A little bit of chitchat
The Arrington Moonbeam Growth Fund started to deploy capital across the ecosystem. This time, the project that will receive the funds is DAM Finance. This protocol allows Dotsama users to mint the dPRIME stablecoin by depositing a basket of assets using the novel connected contracts feature on Moonbeam.
What we know of the aUSD depeg
The aUSD stablecoin lost its peg and dropped 99% after 1.2 billion tokens were minted, out of which only 0-$10M are at risk of being lost, according to an on-chain analysis by a Polkadot community member. The issue happened on the newly created iBTC/aUSD liquidity pool. As of writing, we have come across two different versions of the events.
On one hand, the official statement made by Acala refers to a misconfiguration on the liquidity pool that erroneously minted the tokens. Meanwhile, major news outlets, such as CoinDesk, attributed the 1.2 billion aUSD minted to a hacker exploit.
According to Acala, 99% of the aUSD minted during this time are still on Acala, while “ a small proportion of erroneously minted aUSD being swapped for ACA and other tokens on Acala parachain.”
Meanwhile, the swap, xcm, honzon-related etc functionalities on Acala have been paused via urgent governance votes until further notice. The Acala team calls whitehats/receivers of the minted tokens to return them to these addresses.
A community proposal has been enacted to burn the tokens.
Manta’s Alpha Leaked
Amid a traumatic week for privacy in the blockchain following the sanction of Tornado Cash by the United States government, Manta Network’s founder, Shumo Chu, was featured on the Zero Knowledge Podcast, where he dropped an important alpha leak regarding their roadmap:
“And in the future, we’re actually launching a native programmable layer for smart contracts, and this programmable layer will be EVM equivalent. So in a sense, it will be composable and also an EVM equivalent smart contract layer directly on the private asset”…
Moreover, according to Chu, MantaPay, a multi-asset shielded pool protocol, will launch on their canary network Kalamari as soon as next month. The team also released a thoughtful introduction to zkAssets and zkAddresses, which are the cornerstones of the MantaPay application.
NFTs on Polkadot just got more reliable.
Parity has embarked on a collaborative effort with Pastel Network to bring to Dotsama NFTs tooling to enhance reliability, security and verifiability. Pastel’s two protocols, Sense and Cascade, will enable any NFT project in the Polkadot ecosystem to use via secure and authenticated REST API calls.
Sense is a Near-Duplicate NFT detection protocol which assesses the relative rareness of a given NFT against near-duplicate metadata on networks like Ethereum and Solana to prevent scams or theft. Meanwhile, Cascade is a fully distributed, permanent, redundant storage protocol.
This week’s crowdloans
Weekly Spot: A recently spotted Polkadot /Kusama native NFT
Sound song: Folding, overlapping, bending, stretching. Vibrations and colors bringing you to the peak of something.
Wrap Up
If you like our newsletter, share it with your friends so they can be also on top of the latest and the greatest (and sometimes not so great) of the Polkadot ecosystem.
In the meantime, feel free to follow us on Twitter @zkvalidator and visit our website to stake with us.