SNEAK PEEK
- Just before the merger, LooksRare.org will enter “maintenance mode.”
- The Currency Manager will be updated by the multi-sig that runs the LooksRare protocol at the moment.
- After the merging is finished, the multi-sig operators will check to see if the POW fork has stopped utilizing ChainID 1.
It’s time to disclose the risk mitigation strategy we first outlined back in April, in more detail, as a chain split is now expected to happen on Ethereum post Merge, with POS/POW going their separate ways.
NFT exchange Looksrare: While forked versions of the Ethereum may occur, they will not be supported by the LooksRare protocol. This is in alignment with both the Ethereum Foundation and the social consensus of the broader Ethereum community’s decision. https://t.co/mqMQmR6fgp
— Wu Blockchain (@WuBlockchain) August 30, 2022
LooksRare.org will go into “maintenance mode” just before the integration. WETH will no longer be a supported currency thanks to an update to the multi-sig that runs the LooksRare protocol. By doing this, it will be impossible for any transactions to happen, eliminating the chance that orders might be replayed after the Merge is finished.
The multi-sig operators will verify that the POW fork has stopped using ChainID 1 after the merge is complete. The multi-sig will add WETH as a supported currency to the Currency Manager on the POS chain. The website LooksRare.org will exit “maintenance mode”
When we talk about the potential risks, then we know, as LooksRare uses chainID as 1 for the EIP712 domain, it is a known issue that orders on the POS/POW chain can be replayed on their contracts.
When the protocol was deployed, the domain separator was dynamically calculated (with chainId = 1 for the Ethereum mainnet), but it was hard coded. Although the chainIds for the PoW and PoS chains differ, the protocol cannot change the domain separator because it was hard coded during deployment.
Future iterations of the protocol are anticipated to contain features to natively prevent potential chain forks, like the dynamic computation of domain separators. The risk mitigation strategy outlined above was developed with this specific scenario in mind, and its primary objective is to eliminate any danger it may have.
Although forked versions of the Ethereum blockchain may exist (including PoW forks), the LooksRare protocol will not support them. This is in line with the Ethereum Foundation’s plan to upgrade the Ethereum blockchain to a proof-of-stake consensus as well as the social consensus of the larger Ethereum community.
