[KyberSwap] Bi-Weekly Updates

[KyberSwap] Bi-Weekly Update [1 DECEMBER 2023]

Recap of the Previous Two Weeks

Unfortunately, KyberSwap Elastic was exploited from 22 November 2023, 10:54:09 PM UTC, resulting in exploitative swaps by an exploiter, which drained approximately $48.8 million of users’ funds from KyberSwap Elastic liquidity pools. The team has been supporting law enforcement and cybersecurity on track-down of the exploiter and recovery of users’ funds taken from them.

More info: https://x.com/KyberNetwork/status/1728115858889929021?s=20

As such, we have the following summary regarding our STIP grant allocations so far:

On November 17th, we launched 24 farms on Arbitrum, using 361,000 $ARB and 61,500 $KNC rewards: https://x.com/KyberNetwork/status/1725504031165227280?s=20

We used 361,000 STIP ARB for the first phase of STIP farms, which is roughly 11,645.1612903226 STIP ARB daily, which from November 17th → 23rd is 6 days, so ~69,870.9677419355 STIP ARB has been spent. We recovered ~291,129 STIP ARB in total.

So for STIP ARB:

  • Total claimed: 428,572 ARB
  • Used: 69,870.9677419355 ARB
  • Recovered: 291,129.0322580645 ARB (361,000 - 69,870.9677419355)
  • Unused: 67,572 ARB

=> Total unused + recovered: 358,701.0322580645 ARB

Plan For the Next Two Weeks

For now, I am in talks with the Arbitrum STIP Multisig on a potential delay in STIP grant distribution, among other potential outcomes.

I will keep everyone updated here.

Please contact me if you have further questions.

Sasha Mai
sasha@kyber.network
TG: @sashamai

5 Likes

I hope you come to a arraignment with arb

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