Weekly Report (Nov-14)
- Forbes announced a virtual Metaverse event in collaboration with the Sandbox.
- FIFA and Altered State Machine have collaborated on a metaverse based AI league game.
- Decentraland has inaugurated the second edition of Metaverse Music Festival.
- Line has announced the launch of its NFT marketplace
There has never been a more crucial time for DeFi coverage. Almost daily, we learn of hacks and exploits that have the potential to cause a project team or its community significant loss of assets. To safeguard your digital investments, consider mitigating security risk by purchasing cover protection from an online cover protocol, such as the Neptune Mutual marketplace.
DFX Finance, an Ethereum-based decentralized exchange protocol was hacked for approximately 3000 ETH, roughly equivalent to $4 million due to the lack of proper reentrancy protection. The issue was prevalent in DFXFinance’s DEX pool named Curve, after which their pools LPs were locked until further investigation of the issue. The stolen tokens include $USDC, $EUROC, $GYEN, $XIDR, $XSGD, and $ZNDS and the attacker then swapped them to ETH. The perpetrator then laundered them by depositing into Tornado Cash.
An attack on the brahTOPG project on the ETH chain resulted in a profit of around $89,879 for the attacker. The attack was carried out as a result of the Zapper contract’s strict verification of the user-provided data, which created a problem enabling arbitrary external calls. The attacker used this arbitrary external call problem to steal the tokens of users who were still authorized to use the contract. The attacker initially checked the victim user’s balance before using one of the Zapper contract’s functions to transfer the token to the contract. The attacker took advantage of the function’s ability to accept externally modifiable arguments to produce a fake token, send it to the contract, and then steal 89,343 $USDC from three victim accounts. We have also shared a detailed analysis of the exploit here.
Metaverse, and NFTs
More well-known businesses are looking into the idea of the Metaverse and how it could be applied to customer engagement. The list was most recently expanded by Forbes as they prepared for their event to be held in partnership with The Sandbox metaverse. A wearable NFT that acted as their entry ticket was provided to attendees of the event. Once inside, visitors were able to partake in a variety of adventures related to the Forbes Metaverse, such as discovering hidden objects like the Forbes Highlander Yacht. The event also had an NFT gallery, and virtual billionaires who were well-developed Metaverse personalities with their own virtual wealth.
In collaboration with FIFA, Altered State Machine is launching a unique metaverse game in the hopes of creating exciting new online football experiences. This innovative new smart football game will introduce intelligent AI characters to a broader gaming audience. The game begins with a prediction game that will be available during the FIFA World Cup 2022. Players will be able to participate in this entertaining football-themed metaverse game starting November 20. The game will allow players to create teams and compete against others in an AI football game.
After a successful inaugural iteration, Decentraland is back with their Metaverse Music Festival. The world’s largest virtual celebration of music, the virtual music festival is living up to expectations. The metaverse is stepping it up a notch in its second iteration with an exotic cyberpunk theme. The four-day celebration of everything from music and innovation to culture and creativity will culminate on November 13, in which visitors will be able to take in a musical experience unlike any other. This year’s impressive list of performers includes Gramatik, Arapu, Ozy Ozbourne, and Dillon Francis, and the activities will take place on fifteen stages throughout the virtual world.
Adidas has released a teaser video for their second Metaverse phase, dubbed Unbox the Impossible. The video showed an Adidas sweatshirt morphing into various shapes, including a rocket. The accompanying text read, Welcome to adidas Into the Metaverse Phase 2. Unbox the impossible. 16.11.2022, confirming the unboxing date of these NFTs. A link on Adidas’ social media leads to a countdown clock that includes 3D images of some of these NFTs.
NFTs are still gaining traction in the business world and are being adopted by some of the most well-known brands in the world. Rolex is yet another recent addition to the list as the brand has submitted trademark applications for NFT related products. The premium watch manufacturer is reportedly considering launching not only NFTs itself but also software to simplify the auctioning of digital assets, including watches. The company is also considering developing a marketplace where buyers and sellers may exchange comparable goods.
Line, the Japanese messaging platform, has announced the launch of its brand-new NFT marketplace. This was created by LineNext, their NFT division, and is hosted on the DOSI NFT platform. Anyone can create an account by connecting their Google, Line, or Facebook account with a MetaMask wallet on the marketplace, which is exclusively a C2C environment. Although other payment methods will soon be available, users can currently only pay for NFTs using credit cards, Ethereum, and Naver Pay. The administrative team has reported that further projects are in the pipeline, all of which are intended to acquaint users with NFTs.
OnChain Insurance Industry News
Neptune Mutual has launched their cover marketplace on the Ethereum network, beginning with a diversified cover pool called “Prime dApps” that comprises some of the most well-known decentralized Applications in the DeFi industry, including Aave, Maker DAO, and Uniswap, among others.
Nexus Mutual communicated that members who held FTX Custody Cover would be able to file individual loss claims if FTX withdrawals were still halted on the 6th February 2023. Nexus Mutual’s FTX Custody Cover liabilities were reported as a total 1611 ETH and 6,853,539 DAI, which at the time of writing was valued at ~$8.79m USD representing 4.33% of the capital pool holdings.
InsurAce communicated via Twitter that their exposure to FTX (Custodian Cover) was approximately $40k USD.
Ease DeFi has added bonuses to the Uninsurance ecosystem, hence raising the APR for $Ease stakeholders leasing their $gvEase.
Credora modified its scoring methodology to discount borrower FTX assets by an off-set of 50%. This modification was applied across multiple factors in the Credora Credit Evaluation, affecting Leverage, Equity, and Current Ratio scores.
Neptune Mutual project safeguards the Ethereum community from cyber threats. The protocol uses parametric cover as opposed to discretionary insurance. It has an easy and reliable on-chain claim process. This means that when incidents are confirmed by our community, resolution is fast.
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