NFTX Round-up #37
Welcome back to biweekly updates on NFTX products, protocols and everything in between.
A lot has been happening over the past few weeks, and you may have noticed that the protocol was paused for a few days during that time. Once everything was back up and running again we had to deal with a post merge problem with the subgraphs.
All of this also happened during the merger, so it was all guns blazing for a while at NFTX.
Let’s take a look at what’s going on in a little more detail.
Protocol and product updates
0xMarketplaceZap Un-deployment
We were excited to release 0xMarketplaceZap and use liquidity from both current sushi pools with any 0x supported liquidity pool to help tighten spreads.
Along the way there were a few obstacles to overcome
- Limit rate to 0x API when requesting 500+ volt value
- The undo feature where 0x gives you as many tokens as possible for your ETH (this is how matcha works)
- Configuring gas estimation when working with two sources
We were able to work through most issues before a vulnerability was identified and reported through our bug bounty program. Vulnerability patched by previous addition 0xMarketplaceZap Deny a list and tighten that area of the contract.
A full postmortem of the situation can be found on the blog that goes into all the details, as well as acknowledging P0n1 for reporting the bug. High-quality reports and reviews of detailed fixes and updated contracts have resulted in them being awarded a bug bounty.
NFTX Graph Indicator
A few weeks ago there was a significant change in Ethereum with the chain moving from proof of work to proof of stake. Pay special attention to our Erigon nodes during this cutover as they will need to incorporate a new consensus layer to continue working after merging.
These nodes keep our graph indexer up-to-date and source our internal scripts to run as often as needed without affecting our external RPC providers, saving the DAO thousands of dollars per month.
In the post-merge period, there were some issues with how Arrigon nodes handled Flashbot transactions, and as a result, several subgraphs of the network were affected, including the NFTX V2 subgraph.
While contracts were still working to buy/sell/swap/stake, the data powering the NFT Marketplace and Yield app was locked into a fixed block. This results in some NFTs being in the vault at the time of sale and some items that were sold in the vault not showing up.
The product team added a fix to fallback for onchain requests to update pages that patched the issue, and a few days later a fix was released for Erigon, patched, and the NFTX subgraph was serving the latest data again.
Xavier also joined their Graf team Twitter is blank for an hourAs with other Web3 decentralized projects, all things talk about decentralization.
Code Arena Audit #3
This week we started the process of setting up a new competition with Code Arena.
Code Arena works differently from traditional contract auditing firms in that they don’t audit contracts themselves, but instead facilitate a competition with developers of their rigor. This means that instead of one or two expert Solidity developers reviewing your code, you can have tens or hundreds of eyes on your code, each bringing you a different perspective.
The competition will run through early October to roll out these new contracts and new features on the NFTX app in early November.
If you’d like to learn more about the contest, sign up to the Code Arena site and keep an eye on our Discord and more announcements Twitter.
Marketplace updates
The product team is busy tweaking the existing marketplace to improve small things, here are a few:
- NFTX API development — Currently all interactions with NFTX are via chains or different subgraphs. The team is aggregating this data under a single API to speed up interactions on the site and ease integration for our partners.
- Quick recovery of user’s NFT balance — In the first iteration of the site it was faster to check all current NFTX vaults and return all matching NFTs in the user’s connected wallet. Now, with the ever-increasing number of vaults, the product team has redesigned the approach and Improved load time to over 1 second.
- Create vault flow — Update to the vault creation process to make it easier to do everything in the same flow, including creation, setting fees, adding liquidity/inventory and publishing
Recent vault and protocol activity
A few new vaults have been created in the past two weeks, and while you can see a full list of all vaults here we’ve seen a select few.
The protocol currently exists $29,465,985 total value lockedAnd in the last 30 days, NFTX has delivered approx $123k in fees to our liquidity/inventory providers.
Looking at the protocol 1,591 monthly active users.
The most popular vaults in terms of pure volume changed last month and topped the Super Pool chart The top 5 vaults for volume include:
- Super
- Funky
- PXLDY
- CRXR
- FROYO
The team is growing
NFTX is seeking an experienced Lead Solidity Developer to join our growing team. Contact hello@nftx.io if you are looking for a new challenge and want to contribute your ideas and expertise towards building the number one liquidity protocol.
Vault Insights – RibbitsNFT $POND
Ribits NFT Vault is relatively new but has already seen some great contributions from their community in the form of both liquidity and inventory with yields at 134% and 49% respectively.
There are currently 141 NFTs inside the POND Vault.
Vault’s TVL sits at $3,987 and has managed 3.4 ETH in trading volume since Vault’s launch in less than two weeks. As you can see by lifetime turnover, 231 POND, that’s a lot of yield-producing activity in a short period of time.
Liquidity and inventory providers have shared 11 NFT value fees so far, and the community is just getting started.
Contact hello@nftx.org if you would like to know more about how NFTX can be part of your NFT launch or provide an additional marketplace for your project and help secure a stable liquidity pool for floor pricing.
That’s all for this update. If you have any questions, come and join the Discord channel.
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