from Osmocon Video Part 1: 1:20 - 35:24
-post-exploit: returning funds and instituting better safety/security/documentation/testing processes
-highlights of Year 1:
kickstarting the Cosmos ecosystem
$17.6 billion in trade volume
OSMO-denominated liquidity steadily increasing
technical innovations like superfluid staking
possibly the most active, innovative DAO governance in crypto
-future directions:
Bridge Rate Limiting
Volatility Aware AMMs
MEV protection
Rate-Limited Hot Wallet (Keplr) sub-keys
Improved Multi-Sigs and Social Recovery
Trading Engine Improvements
-Stableswap
-Scaling Factor Governors (i.e. stableswap for mostly pegged assets whose peg drifts slowly/predicatably over time, e.g. ATOM/stakATOM)
-Orderbooks built with Concentrated Liquidity
-Stop Orders
-full native Osmosis bridge integrations & single-click cross-chain swaps
-e.g. native ETH to native AVAX (through Osmosis and Axelar)
-single-click on-ramp to Osmosis from credit/debit card (Kado)
-Mars lending/credit
-margin, derivatives, custody
-beyond CEXs
-Privacy
-Threshold encryption for MEV/front-running protection
-Void Protocol for better-than TornadoCash privacy (in v2)
-Interchain Composability (way ahead of other DeFi ecosystems)
-attracting developers to the Osmosis ecosystem
Step 1 was getting CosmWasm enabled
Step 2 is building out the tooling
-Telescope & OsmoJS (Javascript for front-ends to interact with Osmosis and other Cosmos chains)
-Beaker — Osmosis CosmWasm smart contract developer environment (like Hardhat)
-Laika API development platform
-CronCat scheduler
-Andromeda composable smart contract workflows
-thanks to Orbital Command validators for helping pass the original Terra conference to Osmosis
Everything is always smooth on Osmosis!
-Osmocon is like Ethereum Devcon 2 - Shanghai attacks
-a simple, stupid bug: 50% extra Gamm when providing 2-asset LP
-should have been caught by tests (wasn’t one of the main upgrades, which were better tested)
-end-to-end testing — hook up frontend
-approx. $5.6m taken by 8ish exploiters
-almost all in contact re: returning funds
-significant amount lost through slippage: ATOM converted to ETH on Sifchain
-plus some non-exploiters just joined pools and accidentally used the bug
-Osmosis strong pref. to avoid breaking immutability
-so no taking funds back / rollback — Foundation will refund out of its funds
-thanks to bug reporters, validators, community leaders & messagers/data analysis, and fund returners
-working on testing the bug patch and measuring how much needs to be returned to which users
-we’ll be rolling out better security processes / QA / more documentation and comments
-$17.6 billion in trade volume
-over 330,000 accounts that have traded on Osmosis
-liquidity has been up and down (price action)
-redenominated in OSMO terms: up only (except Terra collapse)
-but since Terra, up only again (in OSMO terms)
-kickstarting the Cosmos
-biggest, most well-connected chain
-most IBC txs (4 million), most IBC volume
-8 chains IBC-connected at launch, now 61