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Weekly Report (Dec-05)

Porsche has announced its collaborative new NFT drop. Kia America has introduced Legends…

Weekly Report Dec5

TL;DR#

  • Porsche has announced its collaborative new NFT drop.
  • Kia America has introduced Legends Of The Driveway in partnership with the NBA.
  • Binance NFT has secured a meeting with Mike Tyson as a prize for the winner of their NFT competition.
  • Uniswap has announced the launch of NFT trading with integrations to multiple marketplaces.

The number of people utilizing NFTs has been steadily climbing over the past month, with many individuals taking advantage of the technology to produce one-of-a-kind digital goods. The creation of digital art, collectibles, and even digital real estate has all been accomplished with the help of NFTs. Tokenization of tangible assets like real estate, artwork, and even musical works has also been accomplished with the help of these digital collectibles. As the use of NFTs becomes more widespread, an increasing number of individuals are investigating the capabilities of the underlying technology and finding novel applications for it.

Blockchain Hacks#

The Ankr protocol on the BNB chain suffered a governance key compromise, allowing an attacker to mint 10,000,000,000,000 $aBNBc tokens and drain the DEX pool, resulting in the loss of approximately $5 million. The $aBNBc token is an upgradeable token contract, which means that the admin can change the code at any time. The exploiter stole the key of Ankr Deployer and minted himself 10T $aBNBc tokens. The preparator transferred 1.125 $BNB tokens to Ankr Exploiter address as a gas fee by controlling the key of Ankr Deployer, and then began to dump $aBNBc. The attacker also sent between $3 and $4 million involving multiple transactions to the ETH mainnet through the Celer bridge, and also used PancakeSwap to exchange $aBNBc tokens for $BNB and $USDC before converting them to $ETH. We have outlined the detailed analysis of the exploit in one of our blog posts here.

The dumping of a massive amount of aBNBc tokens on a decentralized exchange opened the door for another exploit in which Helio Protocol was attacked and the attacker got away with approximately $15.5 million. After the Ankr Exploiter dumped $aBNBc tokens, another user bought 183,885 $aBNBc tokens from 1inch for just 10 $BNB, which were worth about $2,879 at the time the event took place. The attacker then deposited the 183,884 $aBNBc tokens into Helio Money to receive back 191,130 $hBNB tokens. The price oracle of Helio was not updated during the exploit that took place with the $aBNBc tokens. The attacker used the $aBNBc tokens they had already deposited as collateral to borrow 16,444,740 $HAY tokens. The attacker then swapped 16,444,740 $HAY tokens to 15,504,986 BUSD.

Metaverse, and NFTs#

Many of the world's most recognizable brands are dipping their toes into the NFT waters, and Porsche is not being left behind. The automaker is following in the footsteps of other leading brands that are attempting to supplement their physical offerings with digital counterparts. The first Porsche NFT collection, which will include 7,500 pieces, will be based on the classic Porsche 911 and will go on sale in January 2023. Unlike many NFT projects proposed by major brands, these NFTs are not yet complete. Buyers will instead work with Patrick Vogel, a 3D artist based in Hamburg to choose themes and other details that will influence the final product. When the NFT is completed, it will be accessible in the Metaverse.

Many boxing fans throughout the world would consider it a dream come true to meet Mike Tyson. Thanks to a recent endeavor by Binance NFT, NFTs have made it possible. On December 1, 2022, the project dubbed the Mike Tyson Golden Mystery Box NFT was underway. A total of 4,750 NFTs in four different rarity levels of Gold, Ruby, Silver, and Bronze were offered for sale, each costing 44 $BUSD. There is just one gold NFT left in this set, and the owner will get to meet the legendary fighter. The NFT's rarity won't become known to buyers until after the transaction. Additionally, the gold NFT winner won't immediately be aware of all the details of their meeting with Tyson. The silver and bronze NFT winners will receive free airdrops of impending digital collectibles from Tyson, while the ruby NFT winner will receive autographed items.

Kia has continued its expansion into web3 by launching Legends Of The Driveway NFTs in collaboration with the NBA . The project commemorates the strong collaboration that the brand has had with the National Basketball Association for the past 16 years and acts as a fundraiser for the national non-profit organization MobilizeGreen. These digital collectibles can be purchased for a reasonable price of $49.99 each item, and the minting process for them started on November 29th with a total of 2023 pieces available. Each of the 2,023 collectibles in the collection possesses a unique mix of more than a half dozen characteristics, making up the collection as a whole. Additionally, Legends of the Driveway collectibles are stored in the buyer's Sweet wallets. These digital collectibles can be traded at any time on the game's secondary market.

Uniswap has officially announced the launch of NFT trading on their platform. The platform launched with integrations to nine different marketplaces, including OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, X2Y2, Foundation, NFT20, and NFTX. They also planned to airdrop approximately 5 million USDC to certain historical Genie users and offer gas rebates to the first 22,000 NFT users. To welcome longtime Genie users into the Uniswap community, the platform has created two airdrop tiers for recipients based on the April 15 snapshot. Wallets that completed more than one transaction prior to the snapshot are eligible for the $300 tier, while wallets that held the Genie: Genesis NFT at the time of the snapshot are eligible for the $1,000 tier.

OnChain Insurance Industry News#

Neptune Mutual has announced the launch of the Binance Exchange dedicated cover pool, the first CeFi exchange on their marketplace, which will provide users with a means to mitigate the risk of losing assets due to cybersecurity breaches and the risk of Binance halting user withdrawals from the exchange for greater than 15 days.

InsurAce Protocol announced an updated listed protocol Defrost Finance V2, a DeFi platform built on Avalanche where users can earn leveraged yields.

Nexus Mutual announced a strategic partnership with Everstake, which will provide their delegators on-chain coverage against ETH staking risks like penalties, slashing events, and missed rewards.

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