NXM Hack Update, Uniswap LP tokens in Maker and more - The Daily Gwei Refuel #20 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today is the 22nd of december 2020 right into some big news today i guess not really ethereum related news but more crypto related uh so this kind of um report came out and was circling through the media that uh ripple has said that they are going to be sued by the sec so the securities and exchange commission in the us now there's been a long debate you know over uh xrp uh the asset that that um kind of powers i guess the ripple ecosystem whether it's a security or not you know based on how it was issued there's been a lot of back and forth

about this for for many years now i mean xrp has been around for quite a while now um it has been you know under like intense scrutiny from from a lot of people over the years and i think rightfully so i am not a fan of a lot of the things that the ripple company does when kind of advertising and marketing xrp uh i don't really think it serves a purpose in general i i just don't see the kind of use case and what it does but this isn't you know time to bash on xrp i just thought it was interesting that the sec has finally made a move here now i mean you know i saw this and i thought to myself is anything going to come of this uh because you know you'll probably remember that there's been other high profile cases

that the sec kind of has been involved in they've gone after eos right for raising billions of dollars and saying that their kind of token was a securities offering but they kind of slapped them on the wrist with a 24 million dollar fine and then they were basically got off you know after that right they didn't have to admit guilt they just had to pay this fine um and and that was it they didn't have to pay back anyone uh they invested or whatever so you know they allegedly raised four billion dollars got fined 24 million and on their merry way so because of that i don't really have much faith in this going places i mean i saw some of the lawyers opining on this on twitter saying this is a bit different to the eos case it seems the sec has multiplier they're basically directly suing ripple

rather than trying to kind of settle out of court so you know i mean this could become more than what the ios kind of debacle was we'll have to see brad garlinghouse the ceo of ripple was on twitter basically defending um you know the the kind of uh attack he calls it on crypto from the sec and i don't think it's an attack on crypto at all i think they're rightfully investigating ripple and the xrp connection there and then he you know there was also an excerpt from one of the things that ripple published that basically went on to bash ethereum and bitcoin and said they were you know centralized in china via mining and things like that so all around just a bit of uh you know a bit of drama today with this but

don't want to hop on it too long but i think it's definitely one of the most interesting developments we've seen within crypto in quite a while given the prominence of xrp i mean everyone knows about it it's the number one number one number three crypto by market cap um and it's yeah as i said it's been uh it's been around for a long time and under scrutiny for a long time so we'll uh i'll keep an eye on this and keep you guys updated so there was an update from hugh carp the founder of uh nexus mutual today about what happened with uh the hack i guess it was last week or the week before um how the x and m kind of got stolen from him through a kind of man-in-the-middle attack where they basically the attackers spoofed the metamark metamask transaction and made him believe that uh and sorry

he thought he was sending uh or doing an interaction uh that was different to what actually executed so what ended up happening is um a transaction executed that sent 370 000 xnm to a hacker and he goes on to say here that instead of what he was thought he was doing which was claiming some mining rewards um so yeah he goes into basically the storyline here of what happened uh then he goes down here and says and gives like a summary of findings i guess for kind of um their investigation so far uh basically what ended up happening was that a malicious kind of uh metamask configuration was uh installed onto his pc um and basically it the attack appears to

be highly targeted towards cut towards hugh they kind of you know knew who they were going after the attackers knew what they wanted to do knew how to get uh this kind of thing out of um out of hue uh so yeah and he basically kind of says here what they don't know is like how the machine was compromised in the first place who the attackers are or the hackers are of course and some learnings here so i was discussing this with some friends today and i'm still of the opinion that 99 of people don't have to worry about these sorts of things as kind of like an active thing to worry about uh this was obviously a targeted attack towards who because they knew how much kind of crypto he had they knew where it was uh they knew that they kind of formulated a way to get it off him and

and they kind of like planned this out so this was a sophisticated targeted attack at a known kind of entity right whereas you know you or me uh basically you know we we kind of like obviously have our crypto and everything like that stored in various different ways um and you know i guess like i could be considered like a public figure whereas i'm sure a lot of you are anonymous or not very kind of like out there uh with your with your crypto holdings you know it's very hard to target people like that um i i think that the people that need to worry about these are definitely the more high-profile people that are in crypto especially within the ethereum ecosystem and things like that i mean this is what i was talking about yesterday about the ledger kind of leak as well i mean you

know it might be unpopular opinion opinion to say it but i think it's just you know if you really take a step back and kind of look at it from a kind of logical standpoint uh you can kind of you know get the feel that you're probably not going to get targeted in this right unless you're like a high profile person and and or someone has a bone to pick with you basically so yeah but in general i think i mean i in the daily grade newsletter yesterday i wrote about this there's a few things you can do to improve your security hygiene you obviously always want to be as secure as you can be there are attacks that um that are done through phishing emails and they're basically like casting a white net and trying to you know catch as many people as they can

it's not specifically targeted but you know the ledger kind of leak had a lot of email addresses in it so if you are on there you've probably gotten uh and your phone number as well you've probably gotten phishing sms you've probably gotten phishing emails and things like that and that's just opportunistic right these these kind of attackers think you know we'll just send all these out and let's get some fish to bite um you know for for lack of a better term here and see where we end up whereas what happened to you was a was a completely targeted attack they knew exactly what they were going for they didn't take any kind of chance as it seems and they used some very sophisticated uh methods to obtain this crypto so yeah i suggest reading this post will be linked in the in the show notes

if you want to learn more about this um but in general yeah even if you you know you're a low-profile person no one really knows you hold crypto you're not active on social media or anything like that uh i still think you know you can prob you can still lose your crypto through these kind of uh general phishing attacks where they kind of just try and target everyone so always good to be alert around that uh and of course you know getting it's getting your crypto stolen from your own kind of address or your own metamask world or something like that is probably less of a risk than getting it kind of stolen out of a d5 protocol right or a smart contract so i think making sure that you're not putting your assets into you know uh unaudited or unsecured smart contracts um without kind of coming to terms with

the fact that you could lose it all is is probably the better bet here probably the way most people will lose their money and the most common way people i think was going to lose their money is active trading too right uh things that you know you do yourself so yeah just just a bit of like i guess um i guess a bit of a bit of a different take there to because i see people kind of being frantic about this and you know how can i trust anything now and you know in general it's good to always be on top of things and make sure that your own setup of securing your crypto is good but i don't think you have to worry about like you know these super targeted sophisticated attacks against you unless you're a high profile person basically all right a bit of sobering news from

hudson jameson today so for those who don't know hudson has been in ethereum for quite a while now he's been extremely involved with the ethereum core developers he's been running oh i guess like facilitating the bi-weekly ethereum core developer meetings aka the all core devs calls for four years now and he announced today that he's decided to step down from that role um and tim baiko who has been doing a lot of great work around um eip1559 i've spoken about him before he's going to be replacing hudson in this role after the next uh ethereum hard fought called berlin which should be q1 in 2021 um yeah i can't think of a better person to replace hudson here or to like i guess not replace but like take the

take you know the the kind of like baton from from hudson to continue this this kind of work that hudson's been doing uh tim has obviously proven himself over the last few months and a couple of years i think and you know everyone that i spoke to is really happy about this uh you know this this kind of change over here and as for hudson i mean he leaves behind an amazing legacy right he's been you know four years you know after over four years of basically facilitating the most important kind of call in ethereum the all-called debs call i would i would argue um and he's done a lot more than that he's been very active within the ethereum community in general he's been a very great community leader he i always like seeing his takes because he he tends to like uh try and like leave his bias at bay

and he tends to really give some great takes uh on twitter um and things like that so yeah really great uh really great uh to see that and he basically announced here that he's kind of like stepping down because he wants to try new things inside and outside of the ethereum foundation such as contributing to zcash um and some internal ethereum foundation initiatives uh so yeah i guess like just a change of pace right like if you've been doing this for so long and you know you get to a point where you're like you know i think it's time for me to pass the baton on i've been doing this through multiple kind of market cycles you know ethereum's evolved so much over the years you know you need a you know whether it's you need a break or you need a change of pace

i mean i totally get it right i um i think that's that's totally fine and as i said he's passing the kind of baton on to to tim bico who i have full faith in and i think the rest of the community does as well so really really great to see that and you can see tim's kind of uh thread here about kind of uh what he's going to be doing when he feels hudson's shoes he says he's got you know the eighth one roadmap to obviously focus on with one five five nine the account abstraction uh eip stateless clients bls support and the eth2 merge so these are some big things coming up right over the next year year and a half maybe two years for eth one along with the merge so he's got a lot of a lot of responsibility on his

shoulders and you know i think he's gonna he's gonna handle it really well so congrats to tim there and thank you to hudson for all your tireless work over the years our interesting uh addition here to make a diy today so i spoke about this a couple weeks ago how there was a vote to add uni swap protocols uh liquidity provider tokens to make a doubt as a collateral option now that has happened for the i think the first pair which is the dye eighth pair uh which makes sense i guess this is i think this might be the first uh addition of like a dye collateral to make adele so basically i mean it's not pure die right it's 50 die 50 eth but basically you can uh you can get this uh

uh unisop lp token by putting your die in even to unisop obviously and then going and putting this into maker and drawing die against it uh so the the parameters are a one percent stability fee which basically means you're paying one percent on the debt that you borrow and 125 percent clarization ratio which i think is the lowest collateralization ratio on maker right now uh i don't know if either has been lowered it was 150 percent like pure 8th um but i think this is the lowest unless i'm missing something um which is what caught my eye was that it was lower than pure eth which i guess i mean makes sense because there's dye in there maybe uh it theoretically should be less volatile right um because it's it's you know selling eth for dye on the way up and buying ether on the way down and

kind of selling dive for each on the way down sort of thing so yeah i really i mean this is the first of many i think we're going to see a lot of these pairs go in there not just uni swap i expect to see sushi swap pairs i expect to see other kind of tokens and things like that to go in there um so yeah really great to see this from uh from maker dao speaking of uni swap hayden adams put out a really great uh thread today about meta governance so this is something that's been heating up within d5 lately and basically i think i've spoken at it before but for those who are just tuning in meta governance is this kind of concept of protocols kind of governing other protocols so for example at the index co-op we have

the d5 pulse index under the index cops management and inside the d5 pulse index is a bunch of tokens now some of these tokens give you governance rights over their platform and such as comp and uni so what ends up happening is that index token holders can vote on comp compound and uni swap proposals and then that kind of goes through so they're basically meta governing these protocols through the index cop so the index cop itself is governing compound and uni swap so i mean that's just awesome and and you know hayden breaks it down here and basically says that in the d5 pulse index there is 2.5 million uni so uh basically that you know that's that's a big amount of the the vote i think that's kind of 20 24 uh

sorry 25 percent of the the kind of minimum union you need to reach the quorum on the vote so it's it's kind of a significant amount here so i think you know as time goes on not just with index cop but a bunch of other kind of experiments that are running uh being run for meta governance i think this is going to be a really kind of strong narrative moving into 2021 i think this is going to be very valuable i think protocols maybe without meta governance their tokens might be worth less actually because you can think you can think about it any protocol can govern any other protocol as long as there's uh the functionality built in so for example you know the uni swap dow can actually buy index co-op tokens right and the uni token holders would vote on that

and then they could govern the index co-op so then you have meta meta governance where the the the uni um the uniform dao who holds index tokens can actually vote with those index tokens on uni swap proposals so you see how that i mean you know it's like an inception of like governance basically so that's really exciting and that's actually something that i'm really paying attention to going forward i think governance is an ever evolving thing and this is going to be a core part of that going forward for sure right the new synthetic staking dap was released today so for those of you who have been in the synthetic ecosystem for a while you hold snx you would be familiar with this interface where it basically allows you to stake your snx and mint synths like susd

and s eth and things like that and this was basically um the main i mean the interface that people went to in order to get rewards on their snx right so the synthetics kind of dowels are paying out rewards over time um uh in snx for locking your so next up and minting susd there's also other things on here i mean you can see in the gifts here they have a bunch of different sections and things like that i mean you know even if i just go to the website here i can i can show you what it looks like i mean it fits in with their new branding that they kind of created but yeah you can go to like the staking interface here stake your kind of snx or or and mint like susd you can go to the new urn section here

now i'm not going to connect my wallet but when you connect it it actually comes up with a bunch of the pools that they're incentivizing like the curve s usd pool you can earn extra snx um you can kind of like check out the sims in here and then obviously your history and and how much you've got escrowed and if you connect your wallet all of this will come up but i don't want to docs my wallets i'm not going to do that but yeah really great interface from from kind of um synthetic cr fits really nicely in with their new brand and i'm looking forward to kind of seeing how this evolves and what other features they add here so yeah nice job synthetics team interesting announcement that kind of flew under the radar today from dexable so dexable is a well they describe it as

a dex tool that enables private non-custodial flexible defi automation and the first stop-loss orders for retail defy so i mean in plain english what this basically allows you to do is i mean the use cases are here allows you to trade in illiquid or small mid cap assets it lets you set trigger prices to sell in batches on quote unquote moon runs uh it minimizes slippage and front running it pulls profit from mining and staking rewards uh automatically schedule you know you can schedule trades um you know for gas reasons and you can set price triggers for orders as well so this basically i guess like automates your dex trading right so in case instead of you having to build your own bot for this this is what dexable is is um claiming

to be able to do here so yeah i i suggest going to check this out it'll be in the show notes i mean they've got a few screenshots here of how it works and everything but obviously screenshots aren't going to show you the you know the full picture you definitely want to see uh it all playing out and things like that and want to play around with yourself so pause that uh so yeah definitely go check this out in the show notes i think this is really cool and something that flew under the radar today all right lastly just a quick shout out here i was on the bankless podcast with eric connor and dc investor as well as hosts ryan sean adams and david hoffman uh we basically spent two hours giving the bull case for ethereum and for ether uh it was incredibly fun to be this uh

to be on this and talking with these guys i mean these these guys are pretty much at the forefront of of ethereum and eth and like why eath is valuable you know and all this sort of stuff i uh kind of like by the end of the episode i was like man i don't own enough i need i need to buy more uh that's how kind of like bullish the episode was um but it wasn't just about eighth it was about like how ethereum is going to evolve how the apps are going to evolve how we're going to bring in new users so much was covered here i will link this in the youtube description you can go check this out uh for sure i highly recommend listening to it obviously i'm biased here but i had a lot of fun on this so i

definitely i think you will uh too by listening to it all right that's it for today everyone thank you again for tuning in if you haven't subscribed to the youtube channel uh please do so give the video a thumbs up subscribe to the daily great newsletter uh join the discord and i'll catch you all tomorrow thanks everyone