This week entails significant updates concerning Lyra’s deployment of the Newport upgrade on the Optimism platform, along with the scheduled Bedrock upgrade for the OP Mainnet on June 6. Additionally, comprehensive insights will be provided on notable partnership initiatives within the Ethereum ecosystem.
KEY TAKEAWAYS
- Lyra Deploys Newport Upgrade On Optimism
- OP Mainnet Scheduled to Upgrade to Bedrock on June 6, 2023, at 16:00 UTC
- Tornado Cash Suffers Governance Attack
- Aave V2 Users Temporarily Unable to Access $120M on Polygon After Governance Bug
ECOSYSTEM UPDATES
Lyra Deploys Newport Upgrade On Optimism
Lyra Finance has implemented its Newport upgrade on Optimism, enabling users to now deposit USDC into market maker vaults for ETH, WBTC, ARB, and OP on the Optimism platform. Previously, Lyra only supported sUSD as the options protocol was built on Kwenta. While a portion of the USDC liquidity is still converted into sUSD, options on the new contract will become available this week.
The Lyra governance gave approval to the upgrade last week. With Newport, Lyra market maker vaults can partially collateralize short positions with cash, eliminating the need to exchange base assets for hedging purposes. Additionally, the upgrade introduces support for Synthetix Perps V2. Users who have assets in older Optimism vaults are advised to withdraw and transfer their liquidity to the new vaults.
For more details, visit here
OP Mainnet Scheduled to Upgrade to Bedrock on June 6, 2023 at 16:00 UTC
Optimism has announced its plans to upgrade OP Mainnet to Bedrock on June 6th at 4 PM UTC. The upgrade process will result in a downtime of 2 to 4 hours for OP Mainnet. This will have an impact on end users as transactions, deposits, and withdrawals will not be available during this period. Node operators will need to set up new nodes specifically designed for Bedrock.
Bedrock represents a comprehensive transformation of the OP Stack, bringing in various enhancements such as gas optimizations, shorter deposit times, and a more streamlined node infrastructure. With Bedrock, multi-client support will be introduced, encompassing Magi and OP Erigon for all OP chains. Additionally, it introduces the concept of the Superchain, which consists of a horizontally scalable network of chains. This Superchain empowers developers to deploy their own rollup with shared security.
For more details, visit here
Tornado Cash Suffers Governance Attack
Over the weekend, Tornado Cash experienced a severe governance attack, resulting in the complete takeover of the Tornado Cash DAO by an attacker. This breach has compromised locked votes, the TORN treasury, tornadocash.eth, and Tornado Cash Nova. Users of Tornado Cash Nova, which operates on Gnosis Chain, are strongly advised to withdraw their funds promptly.
Fortunately, the Tornado Cash classic pools have not been affected at this time. According to BlockSec, the attacker managed to deceive TORN governance by obtaining approval for a seemingly ordinary proposal contract and exploiting a loophole in CREATE and CREATE2 to create a contract with the same address but different bytecode. The attacker then destroyed the initial proposal and deployed a new malicious contract using the same address.
For more details, visit here
Aave V2 Users Temporarily Unable to Access $120M on Polygon After Governance Bug
A temporary halt has been imposed on assets such as WETH, WBTC, USDT, and WMATIC in the Aave V2 Polygon market due to a bug. This bug has impacted assets worth over $100 million, and they will remain frozen until a solution is implemented. The bug originated from a recent update in Aave V2 that modified parameters related to the interest rate curve for the affected assets.
As per BlockSec’s report, the bug arose because the new reserve interest rate strategy is compatible with Ethereum but not with Polygon. BGD Labs has already submitted a governance proposal to rectify the issue. Until May 26th, users of Aave V2 Polygon will be unable to engage in activities such as supplying, borrowing, repaying, or withdrawing any of the affected assets.
For more details, visit here
Additional Notable Events
DeFi, NFT
- Chainlink VRF is now live on Arbitrum mainnet
- XY Finance is now live on zkSync Era
- DIA Cross-Chain Oracles has announced that new integration with Base testnet
- zkApes has released “zkApes’ Roadmap To Apeverse 2.0”
- Arbitrum is now listed on Osmosis
- Top Protocols on zkSync Era Mainnet by TVL 7 Days
- Optimism ecosystem by TVL growth last 7 days
- New Projects on the Arbitrum Ecosystem
- SyncSwap has announced that a new partnership with Bungee
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