Evening News | Osmosis vulnerability leads to a loss of approximately 5 million dollars; STEPN updates its economic model

Organizer: Linqi, Chain Catcher

"What important events have occurred in the past 24 hours?"

1. The USDT issued by the Oasis ecosystem cross-chain bridge EVODefi has depegged to $0.55, following reports of an admin backdoor withdrawal feature.

The USDT token issued by the Oasis ecosystem cross-chain bridge EVODefi on OasisEmerald has now depegged, with its current price on VallerySwap at $0.55. In the previous days, a panic caused by FUD in Valleyswap led to significant fund movements from the cross-chain bridge, with most transfers initiated to the BNB Smart Chain, resulting in insufficient liquidity and the suspension of token bridging functionality.

A few hours ago, the project announced the restoration of cross-chain bridging for tokens like ETH and USDC, but the USDT cross-chain bridging functionality has not yet been reopened, meaning users cannot withdraw USDT cross-chain, raising community concerns about the liquidity of USDT on this bridge, which may lead some users to sell USDT, causing the token to depeg.

Earlier, at the end of April, Oasis officials had issued a warning that the EvoDeFi cross-chain bridge had an admin backdoor withdrawal feature that allowed admins to transfer funds from the bridge. Users connecting to DApps like ValleySwap and RimSwap using the EvoDefi cross-chain bridge should be aware of the risks. (Source link)

2. PayPal now allows users to transfer Bitcoin and Ethereum to external wallets.

PayPal now allows users to transfer Bitcoin and Ethereum to external wallets and will open this feature to everyone in the U.S. within the next week or two.

It is reported that PayPal first launched its crypto products at the end of 2020, allowing users to buy, sell, and hold four cryptocurrencies—Bitcoin, Ethereum, Bitcoin Cash, and Litecoin—but not to transfer funds to external destinations like MetaMask, Coinbase, or hardware wallets. (Source link)

3. Osmosis: Bug identified and patch written.

Cosmos ecosystem Osmosis has announced the latest progress regarding the previous "serious vulnerability" incident, stating that it has identified the bug and written a patch, and that more testing is needed before restarting the validating nodes. Additionally, a complete bug report and action plan will be updated after thorough end-to-end testing of the network upgrade in the coming days.

Earlier reports indicated that the Cosmos ecosystem Osmosis blockchain network had stopped producing blocks at block height #4713064, with officials confirming a serious vulnerability, but the liquidity pool had not been "completely exhausted." Developers are working to fix the vulnerability, with estimated losses around $5 million. (Source link)

4. Citibank: The metaverse economy represents a revenue opportunity of up to $13 trillion.

A report released by Citigroup shows that while the metaverse economy may still be in its infancy, it could represent a revenue opportunity of up to $13 trillion, significantly impacting not only major tech companies but also cryptocurrencies.

The report argues that, theoretically, the total addressable market (TAM) of the metaverse should be calculated by adding all internet-related revenues to the revenues from physical world activities that are being replaced.

Citibank identified five early investment opportunities in key components: 1. Operating systems that connect people and content; 2. Blockchains that decentralize economic systems and digital asset ownership; 3. Natural user interfaces, such as voice control and gestures, to enhance user immersion; 4. Extended reality (XR) headsets; 5. Cloud network infrastructure. The report states that before widespread adoption, the metaverse faces numerous risks and challenges in technology, regulation, privacy, and cryptocurrency that need to be overcome. (Source link)

5. STEPN releases "Action Plan for Game Economy" to update its economic model.

STEPN has updated its economic model and released the "Action Plan for Game Economy," which includes the following:

1. Cross-chain energy interchange: 1. Each Realm will initially calculate energy based only on the shoes in the current Realm; 2. Each Realm can provide 1 point of energy to another Realm as long as it has shoes; 3. In the first month of opening a Realm, the total energy received from other Realms will be a maximum of 3 points, 2 points in the second month, 1 point in the third month, and then stop providing cross-chain energy.

2. Pure minting rewards: 1. Allow players who actually use the app to have a chance to obtain minting scrolls from mystery boxes (MB). To this end, the official will increase the grade of MB from 5 to 10; 2. The minting cooldown time will increase to 72 hours, and the minting cost will be raised.

3. Dynamic minting costs: 1. The GST portion of minting will be a constant, while the GMT portion will be dynamically adjusted; 2. As the GST price gradually rises, additional GMT (addGMT) will need to be consumed along with GST and base GMT (baseGMT).

4. Recycling mechanism for shoes and gems: 1. Five pairs of shoes of the same quality can be synthesized into higher quality sneakers; 2. Shoe synthesis will always succeed, but a certain GST and GMT fee will be charged; 3. The type of new shoes (Walker / Jogger / Runner / Trainer) will have a probabilistic relationship with the types of the 5 shoes put in; 4. The maximum and minimum attribute values of the new shoes will increase by 20% under the influence of their quality; 5. Users can engrave permanent text on the new sneakers. (Source link)

"What excellent articles are worth reading in the past 24 hours?"

1. "Detailed Explanation of MEV: How Does It Work? How Dark Is It?"

MEV stands for Miner or Maximum Extractable Value. Miners (or validators, sequencers) can earn a certain profit by arbitrarily packaging, excluding, or reordering transactions in the blocks they produce, and MEV is a measure of that profit. Since January 1, 2020, profits generated by MEV are estimated to be $635 million.

2. "Analysis of Solana's Scalability Mechanism: An Extreme Attempt to Sacrifice Usability for High Efficiency"

Solana has pushed Layer 1 scalability to extremes with high-end node devices, disruptive consensus mechanisms, and data transmission protocols, essentially reaching the TPS bottleneck that a non-sharded public chain can maintain. However, multiple outages have already indicated the outcome of sacrificing usability/security for efficiency.

3. "Play and Earn Leads Crypto Games Astray"

Play and Earn is a narcotic label, much like its predecessor (Play to Earn), where these games still place a strong emphasis on "making money" and use short-term economic incentives to mask their lack of real players. This article will discuss why Play and Earn can lead us astray, then talk about better business models for games centered around making money, and envision the future of games focused on play.