Celsius Assets
Ripple Labs Inc. has been interested in buying Celsius Network’s assets, a Ripple spokesman said Wednesday. The spokesperson also noted that Ripple is actively looking for M&A opportunities to strategically expand the company as it continues to grow exponentially amid the market downturn. However, the spokesperson declined to comment on whether Ripple intends to acquire Celsius directly. Ripple is currently in a lawsuit with the SEC. Regulators accused Ripple of violating federal securities laws by selling XRP. (Reuters)
Circle Has Blacklisted Ethereum Addresses From US Treasury Sanctions List
According to crypto KOL Dylan LeClair, USDC issuer Circle has officially blacklisted Ethereum addresses on the U.S. Treasury Department’s sanctions list.
US SEC reviews Coinbase's cryptocurrency staking program
Cryptocurrency exchange Coinbase said it is under investigation by the U.S. Securities and Exchange Commission (SEC) for its cryptocurrency staking program, which allows users to earn rewards for holding certain cryptocurrencies. According to a quarterly regulatory filing, Coinbase received investigative subpoenas and inquiries from the SEC seeking documents and information about certain customer programs, operations, and existing and future products. These requirements, according to Coinbase, relate to staking projects, asset listing procedures, asset classification and stablecoin offerings. At Coinbase, blockchain rewards revenue (mostly from staking) accounted for 8.5% of net revenue in the second quarter. It was previously reported that the crypto exchange was under scrutiny by the SEC for potentially offering unregistered securities trading. Coinbase said it is committed to having productive discussions with the SEC on the regulation of crypto assets and securities. (Golden Ten)
Digital asset platform Bakkt announced its unaudited second-quarter financial report, with net income reaching $13.6 million, a 60% increase year-on-year, mainly due to strong growth in transaction revenue driven by loyalty exchanges. Bakkt expects net income to grow to $57-62 million in 2022.
Bakkt’s net loss in the second quarter was $27.6 million, a decrease of nearly 13% compared with a loss of $31.9 million in the same period last year. (Business Wire)
WazirX Parent Zanmai Labs Seeks Legal Action Over Ownership Dispute With Binance
secondary title
DeFi
US OFAC Adds Tornado Cash and Multiple Ethereum and USDC Addresses to Sanctions List
According to official sources, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) placed Tornado Cash on the Sanctions List (SDN), including its website and multiple Ethereum and USDC wallet addresses. All U.S. individuals and entities are prohibited from interacting with Tornado Cash or any Ethereum wallet address tied to the protocol.
Since then, many entities have started to respond to OFAC’s sanctions order, including: Infura and Alchemy blocked RPC access requests to Tornado Cash; dYdX blocked related accounts related to Tornado Cash; Tornado Cash Discord server was deleted; Aave front-end ban once The address involved in Tornado Cash mining; Tornado Cash developer Alexey Pertsev has also been arrested in the Netherlands.
MakerDAO Considers Buying $3.5 Billion in ETH, Vitalik Calls Risky and Scary
According to Yearn core developer banteg, MakerDAO is considering buying $3.5 billion in ETH and converting all USDC from pegged stable modules to ETH.
V God (Vitalik Buterin) said that this seems to be a risky and scary idea. If ETH falls sharply, the value of the collateral will drop significantly, but the CDP will not be able to be liquidated, so the entire system will be at risk of becoming a fractional reserve.
Aave Development Company posted a proposal on the Aave community, suggesting that Aave DAO return $15 million (development work) and $1.6 million (audit) to it to retroactively fund V3 development. Aave said the funding request covers work done by Aave members over a period of more than a year.
SushiSwap has been deployed to the Arbitrum Nova network
SushiSwap has been deployed to the Arbitrum Nova network, and users can now use SushiSwap to trade on Nova.
1inch expands the Gas compensation plan, all trading users can get compensation
The decentralized aggregation trading platform 1inch has announced the expansion of its Gas compensation plan, and all users who exchange Tokens on the Ethereum network through the 1inch DApp or iOS/Android mobile version can get compensation.
The specific compensation conditions are: users who pledge less than 100 1INCH can get 10% Gas return; users who pledge 100 or more 1INCH can get 25% Gas return; users who pledge 1000 or more 1INCH can get 50% Gas return Gas return; users who pledge 10,000 or more 1INCH can get 75% Gas return; users who pledge 100,000 or more 1INCH can get 95% Gas return.
0x API has aggregated Synthetix's liquidity on Ethereum and Optimism
The decentralized trading protocol 0x announced that its API has aggregated the liquidity of Synthetix on Ethereum and Optimism, and users can already use the liquidity on Synthetix when trading through MetaMask and Coinbase Wallet.
DEX aggregator ParaSwap launches multi-chain limit order function and expands to NFT transactions
The DEX aggregator ParaSwap launched the multi-chain limit order function and expanded it to NFT transactions. It is currently available on Ethereum, Polygon, BNB Chain, Fantom, Avalanche, and Arbitrum.
Users can implement token-to-token, token-to-NFT, multiple token-to-NFT, and NFT-to-NFT transactions in the form of limit orders. API users can also use the ParaSwap API to build new use cases on top of the limit order protocol.
NFT
OpenSea tweeted and announced the "Stolen Asset Policy", which is expanding the use of police reports and will be used to confirm all theft reports, while previously it only used the police to deal with escalated disputes. For all reports of loss in the future, if the platform does not receive the police report provided by the user within 7 days, it will restart the transaction of the reported lost item to prevent false reports.
In addition, OpenSea said the platform is currently working to better automate attack and theft detection, such as blocking suspicious URLs in advance, and is working closely with ecosystem partners to help prevent and curb theft.
Magic Eden Proposes to Build NFT Marketplace for ApeCoin DAO
NFT marketplace MagicEden has submitted a proposal to ApeCoin DAO to create an NFT marketplace for it, where APE holders can buy and sell NFTs with a transaction fee of 0.75%.
Magic Eden said, “The ApeCoin DAO market is the home for APE holders to buy and sell ApeCoin DAO NFTs, including but not limited to BAYC, MAYC, and BAKC. Everything is in the native home of DAO, the transaction fee is 0.75%, and DAO does not need to pay any fees .The marketplace is committed to being a place where ApeCoin DAO members can share experience and utility in the most powerful community in NFT. Features include combined ETH/APE bidding, APE payment discounts, commodity features, and custom development and marketing resources. Get this AIP After the approval of the AIP, a future AIP may propose a fee-sharing between Magic Eden and ApeCoin DAO in order to create a revenue stream for the community and the Launchpad function, positioning the market as a platform for DAO members to launch their own projects".
General Manager of MeebitsDAO Joins Yuga Labs as Head of Meebits Brand
game
game
STEPN will soon launch the GMT Earning plan, applicable to 4 pools
According to official news, the Move to Earn application STEPN announced that it will launch the GMT Earning plan. The profitability of GMT changes dynamically every 5 minutes according to the number of real-time GMT earners. GMT income decreases logarithmically every day, and will be halved in 3 years. Any user needs at least 3 energy (in any Realm) to be eligible for GMT income.
GMT Earning will be applicable to 4 pools, namely Classic Pool (0th generation Sneaker, can get 20% of the GMT income of the day), Rainbow Pool (1st generation, can get 30% of the day’s GMT income), Rainbow Plus Pool ( In the second generation, you can get 50% of the GMT income of the day), Schadenfreude Pool (a new Rainbow series to be launched, the rules will be announced later).
All Rainbow Series Sneakers will have 100% HP and the HP cannot be restored, once the HP is exhausted it will no longer be available.
In addition, STEPN officials said that in the upcoming app update, there will be some additional GMT use cases. After these updates go live, the GMT Earning program will be rolled out soon.
Axie Infinity has launched the third phase of Origin, which officially transfers SLP rewards to the Origin version, and launches NFT runes and amulets that require SLP and Moon Shards to make. In addition, this stage makes adjustments to leaderboard rewards, crafting/disenchanting systems, and balance.
security incident
security incident
Acala suspected of being hacked, aUSD fell below $0.01
According to news from the Odaily community, Acala was hacked due to a vulnerability in the iBTC/aUSD pool, and the attacker currently holds more than 1.2 billion aUSD in his wallet.
Acala then tweeted that it noticed a configuration problem in the Honzon protocol affecting aUSD. The team is passing an emergency vote to suspend operations on Acala while the issue is investigated and resolved. The team will update the report when the network returns to normal. Affected by this incident, the decentralized multi-collateralized stablecoin Acala Dollar (aUSD) fell to US$0.00976832, a 24-hour drop of 99.1%, and has seriously broken its anchor.
A few hours after the incident, Acala tweeted again that the previous hacker attack was caused by a misconfiguration of the iBTC/aUSD liquidity pool, which led to the wrong mining of a large amount of aUSD. This misconfiguration has been corrected, wallet addresses that received the misminted aUSD have been identified, and Acala is tracking on-chain activity on these addresses. Preliminary on-chain tracking shows that more than 99% of the wrongly minted aUSD is still on the Acala parallel chain, being exchanged for ACA or other Tokens. Before the collective governance of the Acala community decides how to resolve the wrong minting, the transfer of these wrongly minted aUSD and its exchange tokens remaining on the Acala parachain will be prohibited.
BlueBenx claims to have lost $32 million in hacking attacks and has suspended user withdrawals
Odaily News Brazilian encrypted lending platform BlueBenx claimed to have been hacked and lost $32 million (or 160 million Brazilian reals), after which BlueBenx banned all 22,000 of its users from withdrawing funds. While no details of the hack were provided, the company reportedly fired most of its employees.
However, investors are less convinced by BlueBenx’s claims about the hack, according to local outlet Portal do Bitcoin. “I think there’s a good chance it’s a hoax because the whole hack story seems to be bullshit and they made it up,” said one investor. (Cointelegraph)
Curve.fi domain name server was stolen, users need to remove the relevant contract authorization
Curve Finance is warning users of an ongoing vulnerability on its http://curve.fi website. The issue, which appears to be an attack from a malicious actor, is affecting its nameservers and front-end. Users or their transactions are redirected to malicious destinations. Another domain, Curve.Exchange, does not appear to have been affected by the attack as it uses a different DNS provider, but the team reminded users to still "proceed with caution."
Afterwards, Curve stated that it had found the source of the hack and restored the front-end problem, reminding users that if they approved the 0x9eb5f8e83359bb5013f3d8eee60bdce5654e8881 contract on Curve in the past few hours, please revoke it immediately and use curve.exchange for the time being.
Web3 chain detective Zachxbt pointed out that hackers stole $570,000 in ETH and sent it to the encrypted exchange FixedFloat for money laundering.
Velodrome: Ex-team member steals $350,000 from project wallet, funds recovered
Odaily News Velodrome, an Optimism-based trading and liquidity marketplace, announced that it has identified a former team member as the person responsible for the $350,000 theft that occurred in early August, and the funds have been recovered.
Velodrome said that after an investigation it was found that the anonymous programmer "Gabagool" was responsible for the theft. The Velodrome team has severed ties with Gabagool and is working with legal counsel to determine the best next steps. Velodrome also guarantees that all users' funds remain safe.
Gabagool said in an interview in August that the team was looking into the matter and that the target's wallet contained the team's private payroll funds. (The Block)
