Velodrome Suffers Front-End Compromise
The DNS compromise led to the loss of over $70,000 from users who authorized malicious transactions.
Quick Take
- Velodrome suffers a front-end compromise.
- Succinct introduces Vector X.
- Polygon introduces PIP-30.
- Wormhole raises a $225 million funding round.
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Velodrome Suffers Front-End Compromise
Velodrome, the largest DEX by TVL on Optimism, experienced a compromise on its front end. Aerodrome, a version of DEX deployed on Base, also faced a front-end compromise. An attacker was able to gain control over the DNS domains of the DEX and phish users into authorizing malicious transactions, resulting in a loss of over $70,000. The front ends have not yet been restored. Users can still interact with Aerodrome through its decentralized front end, accessible at aero.drome.eth.limo. Funds in the protocol remain secure and the smart contracts are not affected. Users who visited the site are advised to revoke any token approvals. Velodrome also increased the reward for its Immunefy bug bounty program.
Succinct Introduces Vector X
Succinct introduced Vector X, a ZK light client designed to enhance the security of Avail's data attestation bridge to Ethereum. Avail is a modular blockchain focused on data availability. Vector X leverages zkSNARK to verify Avail's consensus mechanism, allowing Ethereum rollups to access Avail's data attestations in a gas-efficient manner. This integration of zkSNARK shifts the bulk of the computational load offchain. Vector X is built using the open-source circuit libraries provided by Succinct, a platform tailored for ZK application development. Succinct offers developer tools, a proof standard, and a universal proof aggregation protocol.
PIP-30: Increase Max Code Size Limit
Polygon co-founder Mudit Gupta proposed Polygon Improvement Proposal (PIP) 30, which aims to raise the maximum code size limit for smart contracts on the Polygon network to 32KB. Currently, this limit is approximately 24 KB as set by EIP-170. The increase aims to support the creation of more complex contracts. This change will be implemented at a set block number, after which the maximum size for contracts will be 32 KB. Contracts exceeding the new limit will receive an out-of-gas error. According to the proposal, the increase will not lead to backward compatibility issues and is expected to improve the efficiency of data fetching processes.
Wormhole Raises $225 Million
Wormhole, a multichain bridge protocol, secured a $225 million funding round achieving a valuation of $2.5 billion. Key investors in the round included Jump Crypto, Coinbase Ventures, and Multicoin Capital. The investors will receive a portion of the protocol's anticipated future token supply in exchange for their investments. Wormhole also announced the creation of Wormhole Labs, a new entity for advancing the protocol's development. The funds will be used to expand the team and to further development.
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