EZswap team discovers OpenSea bug, provides detailed solution
EZswap, a well-known community-focused NFT decentralized exchange (DEX), recently took to Twitter to announce it had discovered a loyalty bug in OpenSea and conducted an investigation.
Fixing the loyalty bug
EZswap, on its Twitter post, mentioned that it found a bug on the chain and, after insightful research, had come up with a solution to help NFT projects.
Users were advised to find the penultimate log item called “Initialized.” The address on the log is the customers’ latest development royalty sub-contract, requiring them to look into the two “Initialized” in the respective logs.
For clarification, when consumers click on a given contract, if the name is “EIP2981MultiReceiverRoyaltyOverrideCloneable,” they should head to the next step. The following step depicts the clients registering the royalty sub-contract they created using the REGISTRY center.
Furthermore, users were advised to move the contract to the given address, the NFT contract, and the royalty sub-contract address. Hence, the on-chain registration for OS royalties is EIP2981RoyaltyOverrideFactory (0x734513F61a65B3745fC7BB574aDFe18379355a1C).
An earlier update caused the bug
The method used involves createOverrideAndRegister, separated into three steps: clone a royalty sub-contract, initialize the sub-contract, and register the sub-contract at the royalty center REGISTRY. However, an update on the implementation contract three days ago made the third step fail to pass the check, causing a failure in royalties registration verification.
The team’s solution is based on establishing a new factory and retaining only the first two stages. Then, the third stage would be conducted separately through REGISTRY interaction.
EZswap mentioned that they have been focused on improving creator welfare and project teams.
Hence, it recognized the OpenSea royalty system to protect their rights. However, it said, the incident demonstrates that other NFT marketplaces have to up their game to avoid over-reliance on OpenSea as a standard setter for the NFT world. The move will curb unforeseen damage within the NFT space, especially for project teams.