NFTX Round-up #37

NFTX Round-up #37

Welcome back to the fortnightly update on NFTX product, protocol, and everything in between.

Lots of things have been happening over the past few weeks, and as you may have noticed the protocol was paused for a couple of days at that time. Once everything was back up and running again we then had to deal with a post Merge issue with our subgraphs soon afterwards.

This all happened around the time of the Merge as well, so it was all guns blazing for a while at NFTX.

Let’s take a look at what has been happening in a bit more detail.

Protocol & Product updates

0xMarketplaceZap un-deployment

We were excited to release the 0xMarketplaceZap and use liquidity from both the current Sushi pools along with any 0x supported liquidity pools which would help tighten spreads.

There were a few hurdles to overcome along the way including

  • Rate limiting on 0x API while requesting 500+ vault prices
  • Undoing the feature where 0x returns as much token for your ETH as possible (this is how Matcha works)
  • Configuring gas estimates when dealing with two sources

We managed to work through most of the issues before a vulnerability was detected and reported through our Bug Bounty program. The vulnerability has been patched by adding the previous 0xMarketplaceZap to a deny list and hardening that area of the contract.

A full post-mortem on the situation can be found on the blog which goes into all the details, as well as acknowledging P0n1 for reporting the bug. They have been awarded a bug bounty as a result of the high-quality report and detailed solution, and review of the updated contracts.

NFTX Graph Indexer

A few weeks ago there was a significant change to Ethereum with the chain moving from proof of work to proof of stake. During this cutover particularly close attention to our Erigon nodes as they needed to incorporate a new consensus layer to continue working post merge.

These nodes keep our Graph Indexer up-to-date and source our internal scripts to run as often as we need without impacting our external RPC providers, saving the DAO thousands of dollars each month.

During the post-merge period, there were some issues with how Erigon nodes dealt with Flashbot transactions and as a result, several subgraphs on the network were affected, including the NFTX V2 subgraph.

While the contracts were still working for buys/sells/swaps/stakes, the data powering the NFT Marketplace and Yield app was stuck at a particular block. This caused some NFTs to show as being in the vault when they had been sold, and some items that had been sold into the vault not showing up either.

The product team added in a fix to make fallback onchain requests to update the pages which patched the issue, and a few days later a fix for Erigon was released, patched, and the NFTX subgraph was back serving the latest data.

Javery also joined The Graph team on their Twitter spaces for an hour, along with other Web3 decentralised projects, to talk about all things decentralisation.

Code Arena Audit #3

This week we have started the process of setting up a new competition with Code Arena.

Code Arena operates differently from traditional contract auditing companies in that they don’t audit the contracts themselves, but instead facilitate a competition with their pool of solidity developers. This means that rather than one or two expert solidity developers reviewing your code, you can have tens or hundreds of eyes on your code, each bringing you a different perspective.

The competition will run at the beginning of October to roll out these new contracts and new features into the NFTX app by the beginning of November.

If you want to learn more about the competition then signup on the Code Arena site and keep an eye out for further announcements on our Discord and Twitter.

Marketplace updates

The product team has been busy making tweaks to the existing marketplace to improve the little things, here are just a few:

  • NFTX API development — currently all of the interactions with NFTX happen on chain or through a variety of subgraphs. The team are pulling this data together under a single API to speed up interactions on the site and allow for easier integration for our partners
  • Faster retrieval of user NFT balances — in the first iteration of the site it was faster to check all the current NFTX vaults and return all the matching NFTs a user held in their connected wallet. Now, with an ever-increasing number of vaults, the product team has refactored the approach and improved load times by more than 1 second.
  • Create Vault flow — updates in the approach to creating vaults to make it easier to get everything done in the same flow, including creation, setting fees, adding liquidity/inventory and publishing

Recent Vaults & Protocol Activity

There have been a few new vaults created over the past two weeks, and while you can see a full list of all the vaults here are a few select ones we’ve seen.

The Protocol currently has $29,465,985 in Total Value Locked, and over the past 30 days, NFTX has distributed approximately $123k in fees to our liquidity/inventory providers.

The protocol is seeing 1,591 monthly active users.

The most popular vaults in terms of pure volume have changed in the past month with Super pool topping the charts. The Top 5 vaults for volume include:

  1. Super
  2. Phunky
  3. PXLDY
  4. CRXR
  5. FROYO

Growing the team

NFTX is looking for an experienced Lead Solidity Developer to join our growing team. If you’re looking for a new challenge and want to contribute your ideas and skills toward building the number one liquidity protocol then reach out to [email protected].

Vault Insights - RibbitsNFT $POND

The Ribbits NFT vault is relatively new but has already seen some great contributions from their community in the form of both liquidity and inventory staking with the yields at a healthy 134% and 49% respectively.

There are currently 141 NFTs inside the POND vault.

The TVL of the vault is sitting at $3,987 and has managed 3.4 ETH in trading volume since the vault started in less than two weeks ago. You can see by the lifetime turnover, 231 POND, which is a lot of yield-generating activity in a short time.

Liquidity and Inventory providers have shared 11 NFTs worth of fees so far and the community is only just getting started.

If you would like to learn more about how NFTX can be part of your NFT launch or provide an additional marketplace for your project and help secure a stable liquidity pool for the floor price then reach out at [email protected].

That's all for this update. If you have any questions, come and join in on the Discord channel.