Rubic Weekly Report 12/29/2022

Hello, Rubiсans! We definitely had a tough week, but we’ll overcome all the hardships together. Rubic’s team is endlessly thankful to all of you who still believe in the project, because we surely do! Together, we’ll cope with the dreadful consequences of the hack. Now, you are welcome to read the Rubic Weekly Report to understand our next steps.

Merry Christmas and Happy New Year, no matter what!

Hacker Attack Update

Here’s our understanding of the events:

A USDC address was whitelisted for interaction with our contracts to make one of our partner’s bridges operate via other aggregators. As a result, the contract became compromised and the hacker stole users’ USDC.

We deeply apologize for the situation and will do the best we can to bring the Rubic platform back to life, safe and convenient. We’ve built an efficient product, which we still believe in and continue building, learning from the mistakes we’ve made.

We’re 100% committed to restoring the reputation of Rubic.

Therefore, out of the personal savings of our founders, we will support those whose USDC was stolen.

Thus, this week, we plan to help affected users who contacted our Support Team, first in the amount of up to $5,000. We’ve already sent the first compensations to our users and we’ll continue into this week.

By the end of January, we’ll be sending out up to $5,000 more where necessary. Please DM us your inquiry, either via the @RubicSupportBot on Telegram, or via Twitter. After we check your inquiry, you will receive the money in 24–48 hours at your specified wallet.

Therefore, this week and in January, we’re planning to cover 76% of those who suffered from the hack. The remaining 16% will be supported in the next 6–9 months, and 8% will have an individual support plan.

This schedule is driven by the fact that we’re trying to combine the payments while simultaneously repairing and developing the project further. Thank you for your understanding.

Please read this message from our Team and Founders regarding the situation!

Development

Our Dev Team is fully dedicating all of their time to making the Rubic App safer than ever! Thus, we’ve already taken a few steps to further secure our users:

1. We have delisted USDC from the whitelist & paused all our contracts.
2. Our platform has resumed services, without switching our own contracts on, directly via Symbiosis, deBridge, and XY Finance as cross-chain providers. All swaps will go directly to the DEX and cross-chain providers’ contracts.
3. The Fiat On-Ramp feature and 19 chains are now available at https://app.rubic.exchange/, with a smaller amount of DEXs than usual.
4. On-Chain swaps are available and implemented through natively integrated providers. To make them safe, all swaps are going through our providers’ contracts.
5. New contracts, which will allow for full functionality, will be issued in January after rounds of careful audits by multiple parties.
6. We are also reconsidering the architecture of our Protocol.
7. We’re preparing a whole set of security measures which we will make public in January, to prevent any of this from happening again.

Along with all of our work to secure the Protocol further, we are still creating a convenient and comprehensive solution for our users. Now, we are planning to add Trader Joe’s new AMM on the Arbitrum Blockchain.

SDK and Widget Update

1. A new version of the SDK has been prepared for our integrators.

2. In this version, all swaps go directly through the providers’ contracts. Our contracts are currently paused and cannot be used. In this case, no one receives commissions: neither we nor our integrators.

3. There are 19 networks available.

For 13 networks, the cross-chain swaps work through the providers Symbiosis, deBridge, and XY Finance.

For all networks, except for Boba BNB and Boba AVAX, On-Chain swaps are available through several DEXs.

4. The list of available networks and providers can be found on the Rubic App.

5. The option to select the best cross-chain / on-chain provider is live.

6. We will gradually expand the list of networks and providers. There is no clear roadmap at this time.

7. Commission swaps through our contracts are under development.

Currently, the Rubic team is working on new contracts, audits, etc.

Marketing

1. The Rubic, Telos, and Omnidex Campaign Results

The massive NFT Giveaway we held together with Telos and Omnidex came to an end last week, and we are ready to share some impressive results with you. While it’s not an appropriate time to boast, it still speaks to the efficiency of this mechanic, and we’re happy we’ve helped our partners grow.

You managed to increase the number of Cross-Chain transactions between Telos and other chains by 33 times. The number of On-Chain Swaps via Omnidex has surged by 73 times compared to the average weekly number of transactions in November!

We’d like to thank all of the participants! We hope you’re enjoying your brand new NFTs in your wallets.

See you next year!