[KyberSwap] Bi-Weekly Updates

DAO Programs & Initiatives Biweekly Updates (STIP)
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[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

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I hope you come to a arraignment with arb

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We really appreciate the opportunity to have been a small part of this STIP program, which we believe is great for Arbitrum ecosystem building and continued adoption. We regret not having been able to play our role in this to its fullest potential due to the November 2023 Elastic Exploit.

That being said, we are still strong on the aggregator front. We are reaching the top 2 DEX aggregator ranking in terms of volume across EVM chains these days, reaching all time highs such as $2.5B in volume last month, and will continue growth activities around KyberSwap DEX Aggregator, which we hope to maintain as a valuable part of the Arbitrum ecosystem.

Regarding the STIP ARB KyberSwap was allocated:

KyberSwap had been in discussion with Arbitrum STIP relevant parties about the possibility of continuing the STIP ARB distribution via our other existing liquidity protocol or via a potential fixed and redeployed version of the exploit affected liquidity protocol. However, ultimately, we decided to hold off for now.

This is an update that beyond the initial claimed amount of 428,572 ARB, KyberSwap made no further claims and the Arbitrum Multisig already withdrew the remaining claimable amounts back.

  • 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

As stated previously, of the 428,572 ARB claimed, the total unused + recovered was 358,701.0322580645 ARB. We have sent this back to the Arbitrum Multisig: https://arbiscan.io/tx/0xfcdc87ce7bfa1940aafdaf8d88beb97d43ad05248b09a0272fb509717a8cd362

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