In the week of January 18th to January 24th, the events worthy of attention in the progress of star projects include: the screenshot of the Yearn v2 white paper shows that the supply of YFI may increase from 30,000 to 33,333; $1.7 billion; Cover Protocol initiated a proposal to transfer COVER private key management to team multi-signature.
Star Project Progress
The following are specific project progress and financing events:
Star Project Progress
Screenshot of Yearn v2 white paper shows that YFI supply may increase from 30,000 to 33,333
On January 18, Banteg, the core developer of Yearn.finance (YFI), posted a screenshot of the Yearn v2 white paper on Twitter. According to the white paper drafted by data scientist Milky Klim, the supply of YFI will increase from 30,000 Up to 33,333 tokens, of which 30,000 tokens will be redeemed by the original YFI holders, and the remaining 3,333 tokens will be held by the Yearn ecological reserve for future incentive plans. It should be noted that this white paper was released by the private account of banteg, the core developer of Yearn.finance (YFI), not an official channel.
On January 21, banteg tweeted another new proposal, proposing to increase the supply of YFI by 6666 pieces, of which about 1/3 of the minted YFI will be allocated to key contributors, and the remaining 2/3 will be allocated to Treasury controlled by the community, these funds will be used for various purposes through existing governance methods, such as future contributor incentives, liquidity mining programs, staking rewards, etc.
Aave Platform’s Lightning Loans Accumulated Exceeding USD 1.7 Billion
The cumulative lending amount of the decentralized lending protocol Aave’s flash loan exceeded US$1.7 billion on January 20, generating a total of about US$1.5 million in handling fees, of which US$1.08 million was allocated to platform fund providers and US$460,000 to Aave protocol.
XRPL Labs lead developer Wietse Wind shared an update on the progress of his "Hooks" initiative. It will bring basic smart contract functionality to XRPL-oriented remittance tools. According to Wind, the next major milestone, the public testnet, will go live this quarter. (U. Today)
Cardano smart contract key stress test will be conducted in March
Cardano founder Charles Hoskinson shared his roadmap for stress testing the Plutus smart contract platform. Smart contracts on Cardano (ADA) will be open-sourced from March 2021. According to Hoskinson, Plutus, Cardano’s dedicated smart contract environment, will be ready for stress testing in March 2021. Once the project ready to build on Cardano is locked and loaded, the code base for Plutus will be available in an open source repository. The canonical “design patterns” used by Cardano smart contracts and best practices for ADA-based DApps will then be made public.
Matic Network to launch FxPortal, a license-free bridging solution
On January 18, Matic Network officially tweeted and announced that it will launch FxPortal, Matic's license-free bridging solution. It is reported that FxPortal allows any state synchronization without mapping, mainly focusing on being permissionless and increasing flexibility. According to the official document, FxPortal is currently under development and the code has not yet been reviewed.
Basis Cash announces V2 roadmap: Liquidity migration will be carried out and Basis Swap will be launched in Q3
The algorithmic stable currency project Basis Cash officially released the Basis Cash V2 roadmap. According to the roadmap, the Basis Cash V2 version is called BIP-X. BIP-X is generally divided into three stages:
1. The first phase of V2 (seeking stability). This stage plans to transfer liquidity to the Stableswap pool to help the stabilization mechanism fix the BAC price at $1. Protocols such as crv.finance are expected to participate in leading the first phase launch. Liquidity Migration will provide rewards (team is finalizing reward details, expected to announce soon). In addition, this stage plans to redistribute the existing BAS tokens, and the official is designing a synthetic loan agreement.
2. The second phase plans to expand the basic ecosystem through various applications to increase the demand for BAC.
3. The third phase plans to launch Basis Swap, a dynamic automatic market maker based on Basis Cash, which is expected to be launched in the third quarter of 2021.
Cover Protocol initiated a proposal to transfer COVER private key management to team multi-signature
On January 24, Cover Protocol officially reminded community members to vote. The community has previously initiated a new proposal, planning to set the COVER casting rights and private keys to be multi-signed by the Cover Protocol development team. The proposal states that there is currently a group of COVER tokens that are yet to be claimed. These unclaimed COVERs are best used for future incentives rather than just leaving them unclaimed. So for future incentives, the private key settings need to be changed temporarily.
Nexus Mutual has reduced the token staking unlock period to 30 days
The DeFi insurance agreement Nexus Mutual officially announced that it has reduced the token pledge unlock period from 90 days to 30 days. According to relevant discussions on the official governance forum, the previous 90-day unlock period was too long, resulting in low user participation on the Nexus Mutual platform.
DeFi insurance aggregator Armor releases tokens, will start a 24-week token reward program
DeFi insurance aggregator Armor announced the release of the token ARMOR and will launch a 24-week token reward program. Users can obtain arNXM by staking wNXM, and then provide liquidity and pledge LP tokens on the reward contract to obtain ARMOR. Armor has minted 1 billion ARMOR tokens at the time of Genesis and will distribute them within two years.
The decentralized trading platform DODO has now started the Gas Fee Subsidy Activity, and will spend $1,000 per day to subsidize the miner fee before 12:00 on February 13, 2021. Each transaction can get up to 8 CHI token subsidies. After the user's transaction is successful, part of the miner's fee will be returned. Preview your savings when you place an order.
LeBron James digital collectible card sells for nearly $71,500 in NBA TopShot, another record high
Security Incident and Follow-up
Security Incident and Follow-up
Firo is under 51% attack, users are advised not to trade until the network is restored
Investment and financing overview
Investment and financing overview
Travel app Maps.me raises $50 million led by Alameda Research
Well-known travel and mapping app Maps.me announced a $50 million seed round to integrate DeFi protocols into its platform. The round of financing was led by Alameda Research, and crypto venture capital CMS Holdings, Genesis Capital, and Sino Global Capital participated in the investment. Alameda Research, FTX founder Sam Bankman Fried (SBF) said that through an everyday application can really promote the mainstream application of DeFi. It is reported that Maps.me now has more than 140 million users, and as of 2020, it has about 60 million active users. (Cointelegraph)
On January 21, iSTOX, a digital stock exchange, announced the completion of Series A financing of US$50 million. Choo Oi Yee, chief commercial officer of iSTOX, said that through this new round of financing, iSTOX will actively expand its business in China. In the future, the exchange plans to cooperate with the Chongqing Municipal Financial Supervision Bureau to establish a digital securities trading platform in Chongqing for the central and western regions of China and even the whole country. The Chongqing Municipal Financial Supervision Bureau stated that it will actively coordinate and seek policy support for iSTOX to obtain approval from relevant Chinese financial regulatory agencies and implement it. (Chongqing Daily)
Voyager Digital Completes $46 Million Private Placement of Common Stock
Voyager Digital, an encrypted asset brokerage, completed a private placement of US$46 million in common stock at US$5.50 per share. The offering was represented by Stifel GMP. The company intends to use the proceeds from the offering for general corporate purposes. (NewsWire)
Mercado Bitcoin raises $38 million led by GP Investimentos and others
Brazilian bitcoin exchange Mercado Bitcoin announced Thursday that it has raised 200 million Brazilian reals (about $38 million) and revealed plans for its international expansion. The financing was led by local private equity firm GP Investimentos and early-stage venture capital firm Parallax Ventures. The exchange now aims to surpass 3 million users by the end of 2021. Mercado Bitcoin CEO Reinaldo Rabelo said the exchange plans to enter the Chilean, Mexican and Argentinian markets. (Finance Magnates)
Wintermute completes $20 million in Series B financing led by Lightspeed Venture Partners
Wintermute, a digital asset algorithmic liquidity provider, announced the completion of a US$20 million Series B financing, led by Lightspeed Venture Partners and participated by Pantera Capital. Lightspeed Partner Jeremy Liew will join Wintermute's board of directors. Other investors participating in this round of financing include Sino Global Capital, Kenetic Capital, Rockaway Blockchain Fund, Hack VC, DeFi Alliance, etc. Avon Ventures, an affiliate of Fidelity Investments parent FMR LLC, also participated in the round. All original investors, including Blockchain.com Ventures, continued to invest in this round. (Businesswire)
DeFi system Saddle completes $4.3 million in seed round financing
The decentralized financial system Saddle completed a $4.3 million seed round of financing, with investors including Framework Ventures, Polychain Capital and Electric Capital. The automated market maker (AMM) has just gone live and is dedicated to preventing slippage on different types of pegged assets such as stablecoins and tokenized bitcoin. Note: Slippage is the difference between the expected price of a transaction and the execution price of that transaction. (CoinDesk)
Estonian digital currency exchange CoinMetro raises $3 million
Estonian digital currency exchange CoinMetro raised 2.5 million euros (approximately $3 million) through a tokenized bond offering. The funds will be used to develop products and drive growth for the company, which hopes to break even this month.
Digital asset insurance company Nayms raises $2 million led by XBTO
Nayms, a London-based insurtech startup, has raised £1.5 million ($2 million) in a seed round led by XBTO, with other investors including Coinbase Ventures, Maven11 and Insurtech Gateway. (Decrypt)
Star Alliance Receives Strategic Investment of Nearly Ten Million Yuan from Fenbushi Capital
On January 19th, Star Alliance, a distributed storage integrated service provider, announced the completion of nearly 10 million yuan in strategic financing. The investor in this round is Fenbushi Capital, and Jiecan Capital acted as the exclusive FA in this transaction.
Cryptocurrency venture capital firm Dragonfly Capital announced that it has made a sizable investment in the open network NEAR and joined NEAR's Validator Advisory Council.
Dragonfly Capital stated that it already operates the third largest verification node on the NEAR main network, and will work with NEAR's other validator advisory committees to support the next phase of NEAR's main network application. The node currently has more than 17 million NEAR pledged, worth about $40 million.
Substrate-Based Gaming Ecosystem Platform Seascape Network Receives Binance Investment
Insured Finance, a P2P insurance market based on Polkadot, received investment from Moonrock Capital and others
Insured Finance, a Polkadot-based P2P insurance market, said on Twitter that the project has accepted investment from venture capital such as Moonrock Capital and Vendetta Capital, and has reached a cooperation with the encryption project incubator DuckDAO. Ivan on Tech, a well-known bitcoin and blockchain educator and YouTube blogger, also pointed out the potential of INFI.
ArtGee Network Completes Angel Round Financing, Digital Renaissance Foundation Participates
ArtGee Network, a decentralized art ecosystem, announced that it has completed an angel round of financing. The investors are the Digital Renaissance Foundation, Conflux Tech and IMO Venture. The financing amount is undisclosed.
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