Optimism Foundation and the address of the OP thief The Wintermute team has since pledged to buy back the lost tokens at the same rate as they leave the address where the thief deposited them. The Optimism Foundation awarded a second short-term grant of 20 million OP to Wintermute so that they could continue their work, but the markets did not like this at all. Wintermute later discovered that it could not access those tokens, because the address provided was an Ethereum multisig (layer 1) not yet distributed on Optimism (layer 2).Īt that point, a recovery operation was launched, but an attacker was able to take advantage of this by taking control of the 20 million OP tokens. The Optimism Foundation sent two test transactions to this address, and after receiving Wintermute’s confirmation, sent the rest of the tokens. Wintermute provided an address to receive the 20 million borrowed OP tokens. In fact, the transaction with which the tokens were sent had problems. It later climbed back up to $0.9, which is 56% lower than the peak reached on its debut day, 1 June. It is worth noting that in reality, the OP token is already tradable on several exchanges and its value after this announcement dropped from $1.2 to $0.7. Wintermute’s role in the launch of the OP token would be to facilitate a smoother experience for users purchasing OP to participate in governance. Wintermute was awarded a temporary grant of 20 million OP tokens to complete this engagement. The foundation revealed that it had engaged Wintermute as a liquidity service provider for the upcoming launch of the OP token. Millions of units of Optimism’s governance token (OP) stolen
To withdraw, a user must navigate to and click the 'Sell' button. Please purchase through dHEDGE or the Staking dAPP to view the correct values. Note: Toros.Finance is currently showing the wrong values in their UI when purchasing dSNX. Make sure you're connected to Optimism!Įxample: If you have 100,000 of sUSD active debt and purchase 100,000 of the dHEDGE debt mirror index token, it will keep your debt in parity with the debt pool without any outside interaction. 1 sUSD worth of debt mirror token will hedge one sUSD worth of debt.
#Optimism token how to
How to Utilize the dHEDGE dSNX Token Solution?Īll a staker must do is navigate to the Synthetix Staking website’s debt section and purchase the dSNX token through the UI which is integrated into the ‘Manage Tab’. To activate it, a staker needs to purchase dSNX tokens to automatically hedge their debt. The dHEDGE team has introduced a simple one-click solution that handles debt hedging by automatically replicating the global debt pool. This is an expensive and tedious process that requires ongoing management. if debt pool is 50%sUSD & 50%sETH, if one wants to be hedged, he/she would need to hold 50%USD & 50%ETH). To hedge this exposure, stakers need to replicate the debt pool by buying (or shorting if required) the underlying assets of outstanding synths (e.g. SNX stakers are exposed to the price fluctuations of all outstanding synths and have the challenge of hedging their exposure to the debt pool. To activate it, a staker needs to purchase a debt mirror index token (dSNX) on the Synthetix dAPP - Manage tab (Powered by dHEDGE) - Make sure you're connected to Optimism.dHEDGE Debt Mirror Index Token (dSNX) was initially launched onto Ethereum Mainnet, but is now launching onto Optimism.dHEDGE & Toros Finance tool that helps automate SNX stakers’ debt management by automatically mirroring debt pool on Optimism.With this tool, each staker can hedge their exposure to the debt pool. Initially, this tool was launched onto mainnet, but it is now live on Optimism. Synthetix has partnered with dHEDGE to deploy a one-click debt mirror index for SNX stakers on Optimism.
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