Značka: Optimism

Optimism-based projects spike on rumors of token airdrop

The native token prices from multiple projects that employ Ethereum Layer 2 scaling solution Optimism have spiked around 20% amid rumors that the network will soon launch a token and airdrop it to the community. Optimism is a Layer 2 scaling solution that utilizes Optimistic rollups to process a high amount of transactions off the Ethereum blockchain. The project touts that it can operate smart contracts 5 to 500X cheaper than Ethereum’s Layer 1. According to DeFiLlama, the platform currently accounts for $496.47 million worth of total value locked (TVL) from 30 different projects that use it to scale such as Synthetix (SNX), UniSwap (UNI), Stargate Finance (STG) and Perpetual Protocol to name a few. The rumors of a possible token distribution to users of the related projects started to swirl on Twitter earlier today after Optimism published a blog post titled “A New Chapter” which recapped the project’s performance since its launch early last year, along with outlining its plans moving forward. The team highlighted notable milestones over the past 12 months such as $17.4 billion worth of transaction volume, $24.5 million worth of revenue and saving $1.1 billion worth of gas fees.Optimism’s story so far, by the numbers:Saved $1.1B in gas feesOn-boarded 300k unique addressesSecured $900M of valueFacilitated $17.4B in TX volumeGenerated $24.5M in revenueA new chapter is near.Let’s take a minute to reflect on the path so far.— ✨ Optimism.io/amsterdam (@optimismPBC) April 19, 2022While Optimism didn’t directly state anything about launching or airdropping a native token, onlookers highlighted the last section of the post which outlines a new stage of development that will be driven by the community: “The network has grown by leaps and bounds, and it’s only getting better by the day. Our baby has learned to walk, and it’s nearly time to run. We’re nearing the end of a chapter and the beginning of the next––one driven by community ownership and governance.”Commenting on the wording of the post, self-described “master airdrop hunter” “OlimpioCrypto” suggested to their 7,164 Twitter followers that SNX might be the token to keep an eye on for potential airdrops, as Synthetix was the first protocol to start working with Optimism. “Team at Optimism started working with Synthetix before any other protocol. $SNX holders, there might be a treat for you. Keeping tokens staked might be the play,” they wrote. A similar account in “defi_airdrops” also pointed to other popular projects on Optimism such as Hop Protocol, Lyra Finance and the Polynomial Protocol.Rumours that a L2 is launching a token imminently.Is it @optimismPBC ?When in doubt go bridge into Optimism now and support the best projects – LP in @HopProtocol – LP in @lyrafinance – Stake $SNX- Trade @kwenta_io – Deposit in @PolynomialFi https://t.co/UaXpIAr58A— DeFi Airdrops (@defi_airdrops) April 13, 2022

Related: Ethereum Merge a ‘few months after’ June: Dev clears up what’s going onWhile not all of the tokens related to Optimism are pumping, over the 24 hours SNX, Lyra Finance (LYRA) and Synapse (SYN) have all seen substantial increases in value. According to data from Coingecko, SYN is up 26.2% to sit at $3.37, SNX is up 21.5% to $6.18 and LYRA has gained 18.4% to reach $0.24. Looking back at DeFi Llama, Synthetix — which is the largest platform on Optimism — has seen its TVL gain 13.4% over the past 24 hours to top roughly $203.3 million, suggesting that so investors may be rushing to stake SNX in anticipation of an announcement from Optimism. Looks like whales heard about the imminent @optimismPBC governance smth being released, and what better way to join the fun than @synthetix_io ecosystem fam! pic.twitter.com/ILLMBZFI1u— Danijel (@veryHighLander) April 19, 2022

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Layer 2 address activity slows, but Arbitrum bucks the trend

On-chain activity for the leading Layer 2 networks has been declining recently, however, the Arbitrum platform is bucking the trend according to recent findings.Blockchain analytics firm Nansen has reported that seven-day activity in terms of addresses for many of the leading networks has been in decline. Only the Ethereum L2 scaling network Arbitrum has shown gains for this metric.According to its Feb. 28 tweet, Arbitrum activity has increased by 12.7% over the past week. It reported that the network has had 46,200 unique active addresses over the past seven days.In the last 7 days, all but Arbitrum’s (+12.7%) on-chain activities have slowed down:#BNB Chain 4.03M#Ethereum 1.99M#Ronin 1.09M#Polygon 854k#Avalanche 269k#Fantom 204k#Arbitrum 46.2k#Celo 29.4k#Optimism 9.52kCheck out their public dashboard links in the pic.twitter.com/BlxkNG35rh— NansΞn (@nansen_ai) February 28, 2022Although the figure is far lower than other chains, it is the only one to have shown an increase in activity for the period. Layer two analytics platform L2beat is reporting that Arbitrum is still the industry leader in terms of total value locked which is just over $3 billion giving it a market share of 54.9%. Defillama reports that the most popular protocol running on the network is the SushiSwap DEX but it also notes a higher TVL figure of just over $4 billion for the Polygon network. Collateral locked on Arbitrum has crept up over the past few days, increasing 5.7% since Feb. 25. Conversely, rival layer two network Optimism has seen a decline in TVL over the same period. Optimism has an 8% L2 market share with a total value locked of $444 million, and address activity has fallen by 17.9% over the past week according to Nansen.Other layer two platforms such as Polygon have also seen declines in terms of activity as reported by Nansen. Polygon has slowed by 10.9% in terms of seven-day active addresses and TVL on the network has fallen 15% over the past fortnight according to DeFillama.Nansen also reported weekly address activity declines of 2.7% and 2.9% for Binance Smart Chain and Ethereum respectively.Related: Blockchain analytics service Nansen to incorporate DeFi protocol ArbitrumThe fall in on-chain activity is likely to be related to cooling demand for decentralized finance (DeFi) as crypto markets have retreated this year. DeFiLlama currently reports that TVL for all listed DeFi platforms is down almost 19% from its all-time high in late November. However, it should be noted that this is likely due to a decline in the prices of underlying assets which has been far steeper than the DeFi TVL drop.It should also be noted that there are large discrepancies in the TVL metric between different analytics platforms (DeFillama and L2beat in this case) so figures should be taken with a pinch of salt. Other indicators supporting the trend include a plateau in the supply of wrapped Bitcoin (wBTC) which is also widely used on DeFi platforms.

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iOS jailbreak dev wins $2M bounty for finding critical Optimism bug

Developers from the Ethereum Layer 2 scaling project Optimism announced that a “critical bug” had been identified and subsequently patched earlier this month. The bug, which could have enabled hackers to create as much ‘ETH’ in a Optimism account balance as they wished, was first discovered by white hat hacker and iOS jailbreak software Cydia developer Jay Freeman. Last week, I discovered (and reported) a critical bug (which has been fully patched) in @optimismPBC (a “layer 2 scaling solution” for Ethereum) that would have allowed an attacker to print arbitrary quantity of tokens, for which I won a $2,000,042 bounty. https://t.co/J6KOlU8aSW— Jay Freeman (saurik) (@saurik) February 10, 2022In a deep-dive blog post, Freeman explained that the bug, “would allow an attacker to replicate money on any chain using their ‘OVM 2.0’ fork of go-ethereum”. For his efforts Freeman was awarded one of largest bug bounties to date, netting a total reward amount of $2,000,042According to the Optimism team, “The bug made it possible to create ETH on Optimism by repeatedly triggering the SELFDESTRUCT opcode on a contract that held an ETH balance.”In a blog post, the Optimism team noted that its chain history showed that the bug had not been exploited, except for an accidental activation by a staffer at Ethereum data startup Etherscan, but “no usable excess was generated.”“A fix for the issue was tested and deployed to Optimism’s Kovan and Mainnet networks (including all infrastructure providers) within hours of confirmation,” the team said, thanking Infura, QuickNode, and Alchemy for their fast response times.“We also alerted multiple vulnerable Optimism forks and bridge providers to the presence of the issue. These projects have all applied the required fix.”Late last year Optimism removed its whitelist, allowing for any developer to start building projects on the Optimism network. Prior to this, the network was only accessible to specific projects such as Uniswap and Synthetix. This limitation made it easier for developers to detect and resolve potential bugsRelated: MakerDAO launches biggest ever bug bounty with $10M rewardOptimism is a Layer 2 scaling solution for the Ethereum network, employing “optimistic rollups” that aggregate transactions outside of the Ethereum blockchain. This provides the benefits of reducing slippage, decreasing transaction costs and vastly improving transaction speeds. However, as this bug has made clear, while Layer 2 protocols offer improvements in efficiency, security during ongoing development remains a common point of concern. While this bounty is one the largest to have been paid out so far, MakerDAO has just announced that it will be offering a maximum bounty of $10M to anyone who can point out critical security threats in its smart contracts. This is the largest series of bug bounties ever to have been hosted on bug bounty platform Immunefi.

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