Arbitrum Has Target on Its Back After OpenSea Adds Support for Its Ethereum Layer 2 Solution

Arbitrum has been added to the extensive list of blockchain protocols offered by OpenSea. However, not everyone appears enthusiastic about this.

Smolverse and Others Launch on OpenSea

According to a tweet from OpenSea’s verified profile, the multi-chain solution, Arbitrum, made its debut on September 21, 2022. The non-fungible token (NFT) market hub stated that the move was motivated by the desire to enable NFT fans to execute sales on any chain of their choice.

1/ We’re excited to share that OpenSea will soon support @arbitrum!

This is a first step in building our goal of a web3 future where people have access to the NFTs they want on the chains they prefer.

— OpenSea (@opensea) September 20, 2022

Arbitrum would be joining top blockchain protocols already supported by OpenSea, including Ethereum, Solana, fellow scaling solution Polygon, and Klaytn. OpenSea noted that top Arbitrum collectibles like Smolverse, GMX Blueberry Club, and Diamond Pepes would be the first to appear in its marketplace.

Meanwhile, Arbitrum integration on OpenSea, one of the best marketplaces, is not a random move. In the last couple of months, OpenSea’s NFT activity has sharply declined in line with the broader crypto market. According to a Dune report released in the opening days of September, OpenSea’s NFT sales have dropped in the last six months from $4.8 billion to $253 million.

In stark contrast, NFT sales on Arbitrum’s marketplaces have hit major highs. According to DeFiLlama data, popular NFT collections on Arbitrum, like Seed of Life, Legions Genesis, and Smol Brains, have already garnered millions in sales.

OpenSea’s move to add Arbitrum to its supported networks can be viewed as an attempt to attract NFT lovers from the scaling solution and shore up its low sales volume.

Arbitrum Nitro Prone to Hack

While the move is commendable, issues will likely arise in the coming days due to a deployment issue. According to a bug bounty hunter known only as 0xriptide on Twitter, the forthcoming Arbitrum Nitro seems to have a critical vulnerability.

Oxriptide explained in detail in his Medium post that the scaling solution’s move to optimize gas fees could result in a major security breach, resulting in millions of dollars in customer deposits being stolen.

In terms of technical details, Oxriptide explained that the problem was caused by the postUpgradeInit function, which cleared slots 0, 1, and 2 and allowed the Ethereum bridge to accept new values while leaving the sequencerInbox and initializer modifier slots empty.

Given this, a malicious actor can easily exploit the Arbitrum network by inserting their own wallet address and siphoning all ETH deposits made on the network.

Although just a scenario and an illuminating piece, several investor funds were wiped off on bridge networks last year due to development team oversight.

Bridge Network Theft Account for 69% Across Crypto

Cryptocurrency is still in its early phases, and fund security is a major concern in the emerging industry. Bad actors have turned their attention to cryptocurrency, stealing billions in the last few months.

According to a Chainalysis report, scaling solutions have been the cyber-criminals target, accounting for 69% of crypto hacks this year. Why is there a surge in scaling solution hacks? The simple answer is poor engineering. Building bridge networks can be difficult. The development team can make mistakes, or the blockchain may have a limited number of validator nodes to secure the network further.

In the case of the $100 million Harmony ONE hack, the hackers could secure the signature of two of the five node accounts to steal the funds. The Ronin bridge suffered a $600 million loss after hackers accessed five of the nine validator nodes.

Tamadoge Makes Record Entrance

All is not gloom in the crypto space. In the past month, eagle-eyed investors have uncovered new cryptocurrency gems. Tamadoge offers one of these gems with huge growth potential.

The project allows players to own digital pets as non-fungible tokens (NFTs), which can be raised to battle others. Tamadoge also offers a metaverse component through its Tamaverse concept.

The project has gained remarkable growth in the last month. Its presale period successfully concluded after it raised $19 million from investors. The team is also set to launch the TAMA token, one of the best penny crypto, on a major exchange by September 23.

Related News

OpenSea Adds NFT Feature Allowing Creators To Host NFT Drops
Arbitrum Layer 2 Nitro Upgrade Goes Live Ahead of Ethereum Merge
Tamadoge to Reveal Claim and CEX Listing Dates on Friday

Tamadoge (TAMA) – The P2E Dogecoin

Our Rating

’10x Potential’ – CNBC Report
Deflationary, Low Supply – 2 Billion
Move to Earn, Metaverse Integration on Roadmap
NFT Doge Pets – Potential for Mass Adoption
Presale Complete – Upcoming ICO on LBank, Uniswap

The post Arbitrum Has Target on Its Back After OpenSea Adds Support for Its Ethereum Layer 2 Solution appeared first on Business 2 Community.

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Written by Jimmy Aki

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