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Airdrop

ENS DAO votes to airdrop more tokens

The Ethereum Name Service (ENS) DAO has voted to retroactively distribute ENS tokens to addresses that didn’t receive last month airdrop’s 2x multiplier despite setting a primary ENS name, which was a criteria for the bonus.

This decision to reward more users sets the ENS DAO apart from the Uniswap DAO, which in 2020 didn’t approve an additional airdrop for users who have interacted with the protocol through 3rd parties and thus haven’t been eligible for the initial 400 UNI airdrop.

Earlier in November, the ENS protocol distributed its governance token ENS to all addresses that have ever owned any .ETH second-level name. Following the airdrop, ENS holders ratified protocol’s constitution that is supposed to guide its future governance process with a set of binding rules.

Since the rules are not hard-coded in a smart contract, it’s unclear whether they can be enforced. Bytes reached out to the ENS team asking for clarification of how the new rules will be enforced to make sure that large token holders cannot exploit the DAO, with no response at press time.

While most ENS holders voted to ratify the constitution, some users rejected all 4 articles. It’s worth noting that since “code is law” in the DeFi space, such a constitution wouldn’t technically stop a few major whales from channeling DAO’s treasury funds into wallets associated with them, unless all transactions have to be authorized with so-called ‘admin keys’ by developers who can uphold the constitution. In that case, though, the protocol is not decentralized yet.

DeFi

SushiSwap protocol inmerse in yet another scandal

DeFi-focused blog Rekt News released a long-read investigation of internal conflicts within the SushiSwap core team. The article is based on leaks from project’s now-former pseudonymous employee ‘AG’ and other whistleblowers.

According to Rekt News, SushiSwap co-founder 0xMaki did not decide to step down from the lead role, but was rather forced out due to an internal power struggle within the core team. Since Maki couldn’t be fired without a proper community vote because of his three-year contract approved by the DAO, he accepted an “advisory role”.

Following the accusations, now-former Sushi CTO Joseph Delong characterized the ongoing scandal as “overt manipulation coming from outside Sushi”, and explained why he moved the project closer to a traditional Uniswap Labs-like management structure, including a legal entity with bank accounts to pay for various services. A few days later, though, Delong resigned as Sushi CTO and published an article, outlining his failures in leadership at the project.

A restructuring proposal has been introduced on project’s forum, suggesting the creation of Product Teams and a legal entity to provide “oversight and protection over the contributors”. While some users cheered the proposal, others saw the subsumption of Sushi into a legal entity as a “Trojan horse”, arguing that a business services company can act as an agent for the DAO to pay for services and sign contracts.

In other news

  • The Solana blockchain has suffered another distributed denial-of-service (DDoS) attack, which led to significant delays, but didn’t completely shut down the network like it happened earlier in September. The recent incident sparked debates over security of Solana’s Proof-of-History consensus algorithm.

  • Cryptocurrency exchange AscendEX - formerly known as BitMax - has been hacked to the tune of nearly $80 million in various tokens. A week earlier, another cryptocurrency exchange BitMart suffered from a nearly $200 million attack.

  • The crypto gaming ecosystem Vulcan Forged leaked 96 private keys of its users, which led to the loss of $140 million.

  • The website of DeFi platform BadgerDAO has been compromised, leading to the loss of nearly $120 million. An attacker has been inserting malicious approvals between legit transactions for approximately 12 days, which allowed him to drain funds from users’ wallets. Crypto lending platform Celsius Network appears to be the largest victim of the attack, losing $55 million worth of wBTC.

  • FreeRossDAO made a $6 million winning bid for NFT art created by Silk Road darknet marketplace founder Ross Ulbricht, who is currently serving a life sentence in the US. Proceeds raised from the NFT collection auction will go towards the Art4Giving fund and efforts to free Ulbricht. Users of the Silk Road marketplace have been early adopters of Bitcoin, testing the censorship-resistant nature of decentralized cryptocurrencies long before it became mainstream.

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