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Bartek Kiepuszewski Profile picture
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11 Jun, 5 tweets, 2 min read
1/ Now that @0xPolygon data is available on BigQuery, a deeper look into smart contract usage, gas usage, etc... is available - as an example, have a look at the cumulative gas usage (on a log scale), compared to Ethereum:
h/t @piotrklis_ 👇
2/ It looks like soon enough Polygon users will spend more gas then Ethereum users in the entire Ethereum history 🤯 You may think this is amazing, but how much of that gas is spent on creating new state ?
3/ If Polygon continues their exponential growth, will the state tree also grow exponentially ? And if so, how the geth nodes that they are using will handle that ?
4/ What is the worst case scenario then ? It's the same as always - some nodes will be too slow to catch up with more beefy ones and they will slowly drop off the network leading to further centralisation
5/ Note that cumulative gas usage may not directly translate to state tree size, I would welcome some additional data and analysis on this

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More from @bkiepuszewski

Bartek Kiepuszewski Profile picture
16 May
1/ The easiest way to understand the difference between L2 Rollup and a sidechain such as @0xPolygon is to inspect closer the exit procedure. Below is tx withdrawing 450,000 USDC from @0xPolygon child chain: ethtx.info/0x5c5f80a7dab5… 👇
2/ First thing to notice is that to perform the exit user needs to submit the chunk of data (input data) containing, among other info, merkle proof for the exit. This data can only be obtained from Matic nodes, it is impossible to construct it just by observing L1 Image
3/ On a Rollup data would be available on L1, so even if all Matic nodes were down, users would still be able to exit their tokens. That's not the case here - you need to get that data from Matic nodes
Read 6 tweets
Bartek Kiepuszewski Profile picture
14 Feb
1/ If, after reading blog.alphafinance.io/alpha-homora-v… you are still confused how Alpha Homora and IronBank were hacked, here's how the hack was conceived
2/ Normally when you borrow funds from AH bank, your debtShare and totalDebt increases. Specifically if you want to borrow x tokens, your debt share will be calculated as:

share = x * totalShare / totalDebt

and it is added to totalShare
3/ All these numbers are very big integers (as token precisions are 18 digits) and the calculation is correct, but when totalShare = 1 (think 1 wei) and x < totalDebt, new debt share will be 0 (integer division)
Read 9 tweets
Bartek Kiepuszewski Profile picture
31 Jan
[1/13] It may be initially confusing to fully grasp how deposits and withdrawals from L1 to @optimismPBC are actually implemented, and it helps to see the on-chain action of what is happening behind the scenes.
[2/13] Initial setup (simplified): on L1 we have SyntheticBridgeToOptimism from Synthetic and OVM_L1CrossDomainManager from Optimism contracts. On L2 we have SynthetixBridgeToBase and OVM_L2_CrossDomainManager contracts.
[3/13] Additionally we have Sequencer (L2 mining node) that verifies all L2 transactions and submits them in batches to L1 for future reference and Relayer that is responsible for relaying messages from L2 —> L1
Read 15 tweets
Bartek Kiepuszewski Profile picture
29 Sep 20
If you are confused how the hacker managed to drain contract, here’s the exact mechanics of what happened:
EMN contract allows you to buy (mint) EMN with DAI (and sell/burn). It uses quite standard Bancor’s bonding curve - DAI is used as a reserve currency for the EMN token. Price of EMN token is determined by the amount of EMN vs amount of DAI in the reserve
The second token, eAAVE is similar with the small but important caveat - it’s using EMN as a reserve currency, but “virtually” - if you buy/mint eAAVE by sending to it EMN tokens, instead of storing your EMN in the reserve, eAAVE contract will actually burn EMN.
Read 8 tweets
Bartek Kiepuszewski Profile picture
18 Feb 20
[1/8] Detailed analysis of another bZx/SNX attack (0x762881b07feb63c436dee38edd4ff1f7a74c33091e534af56c9f7d49b5ecac15). This one is more sophisticated than the previous one. The steps are as follows:
[2/8] Step 1. Flash borrow 7,500 ETH on bZx. This is ironic given that bZx will loose at the end
[3/8] Step 2. Exchange 540 ETH through Kyber to sUSD. This goes to Uniswap pushing sUSD value artificially high
Read 9 tweets
Bartek Kiepuszewski Profile picture
16 Feb 20
If you are interested in the details on the recent bZx arb/attack trade, have a look at ethtx.info/0xb5c8bd9430b6… - the following thread is a step-by-step explanation of what is going on
First the attacker gets 10,000 ETH loan from dYdX (SoloMargin.operate with ActionType=1 which is withdraw). Note that there is also ActionType=8 which is a call. In this case it is a call to attacker's script
Then he sends 5,500 ETH to Compound and gets 112 WBTC loan (cETH.mint and cWBTC.borrow)
Read 11 tweets

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