Star Project Weekly | Anchor officially launches semi-dynamic yield rate; Polkadot launches cross-chain messaging system XCM (5.2-5.9)
During the week from May 2nd to May 8th, the events worthy of attention in the progress of star projects include:Solana: Working on Three Network Mitigations including Fee-Based Transaction Prioritization；Terra founder: Remove 150 million UST from Curve and prepare to deploy to 4pool next week；Polkadot launched a cross-chain message system XCM to eliminate the risks brought by the bridging mechanism；Litecoin Officially Locks on MWEB Privacy Protocol；Privacy infrastructure Nym to launch $300 million innovation fund；Anchor Protocol officially launched the semi-dynamic yield rate；Genie founder accuses Gem of launching DDOS attack on Genie；Chain game Illuvium will conduct its first land sale on June 2。
Bottom layer - public chain
Bottom layer - public chain
Solana: Working on Three Network Mitigations including Fee-Based Transaction Prioritization
Solana officially released the mainnet Beta interruption report and mitigation measures, saying that three mitigation measures are currently being formulated to solve the stability and elasticity of the network, including rebuilding the Solana core protocol based on QUIC, developing pledged equity-weighted QoS, and adopting a fee-based Transaction priority settings. It is reported that Solana's fee priority setting will be launched in v1.11 version.
In response to Mudit Gupta, chief information security officer of Polygon, who said that the selling of UST yesterday was suspicious, Do Kwon, the founder of Terra, replied that 150 million UST was removed from Curve and planned to be deployed to 4pool next week, and the seller of 84 million UST was not the team. After the UST unanchored, we removed 100 million UST to alleviate the unanchored, Terraform Labs has no incentive to break the UST peg.
Mudit Gupta, Polygon's chief information security officer, replied that it was just a coincidence of timing and that Terraform Labs had no motivation to remove the UST anchor. But if someone knows that doing certain things temporarily breaks the anchor, there are plenty of opportunities to make money. This does not refer to the direct actions of Terraform Labs, but the ecology requires coordination.
Polkadot has launched a new cross-chain communication protocol that it says will eliminate cumbersome bridging mechanisms that have cost the encryption industry billions of dollars in cyberattacks.
The newly launched XCM messaging system is designed to facilitate Polkadot's multi-chain ecosystem. XCM channels are said to be secured at the same level as Polkadot’s central hub, known as the relay chain, and can also be used by parachains. In other words, XCM will enable communication between the parachain itself and smart contracts.
Future iterations of XCM will allow messages to be sent between parachains without having to be stored on the relay chain, increasing the scalability of individual chains and eliminating the governance process. (Cointelegraph)
Filecoin Announces FVM Bug Bounty Program
Filecoin announced the Filecoin Virtual Machine (FVM) bug bounty program. Bug hunters and community developers are invited to find bugs in the FVM Milestone 1 codebase in preparation for the Filecoin network upgrade v16 Skyr in May.
It is reported that Milestone 1 is planned to be deployed to the Filecoin mainnet in May 2022. Milestone 2 will introduce EVM compatibility and user-programmable actors. Milestone 2 will likely offer a bug bounty in July, before deploying to mainnet is expected in September 2022.
TRON’s decentralized stablecoin USDD has been officially released, and users can cross-chain USDD on Tron to Ethereum and BNB Chain through BTTC. According to the roadmap, following the official release of USDD, the testnet and mainnet of its decentralized network will be launched in succession in the future.
Algorand Foundation Launches Venture Studio Algo Foundry to Grow Developer Ecosystem
According to official news, the Algorand Foundation announced the establishment of Algo Foundry, a venture studio dedicated to developing the Algorand developer ecosystem and building Algorand blockchain infrastructure and applications.
Through its partnership with Undercurrent Capital, Algo Foundry will enable developers, entrepreneurs and enterprises around the world to focus on creating and building next-generation applications, while deploying resources, playbooks, systems, developer talent, networks and capital to accelerate ideas and Optimize the company creation process.
Algo Foundry has also launched courses to improve the skills of developers developing on the Algorand blockchain and grow the developer ecosystem. The first immersive project will be launched in Singapore in mid-May, and will expand to other cities in the future, and a series of projects will be launched to global developers in July.
Trademark lawyer Josh Gerben tweeted that the Web3 non-profit organization DFINITY Foundation recently filed a lawsuit in California federal court, accusing Meta Platforms (formerly Facebook) of the new Logo and its infinity symbol ∞ Logo too similar. Meta also uses the same description as DFINITY in the definition of "goods and services" in the trademark application.
The DFINITY Foundation said, "If these users link DFINITY with Meta's online privacy scandal, DFINITY will be seriously damaged in terms of Internet Computer development and ability to attract users." Unspecified relief and damages for "serious reputational damage."
Litecoin Officially Locks on MWEB Privacy Protocol
According to official news, Litecoin officially locked the MWEB (MimbleWimble via Extension Blocks) privacy protocol.
Bottom-Layer2
Bottom-Layer2
Optimism, the second-layer expansion network of Ethereum, announced the establishment of OP Stimpack, a fund to provide funds for projects on Optimism. Optimism will allocate 231 million OP Tokens to the fund, and will launch an airdrop for builders. First, the number of OP Tokens that a project can claim will be determined by the project’s TVL and daily transaction volume, and then it will be open to any project that meets the Optimism vision. This stage will start after the first round of retroactive airdrops.
infrastructure components
Privacy Infrastructure Nym's Innovation Fund Receives $300M Commitment, Backers Include Polychain, Greenfield One, Huobi Incubator, Tioga Capital, Eden Block, NGC Ventures, HashKey Capital, Figment, Fenbushi Capital, OKX Blockdream Ventures, Tayssir Capital, KR1 , Lemniscap, and a16z.
The fund will be used to attract developers to its ecosystem, with individual grants ranging from $50,000 to several million dollars. (The Block)
Hop Protocol officially launched the native token HOP, and the airdrop query page is open
The cross-chain bridge Hop Protocol officially announced that it will transform into Hop DAO operated and governed by the community, and officially launch the native token HOP. It is reported that the total supply of HOP is 1 billion, of which 8% (a total of 80 million) will be airdropped to early related users of Hop Protocol.
Stargate launched a proposal vote, and plans to award $5 million in STG next month
The cross-chain bridge Stargate launched a community proposal vote, proposing to use $5 million in STG rewards to "bribe" veCRV holders, CVX holders and Redacted Cartel (BTRFLY) next month to increase the rewards of the STG Curve v2 pool. At present, the approval rate of the proposal is 98.71% (approximately 402,000 veSTG), and the voting will end at 8:00 on May 7.
Application layer - DeFi
Application layer - DeFi
The Curve community launched a proposal vote to allow Abracadabra to participate in Curve governance
The Curve community launched a proposal vote, proposing to whitelist MagicCRV in Curve's SmartWalletList, allowing Abracadabra to participate in Curve governance, so that CRV can be locked to increase revenue incentives on MIM-related trading pairs.
MagicCRV is the encapsulation asset of CRV on Abracadabra. Users can lock CRV to cast MagicCRV. The lock-up period is 4 years. During this period, users can exchange MagicCRV for mCRV, and trade it for CRV in the mCRV/CRV pool transaction on Curve.
Anchor Protocol officially launched the semi-dynamic yield rate
Terra ecological fixed interest rate agreement Anchor Protocol officially launched the semi-dynamic yield rate, the current interest rate is 18%. The interest rate of Anchor Earn is dynamically adjusted every month according to the value of the income reserve. The minimum APY is 15% and the maximum APY is 20%. Rates are updated approximately every 388,068 blocks, or monthly, which varies slightly based on block time.
Yearn Announces Upcoming v3 Vaults, Features Include Launching High-Risk, High-Reward Vaults
According to official news, Yearn announced that v3 Vaults will be launched soon, including six major functions:
1. Primary part: enable high-risk, high-reward Vaults;
2. Solidity: v2 Vault is written in Vyper, v3 uses Solidity;
3. Standardized vault token with ERC-4626;
4. Optimize gas;
5. Flexible strategy;
6. Automation: By leveraging the Keep3r Network, Yearn v3 will automate almost all aspects of vault management.
BitDAO stated on Twitter that the BIP-9 proposal to repurchase BIT from the secondary market has been passed and will start on June 1. The proposal aims to increase the economic linkage between BitDAO treasury growth and BIT tokens.
Earlier news, the BitDAO community released a new proposal, proposing that part of the funds originally provided by Bybit to BitDAO be used to repurchase BIT in the secondary market and donate to the BitDAO treasury. The repurchase amount will initially be set at $700,000 per day (~$21 million per month), which can be adjusted through BitDAO voting. The proposal also stated that the BIT burning mechanism in the BitDAO treasury may be activated in the future.
The decentralized perpetual contract agreement Perpetual Protocol issued a governance proposal to apply for the allocation of 9 million OPs to promote its development. Specifically, it will be used to encourage lenders to borrow money from market makers, liquidity mining, and encourage the establishment of applications using Perp as the base layer. The incentive program will last from 4 months to a year.
Application layer-NFT
Application layer-NFT
Yuga Labs has completed the Gas refund and reminded users to beware of fraud
Yuga Labs tweeted that all user gas refunds have been completed, and the refunds are issued by Multisender.app, and are all paid in ETH.
Users need to pay attention during the query process: 1. Do not interact with other suspicious tokens in the wallet, and do not try to delete suspicious tokens; 2. Do not connect the wallet to any website that claims to get a refund.
CryptoPunks Development Team Larva Labs Deletes All Tweets
The CryptoPunks development team, Larva Labs, has cleared all content on Twitter. It is reported that this move may be due to the fact that Yuga Labs, the parent company of BAYC, has acquired CryptoPunks and Meebits under Larva Labs, so Larva Labs does not have much need to post on its social media accounts. Posted.
NFT project Doodles announced on Friday that it has hired former Billboard executive Julian Holguin as CEO. Holguin joined Billboard in 2012 as vice president of brand partnerships, after stints at the BBC, NBC and the New York Daily News.
Doodles said: “Julian will be working alongside the founders who are expanding the Doodles IP through music, games and entertainment, while bringing cultural depth into the product. Over the next few weeks, we will introduce you to the next phase of Doodles, pioneering groundbreaking projects, transformative partnerships, and a comprehensive vision and roadmap."
Additionally, on May 12, a mysterious device will enter the Doodles universe.
LooksRare Pending Order Reward V2 is officially launched
LooksRare Pending Order Reward V2 was officially launched at 9:00AM (UTC) on May 5th. In V2, the closer the user's pending order is to the floor price, the more points he will get. For example, if the price of the pending order is ≤1.1 times the floor price, the user will get 10 times more points.
Genie founder accuses Gem of launching DDOS attack on Genie
Scott, founder and CEO of Genie, an NFT aggregation market, tweeted that Genie just solved a day-long DDOS attack. When OthersideMeta started casting, it ushered in a DDOS attack. past 24 hours, with"gem.xyz"The URL sent 1.7 million requests to Genie in an attempt to crash Genie's website and slow down performance.
Coinbase NFT Marketplace Beta Is Officially Open to All Users
According to official news, the Coinbase NFT marketplace has announced that its Beta test version is officially open to all users.
Kraken NFT Marketplace Opens Waitlist Applications
Cryptocurrency exchange Kraken’s NFT marketplace is open to waiting list applications, allowing users to explore, manage and secure NFT collectibles.
It is reported that sellers can list their NFTs in cryptocurrencies supported by Kraken or fiat currencies such as US dollars, euros, Canadian dollars, British pounds and Australian dollars.
Kraken says it will pay creators a portion of NFT sales on the secondary market. The cryptocurrency exchange said it will not charge gas fees for its NFT marketplace and will support projects on multiple blockchains, including Ethereum and Solana.
NFT startup Zora announced on Thursday that it has completed a $50 million seed round of financing at a valuation of $600 million, led by Haun Ventures, with participation from Coinbase Ventures and Kindred Ventures. It is reported that Haun Ventures is a Web3 venture capital institution founded by a16z general partner Katie Haun, and this is its first capital injection.
It is reported that Zora completed US$8 million in equity financing in March 2021, and then raised another US$2 million in October. (CoinDesk)
It is reported that Zora completed US$8 million in equity financing in March 2021, and then raised another US$2 million in October. (CoinDesk)
NFT Marketplace Blur Launches Beta Version
The NFT market Blur has launched a beta version, and users need to invite 5 people to participate in order to gain access. Blur allows users to view the sales of NFTs in the existing market in real time without manual refresh. This test version allows users to batch remove all NFTs.
According to previous news, Blur, an NFT market focused on optimizing the experience of professional traders, announced the completion of an $11 million seed round of financing led by Paradigm, with participation from eGirl Capital, Keyboard Monkey, and LedgerStatus.
Instagram is planning to integrate NFTs from Ethereum, Polygon, Solana, and Flow. It will first be piloted for a small group of NFT enthusiasts in the United States. It is unclear whether Instagram will support all four networks at the time of launch.
Application Layer - Game
Application Layer - Game
Multicoin Capital partner Mable Jiang announced his departure and joined the Move to Earn app STEPN
Multicoin Capital partner Mable Jiang announced his resignation and joined Move to Earn application STEPN as Chief Revenue Officer. He will drive external economic value into the system through ecosystem partnerships and strategic investments.
Axie Infinity will provide monthly rewards of 337,500 AXS to land stakers
Axie Infinity announced the development progress of the land pledge. The team has made progress in UI design and has cooperated with the smart contract developer Owl to develop the land pledge contract. In addition, Axie Infinity plans to provide 337,500 AXS rewards per month to land pledgers, and will also launch an incentive plan to encourage community members to carry out activities that promote ecological development, including community expansion, building tools, enhancing game experience, and creating content.
Chain game Illuvium will conduct its first land sale on June 2
security incident
security incident
Almost 100% of the stolen funds have been transferred out of the Ronin Network attacker address
According to the monitoring of SkyEye on the Okey Cloud chain, the Ronin Network attacker’s address transferred 12595.3 ETH (about 36 million U.S. dollars) to the new address 0x08723392ed15743cc38513c4925f5e6be5c17243 at 15:32:25 Beijing time on May 4th. As of May 4, almost all funds stolen from the Ronin Network attacker’s address have been withdrawn, leaving only about 1.8 ETH.
DEX MM.Finance on the Cronos chain was attacked and lost more than $2 million
MM.Finance, the largest decentralized exchange on the Cronos chain, suffered a front-end attack, and hackers stole more than $2 million in CRO tokens from users. The attack was caused by a DNS vulnerability where the attacker inserted a malicious contract address to transfer funds to his own private wallet.
According to a tweet posted by MM.Finance, the stolen funds were sent to Ethereum privacy protocol Tornado Cash before being transferred to OKX. MM.Finance asked the attackers to return 90% of the stolen funds within 48 hours, and said that if it failed to return the funds on time, it would contact the FBI. MM.Finance has sorted out the addresses of the funds lost in this attack through on-chain data, and will compensate them for more than $2 million in losses.
Security company: Rug pull occurred on the BSC project HUNTER, with a loss of US$1.2 million
According to CertiK monitoring, Rug Pull occurred in the HUNTER project (token is Hound), and the loss amounted to 1.2 million US dollars. At present, its Discord and Telegram channels have been closed, and the official website is also unavailable. The contract address on the BSC chain is: 0x1e4402Fa427a7A835fC64ea6d051404ce767A569.
