Daily News - March 30, 2022
TDLR:
Axie Infinity is exploited for $615.5M, thereby, making history for the largest DeFi exploit!
Treasure:
You can’t fork community! The TreasureDAO community came together to fund the purchase of a new laptop for Azhdaya. The effort began after an exchange with Treasure DAD, in which, the voxel artist voiced concerns regarding her aging computer. (Source)
Ryan Carson, the COO of Proof Collection, is currently reading through 35 analytic reports on TreasureDAO. To provide some context, Proof Collection was started by Kevin Rose - a partner at True Ventures focusing on blockchain and NFT-based investments. (Source)
OpenSea Trading Volume:
Ethereum pumped to $3,471.95 before settling back down to $3,366.33 (-0.7%)! Fortunately, the slight pullback in Ethereum prompted slightly higher OpenSea trading volume which closed the day at $83.84M (+8.6%).
News:
Michael Saylor, the co-founder of Microstrategy, acquired $205M of BTC via a BTC-collateralized loan from SilverGate bank. (Source)
Axie Infinity’s Ronin chain was exploited for $615.5M! The attack occurred after 5 validator private keys were compromised, thereby, providing the attacker with control over the entire Ronin chain.
To provide some context, the Ronin chain is controlled by 9 validators (super powerful wallets capable of creating and sending transactions). To achieve consensus the attacker needed to gain control of over 50% of validators, which in this case, translated to 5 out of 9 validators. (Source)
Following a botched release, Manifold posted a post-mortem report detailing problems within their smart contract that led to many participants of Pak’s latest Metamorphosis drop to lose significant gas fees. Fortunately, the team has promised to reimburse users! (Source)
“In general, it sometimes feels to me like Ethereum's biggest challenges come from balancing between two visions - a pure and simple blockchain that values safety and simplicity, and a highly performant and functional platform for building advanced applications.”
Vitalik Buterin, the co-founder of Ethereum, publishes a piece documenting the different directions Ethereum could have potentially gone down! In specific, he addresses the delay in implementing Proof of Stake (POS), constraints placed on the Ethereum Virtual Machine, and the initial distribution of ETH! (Source)
Notable Sales:
An anonymous wallet swept 3 VeeFriends, a collection by Gary Vee, for a grand total of 48.65 Ether ($163,716.01). Interestingly, the wallet was created minutes prior to the transaction and used Flash Bots (a method to directly submit transactions to Ethereum miners) to purchase the NFTs. (Source)