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Frank Topbottom Profile picture
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16 Dec 20, 5 tweets, 2 min read
1/5 Although there is enough big news today, I want to share my latest piece on MakerDAO governance. Below there will be literally a couple of thoughts from it.
theblockcrypto.com/genesis/87759/…
2/5 Despite its long history, MakerDAO governance continues to be relatively centralized and passive at all voting stages. For example, two-thirds of “Signal Request” topics on the MakerDAO forum were started by six people. Image
3/5 Voting in government polls with no need for MKR locking also leaves much to be desired. Image
4/5 Among the addresses that have participated in the executive votes, about 70% have not done it more than 5 times. Image
5/5 And of course, the research mentions Polychain Capital, which sold almost all of MKR tokens on various exchanges since the beginning of this year. Image

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More from @FrankResearcher

Frank Topbottom Profile picture
26 Dec 20
1/6
 Currently, 49% of addresses eligible to claim $1INCH tokens have done so.

They took 75% of what was originally available on a $1INCH distributor smart contract. This is primarily because many big claimers are liquidity providers, and they needed to create markets. Image
2/6
 The chart shows the distribution of the first actions which were taken by the wallet owners with all their 1INCH tokens.

Only 19% are holding tokens or stake them in the @1inchExchange ecosystem.

Almost 25% of wallets sold all their tokens at once after a claim. Image
3/6
 29% transferred all their tokens to another address. This is because these are mainly additional user wallets.

The “Others” includes wallets that performed actions with parts of the claimed tokens, such as sending tokens to several addresses or selling them in parts.
Read 6 tweets
Frank Topbottom Profile picture
9 Dec 20
1/8
 In my last research, I look at data storage on the Ethereum and Bitcoin blockchains. This could become a series of researches related to decentralized storage solutions. Check out this topic superficially here or deeper on @TheBlockRes. theblockcrypto.com/genesis/87043/…
2/8
 Blockchain size growth leads to an increase in the cost of running a node. 256 GB HDD was enough for a node 3 years ago, but today it is better to use at least a 1TB SSD. For this reason, storing data directly on the blockchain is expensive. Image
3/8
 The average block size in Bitcoin and Ethereum has increased by 2 and 100 times since 2015, respectively. Bitcoin blocks are 26 times larger than Ethereum blocks, but because of the shorter creation time, 25% more information is written every day due to blocks in Ethereum. Image
Read 8 tweets
Frank Topbottom Profile picture
23 Nov 20
1/9
 Today I’m starting a new chapter in my life by joining @TheBlock__ family as a Research Analyst. I am very grateful to @lawmaster and all the rest of the team who supported the materials that I published here.
Also from today, I will be using my real name Igor on Twitter.
2/9
 All articles on Medium and the most interesting threads that were written as Frank will be listed below with a few comments. Take a few minutes of your time to find out about how Blockstack faked users or what MEV transactions look like. Let’s go.
3/9
 The announcement that @blockstack has over 1 million users was just ridiculous, so I wondered if I could find anything on their blockchain.
Apparently, the answer should have been news of the integration of Firechat (fc-). The messenger is now dead.
medium.com/@FrankResearch…
Read 9 tweets
Frank Topbottom Profile picture
21 Nov 20
1/11
I really like @FTX_Official and their flexibility, but let’s see how it started. One of their most interesting innovations during their launch were leveraged tokens - tokenized margin positions with daily rebalancing. Image
2/11
It’s worth noting that leveraged tokens were launched by @AlamedaResearch about two months before FTX launched them. They even got their own website: leveragedtokens.com Image
3/11
In fact, the operation mechanism of the tokens, with the exception of tokenization, was transferred from the traditional market - where such an instrument is called a leveraged ETF. Image
Read 11 tweets
Frank Topbottom Profile picture
17 Nov 20
1/8
6 hours ago, there was another attack using flash loan, this time @OriginProtocol was affected. This attack is similar to Akropolis hack, because the problem is in re-entrancy and use of a fake token. All of this was needed to manipulate rebasing. Let’s see how it happened:
2/8
 1. Flash loan 70k ETH from dYdX
2. Swap 17.5k ETH for 7.86 mln USDT on Uniswap
3. Swap 52.5k ETH for 20.99 mln DAI on Uniswap
4. Allow to rebase the attack contract
5. Mint 7.5 mln OUSD with 7.5 mln USDT
3/8
 6. Call MintMultiple() function with:
6.1 mint 20.5 mln OUSD with 20.5 mln DAI
6.2 mint 2k OUSD with 2k USDT with rebasing through re-entrancy because the second asset is a fake token
7. Swap 300k OUSD to 158.5k USDT on Uniswap
8. Swap 1 mln OUSD to 520.7k USDT on Sushiswap
Read 8 tweets
Frank Topbottom Profile picture
30 Sep 20
1/11 Okay, MEV is coming
MEV is a consequence of the fact that miners (pool operators) have the right to choose the tx order in a block.
They can be the first to:
- execute arbitrage
- get access to token offerings
- perform liquidation
Plus, they may not pay a fee for this.
2/11 As far as I know before, this was mainly used only for free distribution of rewards to miners. In this case, at the beginning of the transaction block, transactions are made to the pool miners, and only then all transactions, in order of decreasing gas price.
3/11 However, the DeFi boom led to the fact that more often, txs with not the highest gas price began to be the first in blocks. In some Spark Pool blocks, the first places in the block were occupied by txs from some address, although the price for gas in them was ~1 gwei.
Read 11 tweets

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