Rubic Weekly Report 01/13/2023 — Q1 2023 Outlook
Hello, Rubicans. This is our first weekly of 2023, and we would like to speak not about the past, but about the future. 2022 left us with lots of achievements as well as lessons learned, but we go into 2023 with confidence that these lessons will only make us stronger. We have huge plans and ambitions for Rubic’s new product, we have kept all our partners while continually getting new ones, and now, we want to tell you what exactly we will be busy with in the coming weeks and months.
1. Security Upgrades
Here is what we have done back in December as quick counter-measures to strengthen security:
- We have paused all our contracts and delisted USDC from the whitelist.
- Our platform has resumed services, without switching our own contracts on, directly via Symbiosis, deBridge, XY Finance and Celer as cross-chain providers. Soon, we’ll be adding LI.FI. as well. Right now, all swaps go directly to the DEX and cross-chain providers’ contracts.
- The Fiat On-Ramp feature and 19 chains are now available at https://app.rubic.exchange, with a smaller amount of DEXs than usual.
- On-Chain swaps are available and implemented through natively-integrated providers. To make them safe, all swaps are going through our providers’ contracts.
New contracts and audits
New contracts, which will allow for full functionality, will be issued in February after rounds of careful audits. We are conducting negotiations with two external audit companies right now. After we complete the negotiations, the Rubic Protocol will be permanently subject to audits by two independent companies.
We are also reconsidering the architecture of our Protocol.
The Rubic platform will start operating in full in February, as soon as the new contracts are launched, audits are completed, and no potential threats are detected.
Bug Bounty Campaign
With the launch of the fully-functioning Rubic Protocol, we’ll start a brand new Bug Bounty program to research our new contracts.
The total bounty is $100,000 in RBC.
Rewards will be distributed according to the impact of the bug vulnerability from critical (the ones that lead to hacks and huge losses) to the high severity bugs (that hinder the functionality of the entire Platform).
The bug bounty partner company will be announced soon.
2. Rubic Team Changes
After the December events, several changes in the Rubic team took place.
First of all, we are rearranging Rubic’s Dev Team to make it stronger and eliminate any hazards to the platform’s security. We’ve already let some people go, and we’ve hired new ones. They’re still on probation, that is why we will announce them on the team page later. We’ve also hardened up the requirements for the developers that want to join Rubic’s forces.
Right now, we are looking for a security engineer. The security engineer will be in charge of constant monitoring of Rubic’s safety and reliability. If you happen to be an experienced security engineer or know one, you are welcome to contact us!
We’ve also optimized the size of the marketing team to cut down expenses and further adjust to the bear market.
3. New Integrations
While January is strictly dedicated to making the Rubic Protocol safer and invulnerable, February will be the month of marketing and integrations!
We’ve already come up with a few ideas for new blockchain integrations, and in February, you’ll see at least two more blockchains in Rubic’s ecosystem!
4. New Exchange Listings
We’re working hard on listing the new RBC on major central exchanges throughout the coming year, as the new tokenomics have allowed us to allocate the funds for listings.
5. ProBit Trading Competition
Trading of the new RBC token should start on ProBit really soon, as all the procedures have finally been finished!
In February, we are planning to hold a trading competition for the RBC token with ProBit Exchange! Details are to be announced later.
6. Rubic 2022 NFTs Retrodrop Claim
You’ve been working hard to gain NFTs in the recent Rubic Campaigns. Now, it’s time to get your rewards! Let’s go through the list of NFT campaigns:
- NFT Giveaway to Celebrate Rubic’s Birthday (5 NFTs)
- Exclusive NFT Giveaway with Telos, OmniDex, and Rubic (2 NFTs)
- Exclusive NFT Giveaway with Kishu Inu and Rubic (1 NFT)
- Rubic x W3DNA Unique NFTs Giveaway (1 NFT)
Those lucky Rubicans who managed to collect all 5 Birthday NFTs will be eligible to claim specific retrodrops with bonus rewards. If you weren’t so persistent in receiving every NFT, no worries, you are still eligible for the claim, but your reward will be lessened.
We’re planning to open the reward claim between January and the beginning of February, being held in RBC. Stay tuned and don’t miss any updates about the upcoming airdrops!
7. New Platform Usage Retrodrop
Thanks to the launch of our new tokenomics at the end of 2022, we’re now capable of running more generous marketing campaigns!
We’re happy to announce our brand-new Retrodrop for Platform usage in 2023, which will be focused on boosting transaction volume at rubic.exchange!
Right now, we’re working on the exact rules and conditions which will be later shared. The program will be live for 12 months, and rewards will depend on your transactions at rubic.exchange, as well as the number of NFTs you gather in various Rubic marketing activities.
Get your crypto ready, we’re going to have some good old fun soon, Rubicans!
8. Rubic Ambassador Program
We’ve always been close with our community, and we’d like to strengthen this relationship with an Ambassador Program for our most loyal community members!
The objective is to promote the Rubic Platform and our Cross-Chain Tools (SDK and widget). Ambassadors will be remunerated in $RBC, the amount of which will be linked to your overall tenure as an Ambassador, along with the significance and consistency of your contributions.
List of Possible Activities:
- Promotion — Spreading the word about Rubic through your own social networks or via other local influencers
- Content creation and design
- Business Development (new Widget/SDK Integrators), etc.
If it seems interesting to you, and you’d like to take part in spreading the word about Rubic while receiving benefits for your help, you are the very ambassador we are seeking!
The ambassador program is now in the process of creation. We’ll reveal more details later. The Rubic team is excited to cooperate with our community and give you this opportunity to work shoulder-to-shoulder with us!
9. Hacks Update
Here is the latest update regarding the first hack: we have frozen funds worth $150,000 on 3 exchanges. Our partner, Match Systems, is collecting information about the user to track it further.
Christmas Hack: More than 5 applications were submitted to local police departments around the world. Thanks to whitehat researchers, we were able to find the wallets where the funds presumably went to.
Unfortunately, we can’t disclose more details, since it can affect the investigation process.