Research Summary
The report discusses various developments in the digital asset space, including Yearn Finance’s $1.4 million loss due to a faulty multisig script, the launch of Redacted’s Dinero Mainnet, and OKX’s $2.7 million exploit. It also covers the integration of Axelar and Squid Router into Vertex, the launch of Eclipse’s Ethereum L2 Testnet, and Swarm’s introduction of Open dOTC. Other topics include record high Bitcoin Ordinals trading volume, Coinbase’s upcoming listing of Bitcoin and Ether pairs, and the Cosmos Foundation’s $26M ecosystem funding.
Key Takeaways
Significant Losses and Exploits
- Yearn Finance’s $1.4 Million Loss: Yearn Finance lost $1.4 million of their treasury due to a faulty multisig script. The incident occurred due to the contract’s lack of sufficient output checks.
- OKX’s $2.7 Million Exploit: OKX suffered a loss of $2.7 million after the private key of a proxy admin owner was leaked following a contract upgrade.
Launches and Integrations
- Redacted’s Dinero Mainnet Launch: Redacted launched their Dinero Mainnet, which is designed to bring together ETH staking, block creation, an RPC, and other features into one.
- Axelar and Squid Router Integration into Vertex: Interoperability protocols Axelar and Squid router have been integrated into Vertex, a dex, to allow users to bridge & deposit seamlessly from 8 different chains.
- Eclipse’s Ethereum L2 Testnet Launch: Eclipse, Ethereum’s fastest L2, launched their testnet. The developer mainnet beta is expected to launch around the end of 2023.
Trading and Listings
- Record High Bitcoin Ordinals Trading Volume: Trading volumes of Bitcoin Ordinals hit a record high of $36 million, coinciding with Binance’s listing of BRC-20 SATS.
- Coinbase’s Upcoming Listing: Coinbase’s international exchange will be listing Bitcoin and Ether pairs, as it aims to expand globally.
Funding and Future Developments
- Cosmos Foundation’s $26M Ecosystem Funding: The Cosmos Interchain Foundation allocated $26 million for ecosystem development funding in 2024.
- Coti’s Ethereum Layer 2 Development: Coti announced plans to build an Ethereum Layer 2 focused on user privacy, upgrading Coti’s DAG-based protocol to an EVM-compatible layer 2 that inherits the security of Ethereum.
Actionable Insights
- Monitor Yearn Finance and OKX: Given the recent losses, it may be beneficial to keep a close eye on Yearn Finance and OKX for potential impacts on their operations and market performance.
- Explore Redacted’s Dinero Mainnet and Eclipse’s Ethereum L2 Testnet: The launch of these platforms could present new opportunities in the DeFi space. It may be worth exploring their features and potential use cases.
- Consider the Impact of Coinbase’s Listing: The upcoming listing of Bitcoin and Ether pairs on Coinbase’s international exchange could influence the market dynamics of these assets. It may be beneficial to assess the potential impact on trading strategies.
- Research the Potential of Cosmos Foundation’s Funding: The allocation of $26 million for ecosystem development by the Cosmos Interchain Foundation could stimulate growth in the Cosmos ecosystem. It may be worth researching the potential beneficiaries of this funding.
