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Blast incentives aim to attract strong devs, as value leaks
The post Blast incentives aim to attract strong devs, as value leaks appeared on BitcoinEthereumNews.com. Monoswap, a small DEX on the Ethereum rollup Blast, announced today that it had been hacked under questionable circumstances. The team attributed the loss of funds from the DEX’s staked liquidity pools to a phishing attack that installed malware on a single developer’s computer. The team urged users to withdraw any remaining funds and to avoid using the protocol while they work on deploying new smart contracts. The security lapse decimated the exchange’s already paltry total value locked (TVL), which peaked at $2.8 million back in April. As described, some have indicated that the attack seemed easily preventable. The Monoswap team will need to explain how its contracts were so fragile in the first place. The alleged level of incompetence on display naturally has some suspecting an inside job, although there’s nothing clearly pointing to that conclusion for now. Read more: Blast dapp hack was an inside job, and it could have been worse Blast Phase 1 claims end The past couple months have not been kind to Blast. Chain-wide TVL has halved, and activity is down about 35% from its June peak, indicating an exodus of capital and users lured by airdrop farming. For the early users of the rollup, a fork of Optimism — “Phase 1” — concluded June 26 with a token airdrop, claimable for 30 days. Read more: Blast launch leaves users confused about withdrawals BLAST is down -25% this week and about -45% since launch, while bitcoin is up about 6% in the same period. The project’s “Phase 2” guide, introduced on July 2 and detailing a 12-month rewards season, failed to halt the slide to its local bottom at about $0.013 on July 5. According to the proposal, the next year of rewards are to be split equally between “Points” and “Gold,” with Points…
The post Blast incentives aim to attract strong devs, as value leaks appeared on BitcoinEthereumNews.com.
Monoswap, a small DEX on the Ethereum rollup Blast, announced today that it had been hacked under questionable circumstances. The team attributed the loss of funds from the DEX’s staked liquidity pools to a phishing attack that installed malware on a single developer’s computer. The team urged users to withdraw any remaining funds and to avoid using the protocol while they work on deploying new smart contracts. The security lapse decimated the exchange’s already paltry total value locked (TVL), which peaked at $2.8 million back in April. As described, some have indicated that the attack seemed easily preventable. The Monoswap team will need to explain how its contracts were so fragile in the first place. The alleged level of incompetence on display naturally has some suspecting an inside job, although there’s nothing clearly pointing to that conclusion for now. Read more: Blast dapp hack was an inside job, and it could have been worse Blast Phase 1 claims end The past couple months have not been kind to Blast. Chain-wide TVL has halved, and activity is down about 35% from its June peak, indicating an exodus of capital and users lured by airdrop farming. For the early users of the rollup, a fork of Optimism — “Phase 1” — concluded June 26 with a token airdrop, claimable for 30 days. Read more: Blast launch leaves users confused about withdrawals BLAST is down -25% this week and about -45% since launch, while bitcoin is up about 6% in the same period. The project’s “Phase 2” guide, introduced on July 2 and detailing a 12-month rewards season, failed to halt the slide to its local bottom at about $0.013 on July 5. According to the proposal, the next year of rewards are to be split equally between “Points” and “Gold,” with Points…
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