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Reddit Community Points Ready for Ethereum Mainnet through Off-Chain Labs

Off-Chain Labs, the blockchain startup that developed the Arbitrum scaling protocol on the Ethereum protocol, has announced that it has been selected to help bring the Community Points (CP) initiative of the Reddit social media network onto the Ethereum Mainnet.

The appointment of Off-Chain Labs came after the startup won the “The Great Reddit Scaling Bake-Off” competition ahead of other participants. With Off-Chain Labs handling the Reddit CP, millions of Reddit users worldwide will now be able to make transactions more scalable manner.

Off-Chain Labs is the blockchain startup that developed the Arbitrum scaling protocol on the Ethereum protocol.

“Today is an exciting day for both Arbiturm and Reddit as together we are opening the Ethereum ecosystem to millions of Redditors around the world,” said Steven Goldfeder, Co-Founder and CEO of Off-chain Labs. “It has been a pleasure working with the Reddit team to introduce the project, and we are proud to see Reddit Community Points get deployed on the Arbitrum Nova chain.”

As revealed, the Reddit Community Points on Arbitrum will leverage the Layer-2 protocol’s AnyTrust technology to bring additional value and independence. With the Reddit Community Points, the social media giant seeks to return more control to its members, a move that can further be enhanced with the Ethereum-based Arbitrum protocol.

The choice of Ethereum is also very thoughtful as the blockchain network is set to undergo the merger of its Proof-of-Work (PoW) system with its Proof-of-Stake (PoS). This merger is bound to make the protocol more scalable and further enhance the functionalities of Layer-2 networks like Arbitrum.

The partnership between Reddit and Off-Chain Labs will mark the first major deployment on the Arbitrum Nova chain.

As highlighted by Off-Chain Labs, the Arbitrum Nova protocol “was designed as the solution of choice for gaming and social applications. Nova utilizes Arbitrum AnyTrust technology, optimized for ultra-low-cost transactions with strong security guarantees.”

Hope Finance Scam Leaves Prospective DeFi Users Out of Pocket

After the discovery of a vulnerability with a value of $2 million, potential customers of an Arbitrum-based decentralized finance (DeFi) effort have been left without any financial remedy. This is because the vulnerability has been exploited.

On February 21, the Hope Finance Twitter account warned clients about the fraud, which prompted the Web3 security company CertiK to raise the alarm about the situation.

It is quite challenging to get any information on the project. A Twitter account for the platform was established in January of 2023, and on that account, information was published on the network’s plans to build an algorithmic stablecoin that would be dubbed Hope token. This information was provided on the Twitter account (HOPE). The amount of Ether that is now being exchanged for one unit of HOPE causes real-time modifications to be made to the supply of the HOPE coin (ETH).

“It would seem that the con artist modified with the TradingHelper contract, which meant that the money were delivered to the con artist every time 0x4481 called OpenTrade on the GenesisRewardPool.” This includes the erroneous application of a modifier as well as the potential of reentrancy attacks. Cognitos discovered that the smart contract code was still able to pass the audit with flying colors, despite the fact that these vulnerabilities had been identified and pointed out.

As a reaction to the fraudulent behavior, Hope Finance disseminated information to its users, which provided them with the possibility to remove staked currency from the protocol by making use of an emergency withdrawal option.

Arbitrum is a roll-up network that was built on top of Ethereum’s layer 2 and has the potential to enable smart contracts to expand in an exponential form. This potential was discovered when the network’s creators saw that Ethereum’s layer 2 was lacking in roll-up capabilities.

Optimism and the other layer-2 protocols are continue to deal with an ever-increasing amount of transactions inside the Ethereum ecosystem. The ability to maintain a positive outlook is one of these protective strategies.

Arbitrum Airdrop Boosts zkSync Growth

In recent news, Arbitrum, a layer-2 scaling solution for Ethereum, announced an airdrop of its ARB governance token, which has generated significant hype within the blockchain community. The airdrop is expected to reward eligible receivers with the token by March 23. The hype around the airdrop has helped another layer-2 scaling solution, zkSync, experience significant growth in the last week.

ZkSync, another layer-2 scaling solution for Ethereum, supports nonfungible tokens (NFT), and atomic swaps and transfers of Ether (ETH) and ERC-20 tokens within the Ethereum network. Despite not having a native token or announcing any airdrop, zkSync has seen a surge in the number of addresses bridging to its platform. According to data from crypto on-chain analytic firm Nansen, over 39,000 addresses have bridged over $871 million to zkSync in the last seven days, with the number of addresses bridging to zkSync surging by 5x in the last week.

Many proponents of zkSync believe that they will be rewarded with an airdrop in the near future, similar to Arbitrum’s recent airdrop. After the Arbitrum airdrop, zkSync and StarkNet are regarded as the upcoming airdrops with the most potential value. On March 17, nearly 5,000 people deposited more than 536 ETH using the zkSync bridge, and almost 3,000 users deposited over 234 ETH using the StarkNet bridge.

Although zkSync is not conducting an airdrop, the enthusiasm around the Arbitrum airdrop has led many proponents to believe that they could be rewarded in the future. However, scammers have attempted to use Arbitrum branding to conduct fake and scam airdrops, which highlights the importance of verifying the authenticity of such promotional tools.

A crypto airdrop is a promotional tool used by crypto projects to generate hype around their projects. The crypto projects behind these airdrops often directly deposit digital tokens into the wallets of active blockchain community members as a gift. The eligibility criteria for these airdrops may include specific requirements, such as spreading awareness around the project, among others.

Not all crypto airdrops are equally valuable due to multiple factors, such as the project’s use cases and the people behind the projects, among others. However, layer-2 solutions like Arbitrum, Optimism, and zkSync have established themselves in the blockchain community and have proven records, which has attracted more traders to the Arbitrum airdrop. As a result, it could prove to be more valuable than the usual crypto airdrops.

Arbitrum's ARB Token Airdrop Triggers OTC Trading

The Arbitrum community is abuzz with anticipation following the announcement of the ARB token airdrop by Arbitrum Foundation. The new token will be airdropped to eligible community members on Thursday, March 23, and marks Arbitrum’s official transition into a decentralized autonomous organization (DAO).

Arbitrum One and Arbitrum Nova are networks that allow users to transact on the Ethereum blockchain with better speeds and lower fees. With 55% of the Ethereum layer 2 market share, according to layer-2 analytics site L2Beat, anticipation for an Arbitrum token has been at a fever pitch since the network went live in 2021.

The airdrop will grant 11.5% of the total supply to eligible Arbitrum users and 1.1% to DAOs operating in the Arbitrum ecosystem. With ARB’s total circulation of 10 billion, the Arbitrum community will control 56% of the tokens.

The announcement of the airdrop has triggered a surge in over-the-counter (OTC) trading of unreleased ARB tokens. OTC trading allows easy buying and selling of cryptocurrencies directly between sellers and buyers. The process is usually very fast, with funds being transferred directly from a bank account to the seller. In this case, when a price is agreed on by the buyer and seller, the seller receives payment from the buyer and then gives up the seed phrase linked to the eligible wallet.

However, the Arbitrum community has also warned others to stay vigilant after reports of phishing websites and scams offering Arbitrum airdrop tokens. As one of the most significant crypto projects without a token, the anticipation for an Arbitrum token has been high since the network went live in 2021.

Arbitrum’s main competitor in the Ethereum scaling space, Optimism, launched its OP token nearly a year ago when it transitioned to DAO governance. However, the launch of the ARB token puts Arbitrum in direct competition with Optimism and could lead to further developments in the Ethereum scaling space.

In summary, the announcement of the ARB token airdrop by Arbitrum Foundation has triggered over-the-counter (OTC) trading of unreleased tokens, with 11.5% of the total supply being granted to eligible Arbitrum users and 1.1% to DAOs in the Arbitrum ecosystem. However, the community has also warned others to be cautious of phishing websites and scams offering Arbitrum airdrop tokens. With the launch of the ARB token, Arbitrum is now in direct competition with Optimism in the Ethereum scaling space.

KyberSwap announces first ever $ARB token liquidity pools, liquidity mining and trading campaigns on Arbitrum

Ho Chi Minh City, Vietnam, 22nd March, 2023, Chainwire

Since launching in 2021, Arbitrum has emerged as one of the most promising Layer 2 solutions, with its ability to scale Ethereum and enable faster and cheaper transactions.

On March 16, Ethereum Layer 2 scaling solution Arbitrum announced plans to distribute a new governance token, $ARB, to its eligible Arbitrum ecosystem users as part of its transition, noting that the project is “leading the way as the first L2 to launch self-executing governance.”

This airdrop, estimated to go live on 23 March, is set to be one of the biggest airdrop in crypto history.

KyberSwap was among the protocols whose users bridged to Arbitrum and conducted swaps on the platform, thereby becoming eligible for the $ARB Airdrop.

KyberSwap, a leading decentralized exchange (DEX) aggregator and liquidity platform, will launch the first-ever $ARB token liquidity pools, liquidity mining, and trading campaigns on the Arbitrum Chain. These moves mark significant steps forward for KyberSwap, as it will assist to catalyse significant liquidity inflows, thus increasing TVL and provide more earning opportunities in the rapidly growing Arbitrum ecosystem.

With the launch of the $ARB liquidity pools, KyberSwap users will now have access to more trading pairs and liquidity options. Liquidity providers will also have more opportunities to earn fees and rewards by adding liquidity to the $ARB pools and participating in liquidity mining programs by KyberSwap.

The following ARB pools will be eligible for liquidity mining rewards:

Token Pairs

ARB-ETH (2%)
Apr ARB-ETH (5%)
ARB-USDT (2%)
ARB-USDT (2%)
ARB-KNC (5%)

An estimated total of 70,000 KNC has been allocated as reward incentives.

*Incentives may continue after the designation duration is over; to be confirmed at a later date.

Greater Flexibility with new Fee Tiers

With these highly anticipated yield farms, KyberSwap is introducing new 2% and 5% fee tiers, which exceeds their current highest offering of 1%. These new fee tiers provide opportunities for $ARB farmers to benefit from the anticipated high volatility and trading volume, during the price discovery phase after the airdrop. These pools offer superior returns in addition to the farming rewards, and as a liquidity protocol that has been seamlessly integrated by multiple DEXs and aggregators, KyberSwap is well poised to serve the trading needs of the entire chain not found with other competitors.

“We are excited to launch the first ever $ARB liquidity mining pools,” said Victor Tran, CEO and Co-founder of KyberSwap. “These farms will mark the beginning of an extensive Arbitrum-centered campaign KyberSwap has planned, and we will announce more rewards and activities soon for both LPs and traders. Additionally, traders can set their prices to purchase or sell $ARB with our limit order function and swap at the optimised rates with our aggregator.”

Other Arbitrum Yield Farms on KyberSwap

Apart from the upcoming ARB farms, there are other ongoing Arbitrum-based yield farms on kyberswap.com:

Depending on the success of $ARB trading volume, the KyberSwap team is planning additional rewards post-launch for traders and liquidity providers which may include $ARB and $KNC airdrops, and commemorative NFT rewards.

According to Nansen, Arbitrum was one of the fastest-growing blockchain in 2022 with more than $1.1 billion locked in its ecosystem and a rapid increase in transactional volume, this layer-two scaling solution gained massive traction during the year.

*Arbitrum Active Addresses/Transactions

The $ARB token liquidity pools, liquidity mining, and trading campaigns are set to go live on KyberSwap soon, with further details and instructions to be provided on KyberSwap’s Twitter and on kyberswap.com.

About KyberSwap

Kyber Network is building a world to make DeFi accessible, safe and rewarding for users. Their flagship product, KyberSwap, is a next-gen DEX aggregator providing optimised rates for traders and returns for liquidity providers in DeFi.

For liquidity providers, KyberSwap has a suite of capital-efficient protocols designed to optimize rewards. KyberSwap Classic’s protocol is DeFi’s first market maker protocol that dynamically adjusts LP fees based on market conditions, while KyberSwap Elastic is a tick-based AMM with concentrated liquidity, customizable fee tiers, reinvestment curve and other advanced features specially designed to give LPs the flexibility and tools to take your earning strategy to the next level without compromising on security.

KyberSwap powers 100+ integrated projects and has facilitated over US$15 billion worth of transactions for thousands of users since its inception.

Currently deployed on 13 chains, including Ethereum, Polygon, BNB, Avalanche, Fantom, Cronos, Arbitrum, BitTorrent, Velas, Aurora, Oasis, Optimism and Solana, KyberSwap aggregates liquidity from over 80 DEXs to give users the best rates possible for their swaps.

Contact

Marketing SpecialistTania HayKyberSwaptania@kyber.network

Arcade fighting game Battle of Olympus to launch presale for GODLY token on Arbitrum on March 27

London, United Kingdom, 22nd March, 2023, Chainwire

Battle of Olympus, an arcade street fighting game, is set to launch the first phase of its presale for its in-game currency $GODLY on Arbitrum on Monday, March 27.

Battle of Olympus stands alone as one of the few Web3 games with a fully working demo, with an update due in Q2 2023, and an upcoming collection of in-game digital collectibles. Set in the cyberpunk city of Olympus, fight against other players and several Greek gods. Battle your way to the top of Olympus to conquer the metropolis! Play the demo here.

Battle of Olympus is the first flagship game developed by Revenant, a decentralized gaming ecosystem founded in 2022.

The earliest investors will benefit from getting the $GODLY token at its lowest price. The first stage of the presale is available for $0.0221, with the price increasing through four rounds.

Battle of Olympus to focus on gameplay

With a team full of hardcore gamers, Battle of Olympus’ developers understand that long-term success requires engaging gameplay that keeps players hooked for hours on end. Therefore, Battle of Olympus provides gameplay unlike any other, based on roguelike and RPG elements.

Although players earn rewards as they progress, it will not come at the expense of their enjoyment or project sustainability. Battle of Olympus prioritizes gameplay rather than earning potential to provide an experience reminiscent of classic games, like Street Fighter, Tekken, Mortal Kombat, and many other classic fighting titles.

Battle of Olympus employs a rewards model to balance financial incentives and player enjoyment to attract and retain players, leading to a more sustainable in-game economy. Simply put, rewards are a bonus rather than the primary reason for playing.

Battle of Olympus will also have in-game items and fighters that are mintable as NFTs. Players can own their character, providing the option to trade or sell them on the Revenant Marketplace.

What is the $GODLY token?

$GODLY is the primary ERC-20 token within Battle of Olympus with several uses to benefit players and investors. It can be used to purchase various items, including loot boxes, consumable items, and boosters, but also for wagering in PVP matches.

Play the Battle of Olympus Demo

What makes Battle of Olympus stand apart from most Web3 games is its demo, released in 2022, where players can battle as either Zeus or Hades for bragging rights over Olympus.

Whereas many crypto games prioritize unsustainable tokenomics or overpromise without delivering, Battle of Olympus team puts game development to produce an enjoyable experience first. A new PVP demo will be released in Q2 2023 for you to test your fighting skills against friends in the cyberpunk metropolis.

Battle of Olympus Gameplay

Battle of Olympus includes two types of gameplay: PVE, where players and their faction will capture god territories during a season on the Olympus Map, and PVP, where players use their weapons and armor to battle against others.

Rewards

Players will earn several rewards while playing Battle of Olympus.

As players progress, they become eligible for weapon and armor drops to upgrade their character or trade on the Revenant Marketplace. Gamers will also receive tokens for their achievements, such as winning tournaments, seasons or climbing the leaderboards.

Battle of Olympus presale and tokenomics

Battle of Olympus will launch the first stage of its presale on March 27, with the $GODLY token on sale for $0.0221.

Through three presale rounds, $GODLY will increase to a launch price of $0.05.

$GODLY has a total supply of 100 million tokens, with 16% of these allocated to three presale rounds (OG Whitelist, Public Whitelist, Public Sale) and 4% to seed investors.

The $GODLY presale will include four rounds of investment before its public launch:

Seed Round
OG Whitelist – March 27
Public Whitelist – March 29
Public Sale – March 31

For an in-depth breakdown of the tokenomics, including fundings rounds, vesting periods, and more, click here.

How to buy $GODLY during the presale

$GODLY tokens will go on sale on March 27 on the dedicated presale platform.

For the first 2 rounds of the presale, players will need to be on the OG Whitelist or Public Whitelist. However, once those rounds have been completed, the final Public Sale round will be open to the public on Friday, March 31. Anybody will be able to buy $GODLY at a huge discount compared to its exchange price.

Keep an eye on the Battle of Olympus Twitter and Discord for a full step-by-step guide on how to buy $GODLY during the presale.

About Battle of Olympus

Battle of Olympus is an arcade street fighting game and the first flagship game developed by Revenant, a decentralized gaming ecosystem for gamers, game developers, and investors. Set in the cyberpunk city of Olympus, fight against other players as one of several Greek gods.

Contact

CMOAlejandro PCBattle of Olympushello@revenant.gg

Airdrop Hunters Consolidate Millions Worth of ARB Tokens

Arbitrum, a layer-2 scaling solution for Ethereum, recently launched an airdrop campaign for its native token, ARB, causing a frenzy among cryptocurrency enthusiasts. On-chain activity showed that some airdrop hunters were particularly successful in accumulating a substantial amount of ARB tokens worth millions of dollars.

According to LookIntoChain, a blockchain analysis platform, two wallets consolidated tokens from 1,496 wallets, collectively holding around $3.3 million worth of ARB. One of the wallets received 1.4 million ARB from 866 addresses and added all the tokens to Uniswap, a decentralized exchange, to provide liquidity. The other wallet received 933,375 ARB from 630 addresses.

Community members were curious about the identities behind the wallets and formulated their own theories. Some believed that the airdrop hunters were team members of the project, while others speculated that they might be hackers. A few members also expressed concerns about the potential impact on transaction volumes.

Despite the mixed reactions, some praised the airdrop hunters for their efforts, calling them names like “airdrop god.” Others believed that the hunters spent significant time and capital farming the numbers to accumulate such a large amount of tokens.

The hype around the ARB airdrop also spilled over into the over-the-counter (OTC) markets, where eligible crypto users started selling their tokens soon after the announcement. This indicates a strong demand for the token in the market.

However, the airdrop craze also attracted the attention of hackers. On March 24, some hacked vanity wallet addresses were used to steal $500,000 worth of ARB tokens from eligible airdrop participants, raising concerns about security risks in airdrop campaigns.

In conclusion, the ARB airdrop campaign generated significant attention from the cryptocurrency community, with some successful airdrop hunters consolidating millions of dollars worth of tokens. While the campaign was successful in attracting new users and creating hype, it also exposed potential risks associated with airdrop campaigns, such as security vulnerabilities and market volatility.

Hackers Steal $500,000 Worth of Tokens from Arbitrum Airdrop

Hackers have managed to steal $500,000 worth of tokens from layer-2 scaling solution Arbitrum’s March 23 airdrop. The theft was carried out through the use of vanity addresses, customized cryptocurrency addresses that contain specific words or phrases chosen by the user to make them more personal and identifiable. While vanity addresses offer a level of personalization and identification, their safety is questionable, as they can compromise the security of users’ private keys.

The hacker compiled vanity addresses that were eligible to receive ARB tokens and generated similar addresses using vanity address generators. This allowed them to redirect the airdropped tokens to their own addresses, making it impossible for the original owners to claim their ARB tokens. Several crypto users have expressed sadness about their stolen ARB tokens, with many being unaware of the reason behind the loss and having no idea what to do about it.

Creating a vanity address requires using special software or services that could potentially compromise the security of users’ private keys. Hackers who gain access to the private key could steal any crypto assets tied to that address. This is not the first time scammers have compromised vanity addresses in the crypto space. In January, MetaMask warned crypto users about address poisoning.

Arbitrum’s token giveaway caused a lot of excitement and overwhelmed several websites. However, according to the blockchain analytics platform Nansen, 428 million ARB tokens are still available to claim. As of late Thursday, March 22, around 240,000 addresses had not yet claimed governance tokens, even though 61% of eligible crypto wallets had already done so. The 428 million unclaimed tokens, worth nearly $596 million as of publication time, represent 37% of the total 1.1 billion ARB allocated for Arbitrum’s airdrop.

It is important to note that the use of vanity addresses to claim crypto assets is not a secure practice. Vanity addresses require the use of special software or services that can compromise the security of users’ private keys, making them vulnerable to hackers. Therefore, crypto users should exercise caution when using vanity addresses and prioritize the security of their private keys.

Fake Arbitrum Airdrop Scam Circulated on Discord

The blockchain security company CetriK issued a warning on March 25 about a phishing link that was being spread via the official Discord server of Arbitrum, which is a prominent cryptocurrency platform. According to the sources, it was believed that the link was disseminated via the stolen Discord account of one of the developers working on the Arbitrum project.

In the phishing communication, an option to re-claim an extra share in Arbitrum DAO Governance was presented, with the justification that there had been problems with the first token claim campaign. On the other hand, the accompanying URL had a misspelling of Arbitrum as “Arbtirum,” which is a frequent kind of deceit employed in phishing assaults.

If an unwary victim were to click on the phishing link, they would be sent to a false website where they would be prompted to input sensitive information such as the private key to their digital wallet. Investors run the danger of having their bitcoin assets stolen by con artists as a result of this.

Investors have been cautioned to refrain from engaging with the bogus statement until Arbitrum gives more information on the matter. Since cybercriminals are continuing to capitalize on the excitement around cryptocurrencies, it is vital for investors to maintain a heightened vigilance and be wary of deceptive promises and claims that are unrealistic.

In a separate but related piece of news, it was revealed that two airdrop hunters had successfully obtained nearly $3.3 million worth of Goods, demonstrating the tremendous benefits that may come from successfully participating in airdrops. While taking part in airdrops or any other activity linked to cryptocurrencies, however, it is essential for investors to do enough research and be vigilant against the possibility of falling victim to a hoax.

In general, the event serves as a useful reminder of how important it is to exercise extreme caution and vigilance whenever one engages in activities that are associated to cryptocurrencies. Since con artists are likely to use more sophisticated strategies as the business continues to get more attention, it is crucial for investors to stay knowledgeable and attentive at all times.

Arbitrum Discord Server Hacked for Phishing Attack

Arbitrum, a blockchain platform that aims to provide fast and low-cost transactions, recently experienced a security breach on its official Discord server. On March 25, security firm CetriK warned the crypto community about a possible phishing attack being circulated through the server. According to reports, a hacked Discord account belonging to one of Arbitrum’s developers was used to share a fake announcement with a phishing link.

The phishing message on Discord offered users “the opportunity to re-claim an additional stake in Arbitrum DAO Governance,” citing issues during the initial token claim drive. However, the URL supporting the announcement contained a misspelling of Arbitrum as “Arbtirum,” which is a common tactic used by hackers in phishing attacks. Clicking on the link typically leads unsuspecting users to a fake website that prompts them to enter sensitive information, such as their wallet’s private key.

As of now, Arbitrum has not released an official statement regarding the incident. Investors are advised to avoid interacting with the announcement until further clarification is provided. It is essential to remain vigilant against unrealistic claims and deceptions as hackers continue to exploit the hype surrounding cryptocurrency.

Meanwhile, two airdrop hunters were able to take advantage of the situation and collect approximately $3.3 million worth of ARB tokens. Airdrops are promotional events where crypto projects distribute free tokens to users who complete certain tasks, such as sharing a post on social media or joining a Telegram group. However, it is crucial to exercise caution when participating in airdrops, as scammers often impersonate legitimate projects to steal users’ personal information or funds.

In recent years, the crypto community has seen an increase in phishing attacks and other types of cybercrime. As the value of cryptocurrencies continues to rise, so does the incentive for hackers to target investors and platforms. It is crucial to follow best security practices, such as using strong passwords, enabling two-factor authentication, and avoiding suspicious links and emails. By remaining vigilant and informed, users can protect themselves from potential threats and enjoy the benefits of the crypto revolution.