Optimism Launches Quests Program

Quick Take

• Wintermute sufferers $160 million hack.
• Coinbase Cloud launches Node APIs.
• MakerDAO greenlights GNO as collateral.
• Optimism launches Optimism Quests.

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Optimism Highlights 🔴✨

Optimism Launches Quests Program
Optimism launched Optimism Quests, a program that rewards users with NFTs for completing quizzes and on-chain actions across applications on the network. An initial set of 18 quests and NFTs are available. Optimism Quests aim to guide and educate users on the use cases of various applications. Season 1 of the program will remain open until January 17th, 2023.

Coinbase Cloud Launches Node RPC

Coinbase Cloud launched Node, a self-serve developer platform that provides read and write API access to blockchain nodes. The platform allows developers to query blockchain data and monitor metrics dashboards for their decentralized applications. Node is free to use for the first 120k daily requests. The launch also includes data indexers, NFT APIs, and Advanced APIs that allow developers to aggregate and filter data in a single API call. Coinbase Cloud promises scalable and high-availability infrastructure for users. The developer release of Node is currently only available for Ethereum.

Wintermute Hacked Of $160 Million

Wintermute, an algorithmic market maker, was hacked of $160 million from its DeFi wallet. According to Wintermute CEO Evgeny Gaevoy, the exploit was tied to the use of a Profanity-type wallet address. Profanity is a tool used to generate custom addresses. Last week, 1inch published a post disclosing a bug found in the tool. 1inch discovered that vanity addresses generated by the tool could be brute forced. Wintermute used Profanity and an internal tool to create addresses that start with consecutive zeroes. Gaevoy says an internal human error led to the wrong function being called when attempting to blacklist addresses affected by the bug.

Affected vanity wallets remained with administrative control over the trading firm’s smart contract, which was drained by an attacker on Tuesday. Gaevoy says the company remains solvent and is capable of paying back lenders. The attacker has since deposited stolen stablecoins into Curve’s 3pool.

MakerDAO Greenlights GNO As Collateral

MakerDAO governance approved an initial proposal to add GNO as a collateral type. GNO is the governance token of GnosisDAO. The DAO manages the development of Gnosis Chain, an EVM sidechain that uses xDAI as its gas token. According to the proposal, GnosisDAO plans to generate 30 million DAI against GNO. GnosisDAO proposes to rebrand its xDAI token to DAI. It also plans to leverage its ecosystem to attract users and participate in marketing efforts. The proposal still needs to undergo assessments by Maker Core Units and two more voting cycles before it can be included as a collateral type.

House Bill To Ban Algorithmic Stablecoins

The U.S. House of Representatives drafted a stablecoin bill that would ban algorithmic-like stablecoins for at least two years. According to Bloomberg, the bill would make it illegal to issue or create new endogenously collateralized stablecoins. The bill comes as Terra’s UST stablecoin fatally collapsed back in May, losing investors over $18 billion.