Research Summary
This report covers a range of developments in the cryptocurrency and blockchain sector. Key topics include Optimism’s private token sale, CoinEx’s recovery from a major hack, the unwinding of Gro DAO, the open-sourcing of Base’s security monitoring system Pessimism, Balancer’s recovery from a front-end attack, the upcoming launch of dYdX’s mainnet, and Grayscale’s filing for an Ethereum futures ETF. The report also highlights trending assets and governance proposals.
Key Takeaways
Optimism’s Private Token Sale
- Token Sale Details: Optimism has sold approximately 116M OP tokens privately for treasury management purposes. The tokens are subject to a two-year lockup and come from the Unallocated portion of the OP Token treasury.
- Token Origin: The sold tokens are part of the Foundationโs original working budget, which constitutes 30% of the initial OP token supply.
CoinEx’s Recovery from Hack
- Resumption of Operations: CoinEx is resuming deposits and withdrawals after a $70 million hack, allegedly executed by the North Korean Lazarus group. The exchange asserts that no user funds were compromised.
- Financial Coverage: The financial losses from the hack will be fully covered by the CoinEx User Asset Security Foundation.
Unwinding of Gro DAO
- DAO Unwind: The Gro DAO has voted to unwind the Gro protocol and DAO. The $5.37 million treasury will be distributed to all who deposit their $GRO to a redemption contract within 4 weeks.
- Protocol Unwinding: A $180,000 budget will be allocated to Groda while they focus on unwinding the protocol from October 3rd to January 3rd 2024.
Base’s Open-Sourced Security System
- Pessimism: Base has open-sourced their security monitoring system, Pessimism, which is designed to quickly detect potential threats and assess the health of a chain. It is now available for EVM compatible chains and chains built using the OP stack.
- Security Features: Pessimism allows for the identification and mitigation of security threats and vulnerabilities by detecting unauthorized access attempts, unusual behavior, and potential breaches.
Grayscale’s Ethereum Futures ETF
- ETF Filing: Grayscale has filed for an Ethereum futures ETF with the SEC. The nature of the future contracts will not require a custodian for the Ethereum and will be managed by Grayscale Advisors LLC.
- Previous Applications: Grayscale has also previously applied for a spot BTC ETF which is still awaiting approval after the SECโs previous decision to reject it was overturned.
Actionable Insights
- Monitor Optimism’s Progress: The private token sale could have implications for the value and liquidity of OP tokens. Stakeholders should monitor the impact of this sale on the market.
- Assess CoinEx’s Security Measures: The recent hack and subsequent recovery provide an opportunity to evaluate the robustness of CoinEx’s security measures and the effectiveness of its User Asset Security Foundation.
- Understand Implications of Gro DAO’s Unwinding: The unwinding of Gro DAO could impact the value of $GRO and the broader DeFi ecosystem. Stakeholders should understand the implications and potential opportunities arising from this development.
- Consider Pessimism’s Potential: Base’s open-sourced security system could be a valuable tool for other blockchain projects. Developers and blockchain companies should consider its potential for enhancing their own security measures.
- Track Grayscale’s ETF Applications: Grayscale’s Ethereum futures ETF could have significant implications for the Ethereum market. Stakeholders should track the progress of this application and its potential impact on Ethereum’s price and liquidity.
