Osmosis’s Feature ‘Scambuster Upgrade’ Is Ready To Go To Against Scam/Spam
Cosmos-based DEX Osmosis is ready to release a v11.0.0 upgrade called “Scambuster Upgrade” to defend against recent hacking threats.
DEX built on Cosmos – Osmosis (OSMO) is ready to release upgrade v11.0.0 at block number 5432450 to protect against scam/spam attacks. Upgrade completion is expected around 04:00 PM UTC on August 3, and users will likely be able to interact with Osmosis shortly.
According to the announcement from Osmosis, the upgrade has only two small changes aimed at reducing spam on the chain to protect the DEX users, including:
- Osmosis LP Incentives Gauge Creation Fee
- Governance Proposal Minimum Deposit Requirement
On July 22, intruders attempted to attack the Comos blockchain by creating 20,000 liquidity incentive meters outside of Osmosis in different pools to overload validating nodes.
Although the attack was unsuccessful, blocks were processed as usual (with a delay of <4 minutes). However, the result is that most Osmosis users are stuck with a small number of worthless tokens that they cannot easily handle. Osmosis reports that this creates a rather unpleasant experience for its users.
The v11.0.0 upgrade will specify a fee to create (50 OSMO) and add (25 OSMO) external liquidity incentive meters. As such, a repeat of the July 22 attack would be deemed “too expensive” once it is released.
Besides, many phishing scams containing malicious links trying to steal users’ original phrases are becoming increasingly common on Cosmos. To prevent this, Osmosis is introducing a change to the proposal submission process so that wallets submitting proposal requests also pay 25% of the deposit at the time of submission.
The initial cost to submit a proposal will be approximately 125 OSMO. The goal of this change is similar to the method applied to the meter creation fee that incentivizes liquidity.
While both strategies are somewhat of a cost impediment, the trade-offs of reducing spam and protecting users can potentially result in a better experience for them.
Osmosis’s strategy doesn’t put a financial limit on submitting proposals, but the trade-off with reducing spam is likely to result in a better user experience.
According to the DEX, another update will be delivered at the end of August, “which will make for an interesting month in the ecosystem!”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
CoinCu News
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DeFi
Osmosis’s Feature ‘Scambuster Upgrade’ Is Ready To Go To Against Scam/Spam
Cosmos-based DEX Osmosis is ready to release a v11.0.0 upgrade called “Scambuster Upgrade” to defend against recent hacking threats.
DEX built on Cosmos – Osmosis (OSMO) is ready to release upgrade v11.0.0 at block number 5432450 to protect against scam/spam attacks. Upgrade completion is expected around 04:00 PM UTC on August 3, and users will likely be able to interact with Osmosis shortly.
According to the announcement from Osmosis, the upgrade has only two small changes aimed at reducing spam on the chain to protect the DEX users, including:
- Osmosis LP Incentives Gauge Creation Fee
- Governance Proposal Minimum Deposit Requirement
On July 22, intruders attempted to attack the Comos blockchain by creating 20,000 liquidity incentive meters outside of Osmosis in different pools to overload validating nodes.
Although the attack was unsuccessful, blocks were processed as usual (with a delay of <4 minutes). However, the result is that most Osmosis users are stuck with a small number of worthless tokens that they cannot easily handle. Osmosis reports that this creates a rather unpleasant experience for its users.
The v11.0.0 upgrade will specify a fee to create (50 OSMO) and add (25 OSMO) external liquidity incentive meters. As such, a repeat of the July 22 attack would be deemed “too expensive” once it is released.
Besides, many phishing scams containing malicious links trying to steal users’ original phrases are becoming increasingly common on Cosmos. To prevent this, Osmosis is introducing a change to the proposal submission process so that wallets submitting proposal requests also pay 25% of the deposit at the time of submission.
The initial cost to submit a proposal will be approximately 125 OSMO. The goal of this change is similar to the method applied to the meter creation fee that incentivizes liquidity.
While both strategies are somewhat of a cost impediment, the trade-offs of reducing spam and protecting users can potentially result in a better experience for them.
Osmosis’s strategy doesn’t put a financial limit on submitting proposals, but the trade-off with reducing spam is likely to result in a better user experience.
According to the DEX, another update will be delivered at the end of August, “which will make for an interesting month in the ecosystem!”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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