Magic Eden Multiplies, Airdrop Rumors, & Exploring Oracle Attacks

MAR 10, 2022 • 4 Min Read

Joo Kian + 3 others

DISCLOSURE: DELPHI VENTURES HAS INVESTED IN EMBERSWORD, ALTERED STATE MACHINE, AND SOLSEA. DELPHI LABS HAS INCUBATED ASTROPORT. MEMBERS OF OUR TEAM ARE YIELD FARMING ON BASTION. THESE STATEMENTS ARE INTENDED TO DISCLOSE ANY CONFLICT OF INTEREST AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE ANY TOKEN. THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.

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Chart of The Day: Magic Eden Takes Decisive Lead on Solana

  • Magic Eden has become the dominant NFT Marketplace on Solana, generating 95% of the transaction share across all Solana-based NFT Marketplaces.
  • Throughout the NFT bull season, Magic Eden has consistently gained against its rivals. The progress is eerily similar to OpenSea’s market share on Ethereum. That said, NFT volume on Solana lags behind Ethereum significantly. For context, the 24H volume on Ethereum was $47M compared to Solana with just $2.4M as shown on Cryptoslam.io.
  • For more on Solana NFTs, Delphi members can see our latest NFT Insights here.

Airdrops, Lending Pre-Mining & Polygon Pools

[Excerpt from our Mar. 8 Yield Insights]

Airdrops & Rumours

  • Foundation has hinted at an airdrop today at 9AM PT/12PM ET/5PM GMT.
  • DexGuru has whitelisted the following communities to mint a Guru Season Pass NFT:
    • Users who tipped DexGuru before Feb. 1, 2022
    • LobsterDAO NFT holders
    • DEXT token holders
    • UniWhales token holders
    • Chartex token holders
    • AstroTools token holders
  • EmberSword will be hosting a live stream of the pre-alpha stress test. There may be raffled rewards for discord members.
  • Bastion Protocol has just launched its pre-mining program. Emission rates are 10x during pre-mining which will last for an undefined period of time. Users will be retroactively airdropped the amount they pre-mined.
  • Altered State Machine has announced their ASTO Airdrop. 3% of the total supply will be airdropped to Genesis Brain holders and Brains still in their box. There will also be an airdrop for Allstars soon.

Bastion Pre-Mine Farm

  • Bastion Protocol is a decentralized lending and borrowing protocol that algorithmically sets interest rates based on supply and demand. The protocol is based on Compound and is built on Aurora, NEAR’s EVM-compatible layer. The ultimate vision for Bastion is to be the liquidity hub of NEAR, where no asset lies unproductive and composable cTokens form the base of the ecosystem. Learn more about it here.
  • Yield calculations are provided on Bastion. To access Bastion, you’ll need to configure your MetaMask to run Aurora Mainnet using this guide.
  • Bridge: You can deposit and withdraw assets onto the Aurora network using Rainbow Bridge 2.0.
  • Emissions: There are a total of 5 billion BSTN tokens of which 30% are allocated towards liquidity mining incentives. BSTN is not yet live or trading, please be wary of scams or fake tokens.

  • To keep up to date on the latest yield farms, Delphi members can read our latest Yield Insights here.

Attack Cost and Profit from Manipulating Constant Product Market Maker TWAP Oracles in DeFi Protocols

[Excerpt from a Delphi Labs Paper]

  • Oracles represent critical infrastructure for DeFi. Their importance stems not only from their widespread use, but also, and most importantly, from how they’re used within DeFi. Specifically, oracles often lie at the heart of a number of different DeFi protocols and are a key component to their safety model. As such, they represent an important attack vector for protocols who use them and are in fact a common target for smart contract attacks.
  • In this paper, we explore some common oracle-related attacks, as well as the cost and profit potential associated with them. We focus specifically on CPMM based TWAP oracles, which are a specific oracle implementation that relies on on-chain DEX prices. We conclude with an initial exploration of a framework for safely setting CPMM based TWAP oracle parameters.

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Joo Kian + 3 others