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Welcome back to 0xResearch. Here's what we've got for you today: |
What's on Powell's mind? Lava Network mainnet Jito tips ATH CT: Terra broke
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It's FOMC day! A Wednesday typically characterized by a fair bit of volatility. Yesterday, crypto markets followed Big Tech lower, but the rebound thus far has been tepid relative to equities. |
Bitcoin has been in a relatively uncorrelated phase over the past few weeks. The Nasdaq slid by about -10%, while BTC rallied over 20%. |
The US dollar has been weakening lately, and took another blow with yesterday's FX "yentervention" by the Bank of Japan, which hiked interest rates 15 basis points to 0.25%. |
A weakening dollar is generally a tailwind for risk assets like bitcoin, though at the moment the DXY is merely revisiting the recent low-end of a range set over the past three months. |
Let's see what J-Pow says. |
Lava erupts |
Lava Network's public mainnet went live Tuesday, including integrations with Filecoin, Starknet and the Cosmos Hub. |
Lava specializes in RPC infrastructure with a native Cosmos-based app-chain. |
This launch includes a $2 million incentive pool for participants and the release of the LAVA token, with an airdrop of 55 million tokens. |
Lava's token distribution strategy aims to enhance decentralization and participation by featuring a high initial float and capped supply. |
A Uniswap pool on Arbitrum with an ERC-20 wrapped version of the LAVA token is currently the primary public market. An Osmosis pool for the native token has less than $5k of liquidity. |
But if you're in the US, you better not even read their blog!
In a curiously cautious approach, the publicly available blog says, "By accessing and reading this article, you represent and warrant that you do not reside in, are not located in, are not incorporated in and do not have a registered office or principal place of business in the United States." |
Last I checked, even in Gary Gensler's US, you're still free to read whatever the heck you want on the internet. |
— Macauley Peterson (X: @yeluacaM | Farcaster: @Macauley) |
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Get your game face on - we're about to make history with the first-ever Permissionless Pickleball Tournament! |
We're talking epic matches from a who's who roster of crypto. Think Bankless vs. Blockworks… |
Team submissions are now open if you think you've got what it takes. Register for Permissionless III and submit your team to play today. |
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Jito tips reach new heights: |
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Jito is making bank on MEV validator tips, racking up a Sunday all-time high of approximately $3.2 million. Tips are paid by users to Solana block validators to incentivize quicker transaction inclusion into a block — a crucial feature for Solana due to rampant transaction spam on the network. |
Jito makes 5% of all validators tips, but that revenue does not go to the DAO or JTO holders. Unlike Ethereum, Solana lacks a block space market. The open-source Jito-Solana software client previously facilitated the creation of that market to provide a revenue stream for searchers and validators, though its mempool service was shut down in March. |
— Donovan Choy (X: @donovanchoy | Farcaster: @donovan) |
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Solend: Still Shipping |
Solend unveiled multiple new products in the pipeline, including an LST, a stablecoin and a new market for shorting memecoins. Rolling out this new product suite comes with a rebrand to "Save." While the lending protocol has stumbled in the past with the occurrence of bad debt, and deposits have struggled to keep up with competitors Kamino and MarginFi, these new product verticals may serve as avenues for growth and revenue generation. |
Read more → |
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Synthetix: Perps Everywhere |
Synthetix is actively shipping their cross-chain strategy. Trading on Base went live in April and has reached $20 million in TVL, matching the trading volume of Synthetix on OP Mainnet. The Arbitrum deployment opened its doors to LPs in June, and already attracted $28 million. |
Read more → |
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Bitcoin rollups may be closer than we think |
Competing teams each verified zk proofs on Bitcoin mainnet during Bitcoin 2024. |
Read more → |
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What to expect when Coinbase reports Q2 results |
Analysts are calling the crypto exchange's stock "underappreciated," with a focus on latest trading volumes and current regulations. |
Read more → |
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 | Zaki ⚛️🍷 @zmanian |  |
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Terra was part of the original vulnerability coordination but they accidentally reverted the patch in the June upgrade |  _gabrielShapir0 @lex_node
sounds like the Astroport issue is that Terra / TFL initially patched the vuln when it was found in April, then somehow un-patched it with a subsequent update. . .I'm sure they're running on a skeleton crew now that the SEC shredded their company, and so of course something like… x.com/i/web/status/1… |
| | | 4:38 AM • Jul 31, 2024 | | | | | | 25 Likes 6 Retweets | 0 Replies |
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|  | Ertemann 🐝 | Lavender.Five Nodes @ertemann | |
| | Replying to@RoboMcGobo | It is a miracle they only attacked these tokens. ANDR, axlETH and many others avoided hell today. | | | 9:41 AM • Jul 31, 2024 | | | | | | 1 Like 0 Retweets | 0 Replies |
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| | Ertemann 🐝 | Lavender.Five Nodes @ertemann | |
| | Replying to@RoboMcGobo | It is a miracle they only attacked these tokens. ANDR, axlETH and many others avoided hell today. | | | 9:41 AM • Jul 31, 2024 | | | | | | 1 Like 0 Retweets | 0 Replies |
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|  | Rarma @Rarma_ | |
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So yes, appears this is the IBC hooks exploit from back in April. Terra isn't patched, which allowed the exploit to occur. The exploiter could mint tokens that had been IBC transferred onto Terra by utilising a contract, IBC call (with IBC hooks), and a… x.com/i/web/status/1… | Rarma @Rarma_ And now we pour one out for the $ASTRO holders (me)
Millions going through 60m ASTRO 3.5m USDC and 500k USDT and 2.7 BTC Actively looking into WHAT is happening. The wallet never receives morre than56 LUNA and 7.8k USDC and leaves with MILLIONS. A… x.com/i/web/status/1… |
|  | github.com/cosmos/ibc-go/…
ASA-2024-007: Potential Reentrancy using Timeout Callbacks in ibc-hooks
**Name**: ASA-2024-007: Potential Reentrancy using Timeout Callbacks in ibc-hooks **Component**: ibc-go **Criticality**: Critical ([ACMv1](https://github.com/interchainio/security/blob/main/resou... |
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|  | | | 3:31 AM • Jul 31, 2024 | | | | | | 75 Likes 15 Retweets | 9 Replies |
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|  | Membrane 🌐 @saneinthembrn | |
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If you haven't heard Terra has been exploited to mint $ASTRO. Because we're unsure how far reaching this lack of maintenance is, we've set $USTC caps to 0 until more details are known. Normal control flows thru governance but @brane_trix has authority to freeze assets & zero… x.com/i/web/status/1… |  RoboMcGobo 💙 @RoboMcGobo
So uh.... anyone want to address the elephant in the room? There are a lot more tokens issued on Terra and (AFAIK) nobody currently working on the chain to patch this. Is ASTRO just the first of many victims here? x.com/lex_node/statu… |
| | | 4:08 AM • Jul 31, 2024 | | | | | | 16 Likes 0 Retweets | 3 Replies |
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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm's Financial Disclosures. |
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