Daily Recap #6

Successful fundraising, Uniswap hacked for $8M, and some blockchain basics.

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1.Multicoin Capital announces its third crypto fund worth $430 million

Multicoin Capital, a crypto-focused venture capital firm, announced its third fund worth $430 million, which closed in January. Co-founders Kyle Samani and Tushar Jain are the fund's largest limited partners, Samani told the Block.

Multicoin plans to continue investing in startups that would increase web3's adoption. Multicoin's current investments include Helium, Hivemapper, Delphia, Metaplex, and FanTiger and it plans to continue investing in "pioneering" ideas.

2. Uniswap liquidity provider hacked for $8 million in phishing attack

On July 11, a liquidity provider (LP) on Uniswap lost $8 million in a phishing attack, said smart contract security firm PeckShield. To have access to the wallet, The hacker created a fake airdrop connected to a malicious smart contract. The smart contract was designed to give the hacker full control of any wallet upon interaction, which was the victim's in this case.

An $8M worth of token on the WBTC/USDC pool of Uniswap v3, provided by the wallet at that moment, was swapped and transferred out through the Tornado Cash mixer.

At first, Binance CEO Changpeng Zhao believed it was a potential protocol exploit. After that, Uniswap founder Hayden Adams confirmed that the phishing attack was "totally separate from the protocol."

3. Adena’s problem

Onbloc recently published a blog on how to import your wallet from Keplr to Adena, which required your mnemonics. They wanted to provide an early way to check the airdrop eligibility by doing so but it was a mistake.

CEO Dongwon Shin takes full responsibility for this. Adena is a beta version so he advises to use it for basic functions such as using faucet, sending GNOTs, using /r/ contracts, and checking your history until it's fully audited.

Onbloc pledges to take more security measures such as getting an audit, more code reviews with the core team, and adding ledger support.

4. Gnosis Safe raises $100 million

Gnosis Safe has raised $100 million led by 1kx to unlock digital asset management. They announced that they are rebranding to 'Safe' as part of the spin-off. To make sure that Safe stays on the optimal route, they have 60+ strategic partners which are carefully selected. In addition, Safe backers are industry power houses and Safe are also partnering with some of the smartest people in the ecosystem.

They will accompany many web3 developments to go to their destination.

Safe’s goal is to onboard new projects into the Safe ecosystem as well as to strengthen the relationships with current Safe ecosystem projects.

5. Understanding blockchain latency and throughput

Latency and Throughput are two key metrics when developing a blockchain system. Latency is the amount of time between initiating a transaction or payment and receiving confirmation that it is valid. Throughput of a system is the total load that the system handles per unit of time, expressed typically in transactions per second. And measuring a large-scale distributed system is crucial for recognizing bottlenecks and profiling expected behavior under stress.

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