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Markets & Business
Market for Compound Ether Token ‘Frozen’ After Code Bug Kills Price Feed (1 minute read)
DeFi lending protocol Compound has suffered a critical failure that effectively halted the trade of Compound Ether. A bug in the code caused transactions for suppliers and borrowers of ether to revert. It was introduced during an update aimed at the price feed. The code for the update was audited by three separate teams. A fix will be implemented in the next proposal, which will take seven days to go into effect.
Solana-Based DeFi Protocol OptiFi Loses $661K in Programming Blunder (1 minute read)
OptiFi, a derivatives-focused DeFi platform on Solana, accidentally closed its mainnet due to a programming blunder and locked away $661,000 in USDC. OptiFi will return all users' deposits and settle positions manually. 95% of the total value locked on OptiFi belonged to one of its team members. This is one of the first cases where a programming error has resulted in the complete loss of customer assets.
Innovation & Launches
OpenSea Adds Polygon Support to Expand Features, Accept MATIC (2 minute read)
OpenSea has integrated Polygon into its Seaport protocol. The platform will start using Seaport for all new listings and offers on Polygon. OpenSea plans to add Seaport support for Klaytn and other EVM-compatible chains in the coming months. Users are now able to use MATIC to list and buy on OpenSea. Gas fees for transactions on Polygon using OpenSea are paid in MATIC.
Guides & Resources
Arbitrum Odyssey - Nitro Edition (14 minute read)
Arbitrum Nitro will make the Arbitrum network faster and cheaper to use. Users will experience a seamless transition when the upgrade is implemented on August 31. Arbitrum Odyssey is expected to resume shortly after Nitro is deployed. This article introduces many of the projects that are currently or will soon be on Arbitrum.
A thread summarizing the latest Maker Drama (7 minute read)
This Twitter thread tells the story of how Maker went from onboarding a US Commercial Bank to discussing how to depeg from the US dollar in less than two months. It covers the internal factions in MakerDAO and the impact of events such as the Huntingdon Valley Bank deal, the lending oversight vote, and the Tornado Cash sanctions. The events have caused the DAO to consider moving away from real world assets and become more decentralized.
Helium Developers Mull Migration of Crypto Wireless Network to Solana (4 minute read)
Helium's core developers have submitted a proposal to move the network from its custom blockchain to Solana. The developers believe that the move will improve Helium's speed, stability, and ability to serve more users. The HIP 70 proposal can be voted on by token holders between September 12 and September 18. There is no timeline for the migration. A link to the proposal is available in the article.
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