NFT aggregator Rarible announced to continue its royalty programme for NFT creators unlike its competitors which plan to move away from their royalty programme. Rarible’s trading volume surged after the announcement.
Further, it said it would cut aggregate orders from competitors, such as OpenSea, by October that don’t enforce royalties. In the past 24 hours, Rarible saw a significant increase in trading volume.
On August 23, data analytics tool DappRadar revealed that Rarible’s 24-hour fiat trading volume increased by around 585 per cent to over $45,000.
Cypher Announces Recovery Plan
Crypto trading platform Cypher announced a plan to recover from its $1 million exploit. It said the losses will be compensated to users through protocol revenue when the platform re-launches.
In the initial phase of the recovery, it will “socialise” losses across the community. In the first phase, the Solana-based trading platform will create a “pro rata redemption package” of the current assets that can be withdrawn by users via a web interface.
It further said losses will be shared among all accounts rather than being borne by one person or organisation, as the platform does not currently have enough money to reimburse all depositors.
In the second stage of the recovery process, the protocol will focus on generating money through an initial DEX offering (IDO). The money will be used to pay for audits and development. Users will receive a “debt token” that represents the outstanding assets at the same time as the IDO.
The protocol’s losses from the exploit will eventually be reimbursed to users. Thanks to the debt token that will provide them the right to USD Coin earnings.
Quantstamp Introduces Tool To Detect Flash Loan Attack Vulnerability
Quantstamp has launched a tool called “Economic Exploit Analysis”, developed using University of Toronto research, works on any EVM-compatible blockchain. It is an automated solution to identify flash loan attack vectors in smart contracts.
The protocols will have access to Economic Exploit Analysis which will locate potential flash loan attack vulnerabilities in a client's code, leading to improved audits for Quantstamp. The service is non-exhaustive, meaning it might not catch all assaults, and it will be accessible on any blockchain compatible with the Ethereum Virtual Machine (EVM).
Flash loans are unsecured loans that must be obtained and repaid in the same transaction in decentralised finance (DeFi). Flash loans can be used for debt refinancing, arbitraging price disparities across cryptocurrency exchanges, and other related activities. The manipulation of DeFi protocols in ways that their designers did not anticipate is a flash loan attack.