During the week from May 9th to May 15th, the events worthy of attention in the progress of star projects include:Terra is in a death spiral, Do Kwon releases reconstruction plan；Flow launches a USD 725 million ecological fund, supported by a16z, Coatue, etc.；Proposal to deploy Uniswap v3 to Gnosis Chain has started voting；Curve’s sUSD-3crv pool on the Optimism network has activated incentives；OpenSea launches NFT plagiarism detection and account verification functions；Phase 3 release of LooksRare is about to begin；Azuki founder admits to operating 3 NFT projects within a year；Doodles airdrop dooplicator activity has been officially launched；STEPN released the latest economic model report: 68 million GMTs have been destroyed, accounting for about 10% of the circulation。
Bottom layer - public chain
Bottom layer - public chain
Terra is in a death spiral, Do Kwon releases reconstruction plan
As Terra sinks deeper and deeper in the quagmire, Do Kwon has released a plan to rebuild Terra's ecology on the Terra Forum, and proposed to issue 1 billion new LUNA tokens.
A new supply of 1 billion tokens, 400 million UST will be distributed to LUNA holders immediately before unanchoring, 400 million to UST holders, and 100 million to LUNA holders immediately before the original Terra chain stopped (they maintained Network stability), 100 million reserved for future ecological development. Except for the 100 million in the third tranche, the other three tranches will all be staked when the network restarts.
From peak to collapse, UST's roller coaster rideFrom peak to collapse, UST's roller coaster ride」。
Flow launches a USD 725 million ecological fund, supported by a16z, Coatue, etc.
On May 10, Flow, the underlying public chain of Web 3, announced the launch of an ecological investment fund with a scale of 725 million US dollars. Participating institutions include a16z, Coatue, Union Square Ventures, Greenfield One, CoinFund, DCG, Spartan Group, Fabric Ventures, Liberty City Ventures, Cadenza Ventures, Mirana Ventures, Appworks, Sky Vision Capital, HashKey, L1 Digital, OP Crypto, and Dapper Ventures, among others, the joint fund aims to provide the foundational power for next-generation application development. The fund will be used to invest in supporting the growth and development of projects on the Flow ecosystem. (CoinDesk)
Informal Systems, the core developer behind Cosmos Network, tweeted that Interchain Security (Interchain Security) will be implemented on Cosmos soon. With Interchain Security, developers will be able to start running their EVM, CosmWasm or Cosmos-SDK applications on consumer chains ( consumer chain). The chain will be secured by Cosmos Hub's full validator set and ATOM's $6 billion market cap.
Polkadot's first parachain Statemint opens asset creation and XCMP channel
Polkadot’s first parallel Statemint has opened asset creation and XCMP channels. Up to now, a total of 14 assets have been created on Statemint (Note: A minimum deposit of 100 DOT is required to create assets on Statemint, and 3 DOT is required for metadata).
In December 2021, the Polkadot network passed and implemented the No. 46 referendum, officially upgrading the Shell blank chain to the asset chain Stetemint, which is also the first parachain on Polkadot. (Polka World)
Aurora Launches $90 Million Developer Fund to Promote the Development of NEAR Ecosystem DeFi
Aurora, the blockchain layer on the NEAR Protocol, has partnered with NEAR Protocol’s DeFi arm, Proximity Labs, to launch a $90 million token fund to accelerate the development of decentralized finance (DeFi) applications. To inject capital into the fund, Aurora Labs, the core development team behind Aurora, allocated 25 million Aurora Tokens (approximately $90 million) to Proximity Labs from its DAO treasury. Proximity will manage the token and provide grants to developers interested in building DeFi-based applications on Aurora. (The Block)
Kava 10 mainnet upgrade postponed to May 26
According to Kava official news, due to an unexpected vulnerability in the pruning nodes on the testnet, the Kava 10 mainnet upgrade has been postponed to May 26, and validators are advised to vote against the current upgrade props.
Bottom-Layer2
Bottom-Layer2
Optimism launches small ETH bridge tool Warp Speed
Optimism, the second-layer expansion network of Ethereum, announced the launch of Warp Speed, a bridge tool for quickly bridging small amounts of ETH, and redesigned the official bridge interface to integrate some third-party bridges into one user interface.
The total amount of Gnosis Chain native Token GNO has been reduced from 10 million to 3 million
Stefan George, co-founder of Ethereum side chain Gnosis Chain, said that the total number of Gnosis Chain's original Token GNO has been reduced from 10 million to 3 million, and the fully diluted valuation (FDV) is currently about 645 million US dollars. Stefan George also said that this move increases investors' certainty about the future supply of GNO.
Boba Network has enabled BOBA as Gas Token
Boba Network, the second-layer expansion network of Ethereum, has officially used BOBA as the Gas Token, but ETH is still the default Gas Token, and users can choose to change it to BOBA Token.
Immutable X, an NFT layer-2 expansion solution, wrote that since it was selected by GameStop as a layer-2 protocol market partner, Immutable X is integrating its global order book into the GameStop NFT market, as well as integrating existing and future transactions on Immutable X Projects introduced to GameStop, including Gods Unchained, Guild of Guardians, Ember Sword, Playco, TikTok, Planet Quest, ESL Gaming, GreenPark Sports, Illuvium, etc.
infrastructure components
infrastructure components
Lido: stETH: Leveraged positions in stETH at risk as ETH drifts off peg
Lido, the liquidity staking protocol, stated that the stETH:ETH exchange ratio has deviated from its 1:1 peg against the backdrop of widespread market turmoil. stETH is trading at a 4.2% discount to ETH on the main Curve pool. There is no risk to long-term holders and liquidity providers, leveraged positions in stETH are at risk. If users hold leveraged positions in Aave, etc., they may face the risk of being liquidated, and should reduce the risk, such as increasing collateral.
Cross-chain routing protocol Multichain announces veMULTI mainnet launch
According to official news, the cross-chain routing protocol Multichain announced that the veMULTI mainnet is online. Users pledge MULTI to mint veMULTI NFT. In addition, the Multichain bridge fee ($3,901,975.04) for the first quarter of 2022 will be distributed in USDC over the next 9 weeks until July 14. MULTI staking will start at 10:00 (UTC) on May 9, the first snapshot will be at 02:00 (UTC) on May 12, and reward collection will start after 02:00 (UTC) on May 12.
It is reported that veMULTI is the management solution of multiDAO. Any user who stakes MULTI will receive veMULTI NFT. NFT holders will have the right to initiate and vote for governance proposals.
According to official news, StarkWare, the developer of Ethereum Layer 2, announced that the first version of StarkNet Bridge, StarkGate Alpha, has been launched on the mainnet. Users can now transfer assets from the Ethereum mainnet to StarkNet Alpha.
RabbitHole: There will never be a RabbitHole airdrop
Web3 tutorial protocol RabbitHole said on Twitter that there will never be a RabbitHole airdrop, we focus on making Web3 focus more on contribution and value rather than investment, if you are looking for a place to get rich quick, there are other places in Web3 for you .
Arweave's ecological storage solution Bundlr Network integrates zkSync
Application layer - DeFi
Application layer - DeFi
Maker Protocol: All DAI is Overcollateralized
According to Maker News, from May 8 to May 12, the Maker agreement has experienced 90 liquidation auctions. These liquidations allow the system to cover 12.2 million Dai of debt at risk. Additionally, the Maker Protocol received 1.5 million Dai in revenue from the penalty.
Additionally, all Dai is over-collateralized. The Maker Protocol is healthy, liquid, and solvent, with a 164% collateralization ratio and billions in liquidity reserves.
Proposal to deploy Uniswap v3 to Gnosis Chain has started voting
The proposal to deploy Uniswap v3 to Gnosis Chain has started voting and will end around 09:00 on May 14, 2022, Beijing time. It is understood that Gnosis Chain will provide a $10 million incentive in the form of GNO Token to promote the use of Uniswap on Gnosis Chain. In addition, Uniswap will also cooperate with Nomad, a cross-chain bridge, for cross-chain governance on Gnosis Chain.
Curve’s sUSD-3crv pool on the Optimism network has activated incentives
Curve’s sUSD-3crv pool on the Optimism network, the second-tier expansion network of Ethereum, has started incentives. As of the time of publication, the pool’s liquidity is 11.55 million US dollars.
According to official news, Compound announced that Compound Treasury received a B- credit rating from S&P Global Ratings, an international rating agency, becoming the first institutional decentralized finance (DeFi) product rated by a major credit rating agency, and marking the As traditional institutions begin to judge the risks of digital asset-driven financial products, the maturity of the crypto industry has made great progress.
In assigning its rating and stable outlook, S&P cited USDC’s uncertain regulatory regime, the risks of converting stablecoins to fiat currencies, Compound Treasury’s current limited capital base and 4.00% return obligation.
Compound Treasury’s rating could be upgraded as part of ongoing discussions with S&P, such as greater regulatory clarity in the digital asset industry or a longer track record of consistent performance.
Sushi Announces Open Recruitment for CEO to Lead Team and Coordinate Long-term Strategy
The DeFi project Sushi posted on its official blog that it is openly recruiting a CEO (HeadChef) to lead Sushi into the next stage. Specifically, the CEO's responsibilities include providing company-wide leadership, coordinating Sushi's long-term strategy, developing Sushi's culture and setting the company's overall vision, overseeing the company's financial activities, consulting and executing Sushi's legal strategy, recruiting and establishing A comprehensive executive team and more. At the same time, Sushi also announced public plans for senior user interface designers, product managers, and other positions, all of which will eventually be appointed through governance voting.
dYdX launches iOS app, Android app in development
Decentralized derivatives trading platform dYdX has announced that an iOS app is now available to the public, offering the same functionality and product experience as the exchange’s website. The app is restricted for use in the US or countries subject to US economic sanctions, and is being developed by the Android app team.
According to official news, the decentralized automatic market maker protocol Bancor V3 is officially launched. The new version integrates liquidity into a single, virtual vault through the Omnipool architecture to reduce Gas and improve efficiency and availability. The features of the new version also include support for single currency pledge and real-time impermanent loss protection, transaction fees and incentives for automatic calculation of compound interest.
Partners who provide incentives for the new version include Polygon, Brave, Flexa, Synthetix, Enjin, Nexus Mutual, and WOO Network.
PancakeSwap Governance Proposal Limits CAKE Supply to 750 Million
News PancakeSwap V2 plans to impose a supply cap on the project's native token CAKE. The current circulating supply is 293.4 million, and the suggested maximum number is 750 million. The governance proposal has received 11,008,360.64 CAKE votes, and 98.80% support the proposal. (Cointelegraph)
Ondo Finance: Whether to airdrop Token will be decided by DAO
According to the official documents of the decentralized investment agreement Ondo Finance, its team and community can try the Token distribution mechanism determined by the DAO, such as airdrops.
Application layer-NFT
Application layer-NFT
OpenSea launches NFT plagiarism detection and account verification functions
According to the official blog, the NFT marketplace OpenSea is adding NFT plagiarism detection and verification features aimed at reducing plagiarism and fake projects.
OpenSea said that the new features launched this time will improve the authenticity of the digital market. The main updates include the introduction of a new system for detecting and removing counterfeit NFTs, adjustments to the account verification process, and more.
In addition, OpenSea also revealed that it is deploying a new counterfeit detection system that can use image recognition technology to scan NFTs on the platform and compare them with real collectibles, looking for flips, rotations and other variations. OpenSea's human reviewers will also be involved in detection and will review removal recommendations.
OpenSea said they have already started removing the offending content and will expand the removal process and scope in the coming weeks. In terms of account verification, accounts currently holding more than 100 ETH (inclusive) can use the invitation-only verification application, and the scope of participating experience in subsequent verification functions will be further expanded.
The NFT market LooksRare announced that it will enter the third phase of token release (Phase 3) starting at block 14757012 (expected at 4:51 on May 12th, Beijing time). The 380 were reduced to 150 LOOKS. This will affect staking rewards, trading volume rewards (pending orders and trading rewards), and LOOKS for team and financial management.
Azuki founder admits to operating 3 NFT projects within a year
The founder of the Azuki team, ZAGABOND.ETH, admitted in a document that the Azuki team has operated three projects: CryptoPhunks, Tendies, and CryptoZunks in the past year. ZAGABOND said that although the project operation is not satisfactory, the Azuki team has learned a lot from it.
Since then, the behavior of ZAGABOND.ETH still caused dissatisfaction among holders of NFT projects such as Azuki, causing the floor price of Azuki series NFT to drop to 10 ETH at one point, and the floor price has risen to 13.77 ETH at present.
Yuga Labs metaverse project Otherside released game demo clips
Yuga Labs metaverse project Otherside has released metaverse game demo clips, which are technically supported by Improbable.
Moonbirds: airdropped to Skeleton bodies holders what is real? x Moonbirds: PFP
Moonbirds officially announced that it has airdropped what is real? x Moonbirds: PFP to Moonbirds holders with Skeleton bodies (skeleton) features, and reminded users that it may be hidden on OpenSea by default (authorization is required to unhide).
Doodles airdrop dooplicator activity has been officially launched
The NFT project Doodles announced that the airdrop of dooplicators to holders has been officially launched. One Doodle will get one dooplicator. The application activity will end on June 21, and the characteristics and rarity rules will be announced on June 23.
Sports brand Lululemon has submitted metaverse and NFT-related trademark applications
Application Layer - Game
Application Layer - Game
According to official news, the Move to Earn application STEPN released the latest economic model interpretation report, which publicly mentioned the destruction of 68 million GMT, worth about 800 million yuan, accounting for about 10% of the circulating supply. Considering the fixed supply of GMT, logically, this is a good move for its future value.
Axie Infinity: Origin Android version officially launched
The P2E blockchain game Axie Infinity posted on social media that the Android version of Axie Infinity: Origin has been officially launched, and three entry-level Axies have also been launched simultaneously. More players will have the opportunity to fight, collect and trade their own digital pets.
In addition, Axie Infinity has also made improvements and bug fixes to the game, including reducing the game startup volume, and the divination function cannot be canceled, etc.
Sorare to Launch MLB Fantasy Game
NFT fantasy football game developer Sorare announced that it has signed with Major League Baseball and the Major League Baseball Players Association to launch a new baseball fantasy sports game based on the American League. (Decrypt)
The Ride to Earn cycling project BikeRush officially announced the completion of the first round of Genesis NFT airdrops on Twitter, and will soon open the application testing portal. NFT holders will be the first batch to receive BST token rewards and BRT governance Token airdrop users.
security incident
security incident
Encrypted data sites such as Etherscan, CoinGecko, DexTools, and DeFi Pulse reported malicious pop-ups prompting users to connect to their MetaMask wallets. "If you are on the CoinGecko website and your Metamask prompts you to connect to it, this is a scam. Do not connect to it. We are investigating the root cause of this issue," CoinGecko said in a tweet. "We have received reports of phishing pop-ups via 3rd party integrations and are currently investigating," the tweet said. Just be careful not to confirm any deals that pop up on the site. Affected website DexTools blamed a crypto advertising platform called Coinzilla. (CoinDesk)
Venus, the lending agreement on BNBChain, released a supplementary announcement on the LUNA oracle event, stating that at around 09:20 UTC on May 12, Chainlink’s price feedback on LUNA reached the price floor and was suspended at a price of $0.107. Venus’ LUNA market Continued to run, but the spot price continued to fall, 4 hours later when the spot price was about $0.01, the team found a problem and suspended the agreement, the funding gap was about $14.2 million, and the Venus venture fund with a balance of $15 million will pay over time Notch all.
In addition, Venus has also negotiated with the BNB Accelerator Fund, which will provide Venus with instant loans to pay for liquidity (if needed due to any shortage), Venus will also resume operations 48 hours after VIP-60 passes, locked by the governance time control. According to previous news, Venus lost more than $10 million due to Chainlink suspending LUNA price updates, and plans to make up for it with venture funds.
According to the monitoring of PeckShield, the lending agreement Fortress Protocol on BNB Chain was suspected to be attacked, and its token FTS fell by 42% in a short time. So far, 1048 Ethereum and 400,000 DAI have been transferred to Tornado Cash.
IOS
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