Rubic Weekly Report 11/04/2022
Hello, Rubicans! We definitely had a tough week, but no matter what, Rubic continues to work and deliver one of the most convenient Cross-Chain solutions to its users. Let’s see what has happened this week.
As you all know, one of our admin’s wallet addresses was compromised. This wallet managed the RBC/BRBC bridge and staking rewards. This bridge was disabled at the end of October and was not used later on. There was 35M locked RBC which was not in circulation, and they correlated with the previously minted BRBC.
Consequently, around 35M RBC/BRBC was sold on Uniswap and PancakeSwap. 138ETH, which the hacker managed to obtain, is still in the wallet which has been marked as Exploit on Etherscan. The exploited address was reported to our trading partners and forensic companies such as: Chainalysis, Crystals, CEXs, and others.
It is important to note that your funds are safe. None of our contracts were exploited, rather it was the private keys of the wallet that were compromised. None of our contracts allow users’ funds for swaps or staking to be moved to unintended destinations.
Right now, there is zero technical risk in trading RBC or BRBC using DEXs or CEXs. (We have already contacted all the platforms where $RBC is listed and warned them about the situation. They took all the needed actions to make it safe to acquire RBC/BRBC.)
It is also safe to use Rubic.exchange for any of your swaps. The current situation hasn’t had any impact on the platform’s security.
Your staking funds are safe. Staking rewards will resume in a couple of days.
Since the end of October, we have been using an external bridge, and will continue with this solution.
We’ve already started to investigate the case with reliable & trustworthy third-party services. When the stolen funds start moving, forensic companies can trace them anywhere, including through mixers. We’re trying to get in touch with the hacker and negotiate the return of the money held in the wallet.
Rubic as a company continues its work as usual, since this situation does not affect the team nor the development itself in any way.
We’ve received a lot of support from the community & our partners, and for that we’d like to thank all of you. The team is dealing with the situation and we will keep you updated on our next steps.
1. Bitgert Integration Announcement
This week, we have finally integrated the Bitgert blockchain, famous for its zero-figure gas fee of $0.00000001 and high throughput of 100,000 TPS. Users can swap assets between Bitgert and 7 blockchains: Ethereum, BSC, Polygon, Avalanche, Kava, Telos, and Cronos.
The tokens that are available for swapping from Bitgert to supported chains are USDT, USDC, BUSD, ETH, BNB, MATIC, and SHIB. You can swap any other token supported by Rubic from the source chain to Bitgert. However, they can only be swapped to the above-mentioned stable or native coins.
You can find all the details and information about the new blockchain in this article: https://cryptorubic.medium.com/bitgert-in-rubic-maximum-speed-and-throughput-cd416ea9d1de
2. Telos Integration Update
Rubic has expanded Cross-Chain trading for Telos to new networks. Trading is now available between Telos and the following blockchains: Ethereum, BSC, Polygon, Avalanche, Fantom, Kava, Bitgert, Moonbeam, Cronos, Boba, Oasis, Metis and to BTC.
You can swap a limited number of tokens — mainly stables, native and some other tokens.
Recently, we’ve also completed our integration of the ApeSwap DEX, which is also available on the Telos Network. It’s now integrated into both our platform and SDK. ApeSwap is a cross-chain DeFi hub, offering an accessible, transparent, and secure experience for users on Telos.
3. QuickSwap V3
Rubic has integrated QuickSwap v3 as a DEX for the Polygon Network. The V3 model offers Liquidity Providers a way to make their capital more efficient, and can deliver rewards tens of times higher than the V2 model.
By the way, in June 2022, Quickswap’s community voted in favor of acquiring an exclusive license to operate Algebra’s V3 concentrated liquidity model on their DEX. Now, Algebra is the development team behind the QuickSwap v3 license.
4. Multichain Provider Integration
We’ve completed the integration of Multichain as a provider for swaps, to every blockchain supported on Rubic. This integration further improves the user experience, as it enables better rates for bridging tokens.
5. “Fast Choice” Feature Update
Currently, we are researching the opportunity of adding a “Fast Choice” feature for on-chain trades. In case this feature is implemented, our users will be able to see the providers in a real-time manner, whenever a route for their trade is being calculated.
You’ll be able to choose the first option which appears, or wait for several providers to show up and choose your preferred one from the list of all available providers.
6. On-Chain Proxy Contract
Rubic’s Dev Team resumed the development of our on-chain proxy contract. When this contract goes live, users won’t have to approve the best DEX every time they are implementing the transaction. Also, fees for on-chain trading will become more flexible.
1. Rubic’s Birthday Campaign Results
Rubiс’s Birthday Celebration has come to an end, and now it’s time to analyze all the collected data.
Since the promo’s beginning, the number of unique users & cross-chain transactions has more than doubled. Total cross-chain volume grew by 23%. Over 4,000 NFTs have been minted.
We’d like to thank each DeFi project that shared this experience with us: Shout out to Symbiosis, LI.FI, Celer, Rango, & deBridge.
The most popular Сross-Сhain provider of the campaign was deBridge. Thank you for being a part of it & making it so special.
The rest of the stats can be found at https://dune.com/novuses/rubic-birthday-nft.
Lastly, we’re grateful to each promo participant. With your help, our Twitter account has gained more than 3K subscribers. Thank you for choosing Rubic! Keep an eye on the upcoming airdrop distribution as well.
2. SF Blockchain Week
This week, Rubic’s Business Developer Collin O’Brien joined the SF Blockchain Week. This event unites blockchain startups, enterprise companies, academics, developers, and investors from around the world. It’s held in San Francisco from October 31st to November 6th, 2022.
Collin joined 0xpo: Crossroads, where speakers from 0x Protocol and various crypto companies discussed the new tokenized world. He also attended ETH Global, an Ethereum hackathon event where different projects are rewarding coders for work on EVM projects.
3. WOW Summit
This week, Rubic joined the World Web3 Summit, one of the biggest blockchain conferences around the world, held in Lisbon, Portugal!
Rubic won the start-up competition and got a chance to showcase our product to the top worldwide venture capitals and investors gathered in Lisbon.
Read details here: https://wowsummit.net/lisbon-nov-2022/
4. AMA by Rubic’s Founders
Rubic always sticks to transparency in communication, and we know that our community might be nervous or concerned due to the recent events.
WIthout further ado, we decided to hold an AMA with Rubic’s founders — Vladimir and Alexandra. We’ll try to answer all your questions and share our plans.
Join us at 3PM UTC, on Twitter and Telegram!
5. New SDK Integration
Rubic is a One-Click Cross-Chain Aggregator which allows users to swap any of 15,500+ tokens, across 20 blockchains, and receive the best rates from all leading trading providers. Rubic includes On-Chain & Cross-Chain swaps for Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Arbitrum, Gnosis, Fuse, Celo, Optimism, Moonbeam, OKC, Boba, Tron, Moonriver, Cronos, Bitgert, and Bitcoin; with seamless fiat on-ramps and more!
Rubic provides the tools for crypto projects to become fully interoperable between blockchains, with an easy-to-install widget and a fully-customizable SDK. Rubic is already servicing more than 130 projects! Installation of Rubic’s SDK or Widget unlocks DeFi for any project, with access to over 15,500+ tokens across 20 blockchains, all available right on your website or inside your app.
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