Try Quests to earn cryptoOpen Analytics Bounty: Optimism (September 4)
What is Quixotic?
Quixotic is the largest NFT marketplace on the Ethereum layer-2 platform Optimism. It boasts an average transaction fee of just 0.0005 ETH ($1.50), making the platform much more usable for most NFT traders. The firm estimates it has saved its members around $2 million in gas fees since its inception.
On-chain tracking shows the platform turned over $419,500 in volume over the last 30 days, but user activity has declined significantly since June 14.
Since its launch, Quixotic managed to save more than USD 1.7 million in fees for its users. This figure is very impressive, seeing that the launch happened only around 1 month ago. Additionally, the platform boasts a total of more than 14,500 addresses that traded NFTs, with a total volume traded of more than 700 ETH. Pretty impressive!
Refrences:
Methodology
In this dashboard we evaluate Quixotic NFT Marketplace status and Quixotic Exploited on 1st July effects. Therefore, we use the following information to evaluate this issue.
We have found several contract addresses for Quixotic secondary sales. the old contract address which is 0x20975da6eb930d592b9d78f451a9156db5e4c77b and the 2 newer contract addresses are 0x065e8a87b8f11aed6facf9447abe5e8c5d7502b6 and 0x3f9da045b0f77d707ea4061110339c4ea8ecfa70.
On the other hand, Based on the following tweet (right side), Quixotic suffered an exploit in early July that a recent contract update exploited, leading to the loss of ERC-20 tokens.
So, since the max block_timestamp for 0x20975da6eb930d592b9d78f451a9156db5e4c77b and 0x065e8a87b8f11aed6facf9447abe5e8c5d7502b6 (older one) is 6th July, I guess they have migrated their contract address to the new one (0x3f9da045b0f77d707ea4061110339c4ea8ecfa70) after the attack.
So, for this bounty, We are going to use these contract addresses for analyzing data. Moreover, the origin_function_signature for sale transactions is 0x912d97fc.
So, by using optimism.core.fact_event_logs table (joining with optimism.core.ez_eth_transfers for volume) We are going to analyse some data for Quixotic secondary sales as below:
Findings
Based on the above data, we can see the total number of secondary sales on Quixotic exchange (since begining of the data) is 30k.
The total number of NFT buyers is 11.18 Wallets and the number of sellers is 7.66k Wallets.
Also, the total volume of spent on NFT sales is 555 ETH. ($0.869M).
we can see there are total 152 NFT projects (collections) that envolved in a secondary sale transaction on Quixotic and the number of tokens is 19.4k.
Findings
In the above charts, on the left chart, we can see the history of NFTs sales on the Quixotic marketplace over time.
As we see, during the past week (the same time when the Optimism ecosystem has grown significantly which lead to 94.92% increase in price in the last seven days) the number of NFT sales has increased dramatically. the highest number of secondary sales on Quixotic has achieved on 27th July 2022 which 2063 successful sale transactins.
After the high spike, we can still see some high spike comparing to before that date.
on the right chart, But in terms of volume, we can see the highest volume of Quixotic secondary sales was achieved during June 23 with more than 22 ETH! As we see, the overall trend of spent ETH on Quixotic secondary sales have almost a constant rate over time
The empty space during 1st and 2nd July probably is because of exploit attack.
Findings
In the above charts, on the left chart, in terms of number of sellers, similar to the first chart (number of sales) we can see highest number of NFT sellers during past week especially with the highest spike on 27th June. (1394 Sellers)
on the right chart, in terms of number of buyers, we can see highest number of NFT buyers during past week especially with the highest spike on 27th June. (533 buyers)
Moreover, on this chart, we can see another huge high spikes on 16th June.
The empty space during 1st and 2nd July probably is because of exploit attack.
Findings
On the left chart, we can see number of NFT collections that envolved in a secondary sale on Quixotic marketplace over time. As we see, there is a very light positive trend of this factor over time. meaning that the number of NFT projects is increasing over time.
And on the right chart, we can see the number of specific NFT tokens envolved in a secondary sale transaction over time. similar to the number of sales, we can see highest spike on the 27th July with 2032 tokens.
The empty space during 1st and 2nd July probably is because of exploit attack.
Quixotic NFT Project
For extracting the NFT Project Names, First, I was going to use optimism.core.dim_labels table, but then I realised there are some missing data and some projects are not listed in the table,
So, I have used Optimism explorer + the URL of related NFT to extract the related NFT Project Name to each contract address.
Findings
we can see Top Quixotic NFT projects in secondary sales by Number of sales.
As we see, Optimistic Explorer is by far the most popular NFT collection in Quixotic secondary sales among other projects.
After that, we can see Optimism Collective: Hello World and Bored Town on the next ranks.
- Optimistic Explorer has sold 6920 NFTs (37.4%)
- Optimism Collective; Hello World has sold 6490 NFTs (35.1%)
- Bored Town has sold 1874 NFTs (10.1%)
Findings
on the charts, we can see Top 5 projects based on Volume of sales.
Here, we can see Apetimism on the first rank with the highest volume of Sales.
On the second rank with a little difference we can see Optipunks collection and other popular projects are Elements of Ganland (GANS), Cryptotesters and Bored Town.
- Apetimism has sold 150 eth NFTs (42.6%)
- Optipunks has sold 156 eth NFTs (40.4%)
- Bored Town has sold 27 eth NFTs (7%)
Findings
Now in terms of number of buyers, we can see
Optimism Collective: Hello World with a little diffrence from Optimistic Explorer on the first rank. after these 2 collections, we can see Words, Bored Town and Apetimism on the next ranks.
- Optimism Collective; Hello World: 3946 buyers (44.3%)
- Optimistic Explorer: 1836 buyers (20.6%)
- Words: 1256 buyers (14.1%)
Findings
In these charts, we can also see Optimistic Explorer on the first rank with high difference from other collections (Oliens, Bored Town and Apetimism).
- Optimistic Explorer: 2819 sellers (46.7%)
- Bored Town: 1241 sellers (20.5%)
- Apetimism: 801 sellers (13.3%)
- Oliens: 734 sellers (12.2%)
Findings
On the charts, we can see Top 5 NFT sellers in terms of their number of sales.
We can see the wallet address 0x3560e6ae93b34399c75a853704ac83e8102ca27b has the most number of Quixotic secondary sales among other users.
- [0x356…a27b] has sold 535 NFTs (21.2%)
- [0x949…2db4] has sold 534 NFTs (21.2%)
- [0x6e8…4388] has sold 513 NFTs (20.3%)
- [0xec7…ae58] has sold 513 NFTs (20.3%)
- [0x347…6eef] has sold 428 NFTs (17%)
Findings
On the charts, we can see Top 10 NFT buyers by their number of purchases and the wallet address 0x6431616a013198a7015ee181ec5bd88db65f6e8f is by far the top purchaser.
- [0x643…6e8f] has bought 497 NFTs (34.5%)
- [0xf43a…178e] has bought 253 NFTs (17.6%)
- [0x857…7a30] has bought 250 NFTs (17.3%)
- [0xdcb…91fb] has bought 238 NFTs (16.5%)
- [0x0a0…efe5] has bought 203 NFTs (14.1%)
Findings
In terms of volume, we can see 0xa95579592078783b409803ddc75bb402c217a924 is by far the top secondary NFT seller on Quixotic.
- [0xa95...a924] has sold 15.70 eth NFTs (38.3%)
- [0xb15...d6eb] has sold 10.27 eth NFTs (25%)
- [0xed6...58a4] has sold 5.51 eth NFTs (13.4%)
- [0xce3...73ba] has sold 4.86 eth NFTs (11.8%)
- [0x096...cfee] has sold 4.67 eth NFTs (11.4%)
Findings
And in terms of buyers, we can see the wallet address 0x9a611b6fca5a2af0eff42c74b634477a3d842ab0 has spent most ETH volume on purchasing NFTs.
- [0x9a6...2ab0] has bought 12.3 eth NFTs (33.7%)
- [0xce3...73ba] has bought 9.91 eth NFTs (27.2%)
- [0x5ae...28c6] has bought 5.03 eth NFTs (13.8%)
- [0x1c8...78d2] has bought 4.69 eth NFTs (12.8%)
- [0xa04...da20] has bought 4.55 eth NFTs (12.5%)
Optimism’s Quixotic NFT Marketplace Exploited Losing ERC-20 Tokens
> Quixotic assured users that any lost funds would be returned, and it returned approximately $145,000 to 870 wallets.
After Twitter user Apetimism pointed out the breach, Quixotic, the largest NFT marketplace operating on Optimism, confirmed that a recent contract update was exploited, resulting in the loss of ERC-20 tokens.
According to Apetimism, the attackers apparently targeted Quixotic’s “Offer” feature and stole $100,000. An attacker deployed a contract to bypass some logic on Quixotic’s smart contract over the offering feature. This would let them steal all the tokens used in any offer on Quixotic in any currency.
The NFT marketplace team advised users to cancel their offers as soon as possible, and that all marketplace operations would be halted.
Quixotic had guaranteed and made good to the clients affected by the attack, returning approximately $145,000 to 870 wallets. The exploited contract has been put on hold indefinitely. The attack has had no effect on the NFTs listed on the market.
Source: cryptotimes.io
Conclusion
Based on the above analysis, We have realized that:
- The total number of secondary sales on Quixotic exchange (since the beginning of the data) is 30k.
- The total number of NFT buyers is 11.18k Wallets and the number of sellers is 7.66k Wallets.
- The total volume spent on NFT sales is 555 ETH.
- There are total 152 NFT projects that envolved in a secondary sale transaction.
- The number of tokens involved in a secondary sale is 19.4K.
- The highest number of secondary sales, sellers, and buyers were achieved during the past week, especially with the highest number on 27th June, but the sale volume was not very high.
- The highest volume of Quixotic secondary sales was achieved on 23rd June with more than 22 ETH.
- Optimistic Explorer is the most popular NFT project in Quixotic secondary sales in terms of number of sales, number of buyers and number of sellers.
- Optipunks is the NFT projects with the highest volume of secondary sales.
- 0x3560e6ae93b34399c75a853704ac83e8102ca27b is the top NFT seller in terms of number of sales.
- 0xa95579592078783b409803ddc75bb402c217a924 is the top NFT seller in terms of volume of sales.
- 0x6431616a013198a7015ee181ec5bd88db65f6e8f is the top NFT buyer in terms of number of purchases.
- 0x9a611b6fca5a2af0eff42c74b634477a3d842ab0 is the top NFT buyer in terms of volume of purchases.
- The most number of Quixotic NFT purchasers have between 0.01 and 0.1 ETH in their wallet
Findings
In these charts show the Quixotic OP and ETH markets' sales volume and count. The data confirms the exploitation on July 1st, with more than 200k OP or around $100k on that day or more than 200-300x on the previous days combined.
This proves that the exploitation occurred on the OP market but not on the ETH market, so following this section, we will analyze other Quixotic metrics only from the ETH market to avoid the fault lead in the data from the exploitation.
Quixotic Exploitation Announcement
According to Quixotic’s tweet on the right, Quixotic is exploited on July 1st, 2022 which cost more than 100k USD.
Which contract and token are exploited?
The graphs on the right show the daily sales volume based on the Quixotic marketplace and daily token volume compare to sales volume, respectively.
- The hacker stole around 220k OP tokens from around 870 wallets which cost more than 115k USD using offer feature via QM2 contract (
0x065e8a87b8f11aed6facf9447abe5e8c5d7502b). - There is no sale on July 2nd because of the sales pause from the exploit.
- We will exclude the sales activities from the exploit actions for the rest of this dashboard.
Change after exploit period
- Quixotic paused all sales activities on July 2nd.
- They changed the marketplace contract address from QM1 and QM2 to QM3 only.
- They have paused all op-based nft sales activity since July 2nd.
Findings
Effect on total sales volume for each marketplace contract
- Without the exploit, QM3 has highest sales volume instead QM2 while there is the exploit effect.
- The volume from op is almost disappear when we remove the exploited volume
Findings
Effect on sales volume percentage based on token
Without the exploit, the op volume percentage drop from 15.5% to 0.5% of the total sales volume.
Findings
Effect on sales volume percentage based on marketplace contracts
- The sales volume percentage of QM2 decreases by 21.7% which makes the rank of QM2 drop to 2nd without exploit volume and vice versa for QM3.
- There is a subtle difference in the percentage of QM1 but it does not make a change in rank.
According to Quixotic’s tweet on July 27, Quixotic has joined Optimism's new onboarding flow which is a step-by-step introduction to a new user.
- This process allows new users to mint 1 of 5 NFTs from Quixotic’s Optimistic Explorer collection.
- This move from Quixotic can attract new users to mint NFTs from their collection and boost the sales transactions which will be shown in this section.
Findings
Effect on Optimistic Explorer sales count
- Although be the latest collection in the Top 10 sales count that joins the secondary market, joining the Optimism new onboarding flow can boost the Optimistic Explorer collection to the highest sales count.
- Optimistic Explorer is the highest portion of sales count (23% of total sales count) which is almost three times the runner-up, however, the average sales volume per sales count is around $0.77 which is 250x less than the top sales volume collection (OptiPunks, $193.15 per sale)
- Optimistic is the tenth in sales volume which has only 1.67% of total sales volume.