My first post, trying to become more active in the Optimism Collective.
Earlier today, a Quixotic smart contract was exploited to the tune of ~214k OP. At the current price of OP as quoted by CMC (at the time of writing, Jul 1 2022), this is ~$100k USD. Quixotic has committed to refunding users the full amount, which I think is very admirable.
Even though Quixotic has committed to refunding users, I would like to make a proposal: use some of the funds currently managed by Collective governance to help Quixotic cover some of the amount being refunded.
Why? To me, the Optimism Collective stands for the power of collective action. Members of this Collective should work together to create a better future for the Optimism ecosystem as a whole. Quixotic has been the only major NFT marketplace on Optimism and has dedicated a huge amount of time towards driving forward Optimism’s NFT ecosystem. Quixotic is the only service that provides an NFT API on Optimism. Quixotic also has an NFT launchpad that makes the process of creating new NFTs on Optimism very easy. I think it is very obvious that Quixotic has had a large positive impact on the Optimism ecosystem and is strongly aligned with Optimism’s vision.
I think this is a great opportunity for the Optimism community to show what makes Optimism different. We’re there for each other when things get tough. Although $100k may not seem like much for the Optimism Collective as a whole, it might be a lot for a small company like Quixotic. This is the sort of collective action that will make Optimism stand out as a strong and supportive community when someone is trying to pick where to deploy their next application. Plus, it would also show the appreciation that the Optimism community has for Quixotic and the work that they have done.
Thank you for reading my proposal,
This is definitely a good way to start
I’ll be honest, I need to think a bit about this to decide where I stand. Interesting proposal though.
They did the refund to all the address affected by the exploit. I know its a difficult time for Quixotic and most of all for the affected users. Kudos to them for open and transparent about the attack and doing the refund proactively. But we should not reimburse them, as a user we know the risk involve when we interact with Smart contract.
Quixotic has been the only major NFT marketplace on Optimism
To me this means, they need competition. I will rather support another nft platform on optimism than to reimburse them.
This will set a bad precedent. I love Quixotic and the team is amazing and really helpful when you need them. But if Optimism starts to act on every hack, developers will get more relaxed when deploying knowing there’s a possible safety net.
I would add the vulnerability that was exploited was a very common and easily avoidable component of the smart contract had the developers deploying this thoroughly reviewed or (was there an audit performed?) double and triple checked their work, I can’t imagine an auditor missing this as an inevitable exploit.
Also really like the intent of the original post here as in essence I think the focus is generosity here…but at the same time Optimism is in a critical phase of its beginnings and to support bad development practices with $ from the OP treasury or any of the dedicated OP funding accounts is not a good precedent from my perspective.
I do think a quick web app could be spun up with a “Donate Here” button though…? I would contribute a bit myself for sure personally just because it pains me to see exploit after exploit…but this type of solution feels more like the right approach here.
Good intention, but can’t do it. Selling protocol neutrality for a bail out sets an irrevocable, dangerous precedent.
This would encourage complacency from protocols because they know there’s an L2 safety net to bail them out. Can’t do it.
Encouraging an insurance market on optimism is a better way to prevent this in the future. We can even use OP to fund new entrants here
I agree, at some point, the industry must suffer - bailouts will never work. That said, I agree and suggest we all put our thinking caps on to find a way to help support the Collective culture while avoiding what looks like something very different. I agree, more thought is essential to address a large and growing problem for the entire crypto community. This one is bigger than OP or Quixotic.